Worst Day

Posted by Deb | Big Loss,Day Trading Journey | Monday 12 July 2010 6:16 pm

Today I had another grand loss. Another $1000 went down the drain, and I don’t know what will happen to my bank account.

I started with 2 contracts in a short position. It started well, but the market went up high and passed the R1 pivot line. Then it went back down, and up again. I decided, as my rules indicate, to get out of it. I went out of one, than added another contract at a higher position. I don’t remember exactly how things went, but eventually I got out at a loss of -$450.

If you know my rules, I should have at this point closed the platform and stopped trading for today. But I didn’t want to. I added a position which gave me $100, so I was now at -$350.

I decided to have one more position, and then things went out of hand. The market went crazy, much too stronger for my internet connection. But the platform didn’t freeze, it just didn’t respond to my orders. I pressed, and when it did not respond pressed again, and nothing happened. Than after a few minutes my orders did appear, but at this point they were not good. So I was losing. And so things went bad all the time.

Every time I reached for the phone to try and call the broker and let him get me out, the position started to be winning. I waited, then it went bad, up and down, and everything I pressed was accepted too late and made me lose.

Finally I thought I went out of the position, but then orders I pressed long ago started being accepted. Everything was so slow and crazy, and I had no idea what was going on, where my orders are etc. The brackets would appear after I had pressed already “cancel all” to get out of it, it was a nightmare. It was like trading on blind.

Finally I got locked out. Some invisible order I had given long ago and didn’t appear got caught and I lost a lot with it.

After the system locked me up I still heard the platform beeping as if other orders of mine have been met. I hope the broker had really locked me out and nothing else was caught.

The most annoying thing is that had I just sticked with my initial position, I would have been now with a profit of $300. I should have stayed with that, let the potential loss of the position get to -$600 or something like that, and then things would have been going up again. Maybe I should throw away the rules and stay with my initial intuition?

What do I do now?

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2 Comments »

  1. Comment by pharmacy tech — July 13, 2010 @ 3:57 am

    Wow this is a great resource.. I’m enjoying it.. good article

  2. Comment by Deb — July 13, 2010 @ 5:09 am

    Are you laughing at me or are you just an internet marketer who is trying to put a comment without reading what I wrote?

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