Updating My Expectations

Posted by Deb | Day Trading Journey | Friday 22 February 2013 2:44 am

I returned to trading with big hopes, but tried not to jump forward too quickly. I renewed my trading account on December of last year, and started trading on the demo. I tried a few times to do live trading, but lost, so I went back to the demo and continued with that till the end of January.

During January I again did a few live trading positions, and had better results than on December: a few gains, one bigger loss, so on the end of the month was a little bit smaller than on its start, but not with a big difference.

This month I started live trading. I didn’t want to have too much expectations, so I told myself I will be content with a little profit every day. I hoped I will have an average of $30 per day so that on the end of the month I will be $600 richer.

It started good. I was making nice small profits, following my plan, but then on Thursday I didn’t quit my position quickly enough when the market was going against me, and lost about $150. I told myself this was expected, and updated my expectations to be $200-$300 profit for this month, so that my account will be back where it was on December.

Friday I made a very small profit. Monday was Presidents day, and Tuesday and Wednesday went well. Than came today.

I opened the trading platform and saw the market hurrying down, though it seemed to be towards the end of the dive. I tried to refrain from going in, telling myself it is stupid to jump when I do not know how far more the dive will go, but finally I couldn’t wait and jumped in.

Of course, just then the diving stopped. The market went up and I quickly quit with a small loss. Then I tried again, lost more, and by mistake pressed for another buy which I immediately sold out.

Finally some time later the market went down. Had I waited I would have made a nice profit, but of course I had no way to know.

My lesson is of course I have to keep my discipline. This is so hard!

Anyway I had to update my expectations again. This month I will be happy if I stay even.



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