First of all, happy birthday, hopefully you have enough reasons during the day to celebrate despite the economic setback. As far as your loss, this is exactly why averaging down is the devil. It usually works, until it does not, and when it does not the loss is monstrous. Contrary to averaging up, once again I can't stress it enough. Unfortunately, I got more bad news for you. It sounds like you are not prepared to trade, I would stop immediately until you can prove to yourself you have a proven good system and the right discipline for it. Sorry for your loss, now don't try to revenge trade it, I assure you, the loss will just get bigger and bigger.
You say you like to trade and be in an out, yet you over analyze every trade from a fundamental point of view. Those two points don't go together at all. You don't ever say this trade is good for x dollars, you declare major downfalls or up movements that cannot happen in the short period you describe above. This is why I know you don't have a clue, but think you do.
I'm willing to post my P/L statement everyday next to yours. I'll let you reevaluate your opinion in 6 months.
everyone has "big losses" from time to time in this biz the key thing is to reduce size , re focus , take a break if needed and esp. figure out WTF went wrong even if it was only averaging down if you can understand that there are bigger fish out there looking to swallow small traders whole who swim into their waters without a plan or without seeing them you might have a chance good luck to all
Thats spoken like someone who's been around the block. I've been trading stocks for about 4 years successfully and now futures full time for 4 months. I get nailed by an anomaly and told to get out of dodge. I was not trading today. Just being stupid and got caught in a squeeze. I've made way more money in stocks then I've lost and told to run cause of a bad day. Like I said I'll post my P/L next to his everyday.
I'm sure flipflopper has done very well. Just a bad day, we've all had them. As for me, I just suck as I got back into trading this year. It is driving me nuts and making bad bets last couple days. I had to large bills last week and tried to get greedy making it back. I need a break. I feel like a degenerate gambler. I should probably cash in some positions. I need to buy a home, pay off my student loans, before this year turns into a six figure bad beat. I'm just glad i don't play on margin. I'm better off position or swing trading and having a regular job. I'm a failure as a day trader case closed. The only way for me to make money in the market is to get tipped off.