yes sammy i missed it I didnt post results yesterdaay, Yesterdays results i was up $800 going into the close but got stuck in APPLE and didnt want to hold overnight, so i sold. As a result i lost $760 net for the day 2 days 2 disasters, next post will be about today
Finally a green day!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! 13 rondtrip trades 13 winners, all in apple on the short side. $3070 profit net for the day. I feel much better, aftre todays streak and yesterdays streak till the close. And the trade i got bombed on a day early a lotta dollars lost early. But after today i am refreshed followed all my rules. I have a 1 page synopsis taped onto my desk in front of my pcs. Ready to rumble
ESLR hit 6.50 today i missed over 25k on that trade oh well, i scored today at least, i am in the run column
I've been loosely folowing your threads. My advice is quit trading for awhile, get disciplined or start using some stops. I say this because if I follow you correctly your losses on 2 trades were 2x your avg win., and in 1 trade you lost 12-15x your avg win. That my friend is backwards of a profitable expectancy system. Your profits need to be multiples of your losses not the other way around.
Done early today, 1 roundtrip trade 15,000 ESLR net profit for the day 435.00, yes i broke my rules again and went long but luck bailed me out today, so thats why i am quitting today i feel fortunate, and need all week, to get disciplined. Ending the week up negative, but i feel fortunate after where i was after wednesday.
After going down $4,302 wednesday i brought it back to end the week with a net loss of $797 and i feel fortunate, Bidding for some options, if i get filled i get filled if not oh well, i am out
You trade way too big buddy. Not a question of "if" you will blow up, only question is "when". You traded 15,000 shrs of $7 stock with an accnt balance of just over $30,000 (actually considering your loss the other day your accnt is probably closer to $26,000). That is insane. Also, you are not honoring your stops. And you aren't scaling out of your winners. So, lets recap....You trade way to big, you don't let your winners run, but you do let your losers run. Those are three mortal sins when it somes to trading. You appear to have some talent for trading, but you won't last doing the above. Instead of thinking about the money, set up a point system. Give yourself + pts for the following: *Taking all trades that meet your criteria *Honoring stops *correct position size *scaling out (find a method your comfortable with) *etc Give yourself - pts for the following: *trading impulsively *not taking trades that met your set ups *Not honoring stops *Trading too big *Implusivley closing winning trades Nearly every trader I have met has had a real struggle with taking loses. It all boils down to "being wrong" and we are raised to not be wrong. Taking a loss is just part of the game. You need a mental mechanism for dealing with the pyschological aspects of this. Anyway, I wish you luck and look forward to following your progress. Don't give up.
i agree with your post arnie i will look at putting something like together this weekend. thx I got filled on my options Bought 50 calls of QQQQ QQQ.EJ @ .40 my account actually arnie is almost right at 30k,
Everybody knows how mentally challenging trading is...how it can really be a mirror that reflects what your really made of. I don't know if I'm totally off base here, which I may very well be, but I have a question... Are you announcing yourself as a gambler and trading very risky because you're scared, even if you tried your best, you might lose....but if you call yourself a gambler you have an 'out'. As in..."yeah i blew up, but I was ready for it, I was gambling".....rather than having to face, "i did my best and still lost"? If I'm totally wrong, disregard this. If there's any shred of truth, you may want to think a little on that before placing more trades. Good luck
The reason i called the title of this thread gambling is because my ex wife called it that and thats why she divorced me. Do i call it gambling, no.