Alright guys. I made $258 and spent about $102 making it. I had 15 buy executions, 22 sell executions, and I traded 72,784 shares. You know, it's great that I walked away with a profit. But at 4pm, it had been 3 hours since I had been in a trade. This is starting to be a normal thing. I can go maybe 1 or 2 hours (normally in the middle of the day) without being in a trade. But today was shitty. From 1pm to 4pm, I could NOT get filled for my life. Don't get me wrong! I could have been in a trade. It just wouldn't of been a winning one. Have a good one guys!
Hey guys! Dblarrow, thanks for the words of encouragement. I am my own worst critic. I know I still have room for improvement but as you probably know, it is quite frustrating not to get your way. I feel good today. I bet today will be a good day! Good Trading!
Hey, As most of you can see, I didn't type up an entry to my journal at the close today. That's because I left early. I left early because of my growing stupidity in the world of trading. I LOST $203 and spent $125 doing it. Which has completely wiped out the money that I've made earlier in the week. For those of you who don't know, my account has recently stepped into being net positive. I made a cool $290 this week, but that doesn't matter anymore!!! Why?!?!? BECAUSE ITS ALL GONE!!! Today was just simply not my day. A fellow trader said some pretty negative comments towards me while I was motivating myself to make up for my blunders. I'm not the type of person that simply takes disrepect and shoves it aside. I got REALLY pissed. Well, long story short, he claimed that it was a misunderstanding. Unfortunately, my anger towards him, and my anger at myself for losing money clouded my mind. I was unable to make any good trading decisions. At one point I got up, walked out onto the floor's balcony and took a breath of fresh air. It wasn't enough.... I need to understand that this is simply what traders go through. Larry Livermore (the main character in Reminiscence of a Stock Operator) made millions and lost millions. He disliked the fact that this happened to him, but he always kept a positive frame of mind. The author of the book said, "...a man who lets anger cloud his judgement in speculation is a goner!" If I'm going to make career out of trading, then I need to understand that throughout my lifetime I will make money, and I will lose money as well. A while ago, I thought that I had become more resilient to loss. That loss was simply, "the cost of doing business." Well, at this point in time of my life, I really don't have much money. So in a way, I value it more than I should. So seeing money go out the door "erks" me. I guess I shouldn't be surprised. I've been net positive everyday for quite sometime now, so a bad day was sure to hit. Kind of like the stock market. Considering that today was my worst day yet and that it could have been much worse, I'll take it as a lesson of life. Tomorrow will be a better day!
Enjoy the journal, seems like you have done really well for just starting out. Your experience today sounds very familiar. Many of my worst days occur after a long winning streak, I become overconfident and feel like I can trade my way out of any problem. This can end up compounding losses as I desperately try and save a streak. Through experience I have learned to identify a bad day early, and accept that a winning streak is over without letting losses erase more than a previous days work. Once I accept the fact that it's not my day, the pressure lifts, and I gain a fresh perspective on what's happening in the markets. The critical thing now is not to try and make it up tomorrow, but to come in with patience and wait for your set ups. Even a small profit helps regain confidence and lets you be better prepared for next week. Good Luck
That would be Jessie Livermore and it is a biography. I've been here and yes - there is tommorrow - Review your trades, verify your plan and begin anew. Make 'em pretty, Chris
hey, GoodPunk6. nice journal. keep up the good work. quick question. what kinda commissions do you pay? i went to HLV Capital's website, and it didn't say. i saw in one of your posts that you traded 142,200 shares, and only paid $192 in fees. i'm thinking even with full rebates, those commissions should be pretty competitive.
Noticed your comments about losing a couple of hundred dollars. I wonder if you are properly capitalized? If so, the loss of a couple hundred, while irritating, should not bother you that badly, providing you lost the money following your plan. If you are not properly capitalized you should stop trading now, while you still have something left (and modify your system rules). If you have a reasonable trading acccount and this loss affects you that badly, you should stop now while you have your health. Most of the real problems in trading (and in life generally) stem from the stress of grinding away at something, making the same mistakes over and over and never correcting a thing until you have a "blowout" either financial or physical. I could be wrong, but on the other hand, I have been there. Good luck, Lefty
Hey Goodpunk, I have just read your journal and have to say I am pretty impressed. It seems like you are ahead of the learning curve! As long as you keep your discipline, and keep a positive attitude you will ultimately be successful. I have been to a lot of different firms and have yet to find one that takes interest in my success it seems as though you are in good hands~
Dblarrow, I'm sorry, you're right. It is Larry Livingston who is the main character. Jessie Livermore is the author and the book is a novel based on his life. Thanks for the advice! SammySOESa, If you're interested in HLV Capital's commissions, give us a call at (212) 221-3715. Lefty62151, I'm not trading my own money. As of right now I'm trading firm capital. In turn, my payout is affected. I lost money when I was trading in October so I spent all of November making it back. Now I'm actually making money. Laurek, Thanks for the encouraging words. I know that the firm I'm at now is where I'm going to stay. Everyone here is so helpful and resourceful. Well guys, after yesterday I can say that I've learned something. I will lose money. It is inevitable. Yesterday was my worst day to date, so I got a little more peeved than I should have.
Hey guys! Well, I must say that today was the slowest day I've had trading. I've said it before, but it seems that every time I say, "It's the slowest day I've had," it's true to the letter. I made $10.50 and spent about $75 making it. Perfect. After a day like yesterday.....at least I didn't lose much. I had 13 buy executions, 13 sell executions, and 43,000 shares traded. Have a good weekend!!!!