I lost control yesterday (3/11/2004)

Discussion in 'Politics' started by fan27, Mar 12, 2004.

  1. fan27


    I was looking for an excuse to get long all day. I was "sure" the correction was over. I finally entered (1 ES) after the big 15 min candle before the afternoon sell Off. I had my stop set but decide to exit at the market before my stop was hit. Instead of selling 1 ES, I accidentally bought 1 ES as well as my original stop getting hit. At this point I should have just closed the long position. Soon after I took the loss and without even thinking, Isold 2 ES. This would have been fine and dandy if I would have stuck with that position. But I proceeded to make 13 more trades. I average about 1 trade today.

    I felt like a Crack Head who just stole his girlfriend's food stamps and was headed for the Dope Hole (I couldn't stop I didn't give a fuck). I only lost $625 which is not that big a deal since I usually trade 2 ES. The last time a similar situation happened was in mid January where I kept adding to a losing position (damage wasn't to bad).

    This March 21 will be a year since I started daytrading the S&P. I am only down about $1100.00 and I haven't had a losing month since November. All in all I feel OK about where I am at but it just seems that as soon I make decent progress, something happens (me breaking down) and I have a set back. I realize that this is part of the process, but learning to trade can be so dam frustrating sometimes.

    Just needed to get that out.

    shuraver likes this.
  2. Virtouso


    That's just fascinating man. I mean, I was gonna call you up and ask how you did, 'cos, you know, I was on the edge of my seat and all.
  3. Luto


    Venting is okay. Just learn from your mistakes. Perhaps if it cost you MORE money that would help to make it stick

    The previous poster has "issues" obviously...:cool:
  4. i don't want to sound mean but you tell a bad story. so what are you looking for on here?

  5. Been there and done that...chalk it up to a bad trading experience and hopefully you'll learn from it. Experience will be your best teacher.
  6. Also fan, don't listen to all the negativity that is already appearing on this thread. Chances are they had a bad day too.
  7. Been there at least once in the last 2 years. I eliminated that
    problem when I:

    1) Recognized what I did (which you have clearly).
    2) Made a mental note of my emotional state leading up
    to and during all the bad/out of control trades.
    3) Visualized how I would react when those feelings came up
    in the future.

    For example -- when that feeling comes over you and you are
    already in a loser -- close it and step away from the computer.
    Shut it down. Go outside. whatever. Get your finger off the
    trigger. There will be trades to be made tomorrow.

    Trading requires a high level of emotional control and it kinda
    feels good to let yourself go. However - the bottom line is that
    if you let go with real money and real trades you'll eventually
    blow yourself up.

  8. Pain is a good teacher. Eventually you won't want to feel the pain
    anymore and you will reach the lofty heights of discipline... :cool:
  9. First, ya gotta break da building down,.:D
    then throw away the "bad foundations":(
    next rebuild it to fit the trading needs so it can produce the desired results:cool: :cool: :cool:
  10. Blowups are the central problem in trading, imo. I dont know what the cure is. I feel your pain. Hang in there.
    #10     Mar 12, 2004