Sigh... Oil fell back to $115.27. If i stayed in i would have lost about £300 today, instea dthe £700. I thought this would upset me more if this happend, like it always does when i miss out on 'more profit' by cashing-in at nearer support levels.., But i don't actually feel upset. I feel more sort of like 'not real in reality' anymore though... Because im not used to taking any losses at all, let alone big losses like this. Its been a long time since i took a loss liek this, and seeing my capital at such a low level just makes me feel so deflated and unreal inside.
I know i did the correct thing though i guess.. :/ Since the reasons why i took the loss were; the oil inventory number tomorrow, the dollar was weaking steadily during the day, and this hurricane that caused that $5 spike is still 1week away, so got a whole nother week of support and up-spikes. And if i wa sin the trade and we get under supply of crude tomorrow, which after the 9mill could be likely, id lose everything. SO atleats now i can trade the inventory number tomorrow at £2/£3 tick if i can get in quick enough. I just wish i could alo findout what the gas number is as soon as its released..
leave your computer. seriously. go out and take a walk or whatever. i have been there like you, and its only going to piss you off watching the swings. if your lucky you will end the day stressed out but a bit relieved. in the worst case you will get so angry you will enter trades again revenge trading. trust me i have lost so much money doing this before, taking big losses for the first time is very emotionally painful. every1 has to deal with it, you will learn to get used to it i cannot stress how great a play exiting the position was. that is what makes a great trader. just LEAVE THE COMPUTER RIGHT NOW!!
Im not going to trade anymore till the inventory number. I will try to leave my computer, its just rtading is basically my main thing that my life revolves around though, on my mind basically all the time, so its hard to escape. Especially with all the holdup and complications with my new apartment now, that i just have to sit and wait till my creidtcard, that i ordered over 1month ago, arrives so i can buy furniture and move in..
Stop trading for a while and rebuild your risk capital, while watching and learning more about the market.
Hey Spanish - accepting a loss and having near-death experiences gives you the ability to exercise more sound judgment in the future. I screwed up when I didn't buy BAC when it was scraping 17, and when I didn't short BSC when I originally wanted to (when it was at $105 - I remember the day; Bernanke kept running interference by injecting liquidity and talking up the financial sector with 'backstop' talk, and spooking me from entering a short position). But both times, I felt very, very anxious, and it literally would have been a gut-wrenching, finger nail biting moment. But I'm an idiot for not doing both, or even one of those trades. I have an opinion that if you are so confident that you're not worried, that's a bad sign. I don't 'trade' often, using more swing positions, but when I do put a trade on, I know something is seriously wrong if I'm not extremely worried. Congrats.
Agreed. Besides, it's HURRICANE SEASON and given some of your previous comments, I'm afraid that you do not realize/understand just what kind of price action lies ahead should Gustav make its way into the Gulf this coming 3-day weekend. You seem hell bent on being biased to the short-side, but it might just blow you out. In the end, you can blame it on a Hurricane. (As it is, trading volume is light due to the traditional vacation period heading into Labor Day. This will only magnify the reaction of the markets to NEWS) For example, take a look at the charts of Nat-Gas and Oil from Hurricane Wilma in Oct. of 2005. :eek:
Even though i had bad luck and lost money in my trades today.. My forecast that gave the night before was absolutely spot-on once again for another day straight!! Now i just need to workout how i can translate this skill and ability into being able to sell it.., in addition to trading off it. lol
http://www.accuweather.com/news-top...=accuweather&traveler=0&date=2008-08-26_13:48 Sunday night / Monday potential hit.