Too Many Positions

Posted by Deb | Day Trading Journey | Thursday 29 April 2010 10:12 pm

I forgot to explain what exactly I’m doing:

I am doing daily trading on the E-mini S&P 500.   Sometimes I also try the E-min Russel or Nasdaq.

Before I started trading, I took a course in day trading.  One of the tips our teacher gave us for succesful trading was discipline:  You must start out setting your rules, and stick to them.   Decide how many positions you can open per day, what’s the maximum loss you can take after which you quit for the day, what shall you do if the market turns against you, etc.

Well, I guess I am not disciplined any more.  Being a mommy with all the worries and stress that carries makes me give in to myself too much.

Today I fluked it.  My rule is 3 positions per day.  But I do not stick to the rules.

On my first 3 positions for today I earned $87.5.  Not bad for someone who has just lost $1,000.  But I was greedy and decided I need more.  Otherwise it will take me over a month in the best scenario to get back to my $5,000 starting point.  So I tried again, and the next position moved me up to $100.  Then I started loosing.  The next position took me back to $75.00.  The next back to $87.5.  Now I am in the same position I was 3 positions ago, but with the fees of 3 more position, so that my net profit is much less.

For your experienced traders out ther my numbers probably sound ridiculous, but for me, these are the sums I get.

Discipline, discipline, discipline!



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