Hey janko-- It's now at $5413.00 / Started with 5000 even. Made it to 5900+ twice including earlier today, but can't seem to hold on to it. Just started trading 3 contracts intra-day but only allowed 1 overnight. I'm pretty comfortable with 3 so far but this overnighter is giving me the creeps. <G> Oh-oh. Got the purple-screen-of-death. I'll be right back
hello just some statistical thought. if you take a loss on 3 contracts, lets say $150 - $200, thats about 4% of your account...your "risk of ruin" is not that far away, you only need 4 or 5 losing trades in a row and you are down by 20%...you then need 25% to just break even...not mentioned the overnight position... happy trading
Howzit hardcash-- Yes I realize that, but thanks for pointing it out. I'm kinda under the gun here and probably breaking every rule in the book about being under-financed, pressurized by trying to provide for my family, extremely tight timeline for making some decent money, and having no mentor (which I think is an extreme benefit for those who have one). Oh, and did I mention I borrowed the money for my acct.? Also I will have to tap into my trading acct. within the next month or two. YEEEEEEHAAAAWW! Yes I know this is a cocktail for disaster and no, I'm not whining. It's just my reality. I made my bed so I'll sleep in it. As for the overnight trade... I got nervous and covered @ 969.50 for a loss of $152.40 Yuck.
Not once, not twice, but three times I hit the wrong order today. Out of focus is an understatement. I've become so used to hitting the ask to cover my shorts that when I went long today, I ended buying more contracts instead of closing my position. I usually cover at the first pullback so I lost money all 3 times. The only positive thing about today is that I didn't end up in the hole, considering. Felt a little discombobulated from the open so I stayed with just one contract today. I know I shouldn't let the prior days trading affect me, but to breech the $5900 mark on two occasions and let it slip away kinda irritated me. I'll reload for tomorrow. +$36.80 net / 9 RT's / Acct. is at $5352.40
Exact thing happened to me last week - it occurred on a not so good morning for me, and the day ended even worse. Good job you ended up how you did. Personally I attribute it to a lack of concentration which means I really shouldn't be trading. In your case, the added pressure of the overnight and the post-midnight Globex watching didn't help either. Forget $5,900 - it means nothing. When you've forgotten it, you will pass it. Also kudos to you for cutting your size down to 1 contract for discombobulatory reasons.
Bronks, I realize Mr. Subliminal suggested you forget the $5900 number, but I know you won't. Instead, think of it as the futures testing overhead resistance. Once or twice just helps it gather up strength, and the 3rd time is when it will often punch thru!
Mr. Sub-- I agree on everything you said. Funny how trading is so connected to psychoanalysis. Only trouble with that, is the deeper you go, the more monsters one tends to run across. That's why I keep my closet in the bathroom. Looking forward to your journal postings... it's been a while A . Magna-- Usually I'm pretty good at forgetting past trades. I'll let you know if I did after I pass it. <GGG> I hope when I do pop thru, It'll be like the futures this evening. Went from +6 to +20 in a very short order. Gotta be on your toes at all times in this market. Have a good evening. Cheers.
You are NOT alone in hitting the wrong button or seeing the wrong price. You know its time for a little break when you start talking to yourself wondering how you could be so stupid to lose a bunch of cash within seconds because you didnt pay attention and just "fired" away. Good Journal. Looking forward to seeing how your Friday goes
Hey Bronks, heres a piece of information that may cheer you up. If you can Maintain that 5000 grand you started with, for a year's time. Then you would have been more succesful then 70% of the new traders out there. The best advice I can give you is to think small gains.. do no try for the home run, take it slow, trade smaller contracts, let yourself be so experience in the market you can trade without fear or greed, only logic should guide you. For new traders, it's not about making money, its about lasting to trade another day. Always keep that in mind.
hey, noticed that you are a fighter, you will make it...perhaps little more defensive attitude, just for staying in the game... happy trading