Oh my! I hope it was not my previous post that sparked this little free fall. In the interest of full disclosure I should like to add that I made no profit whatsoever from it. On the contrary, my HPQ position has already cost me about $20.
LOL!!! I deserved this little market fit... I got so frustrated missing that 5 pt jump earlier that when I went over the chart again I threw my wireless phone across the room. Amazing how many plastic pieces it can shatter into.... I just put on the last trade and set the stop at the LOD 1032.00 and left for awhile. I haven't been that mad in a couple of years. I like being long from here so I'll hold for now.
Last time I had a trading experience like yours, I was glad that I reached for the $5 broom to break over the chair. tomorrow is another Day.
Daily tally: Starting funds : $51,099.40 3 trades (+1.75, +1.75, -13.00) = -9.50 pts. 5 * -9.50pts. * $50 = -$2,375.00 Gross 15 * 5.79 comm. + NFA fee = $86.85 Net for the day -$2,461.85 New balance $48,637.55
Money, Am I reading this correctly.. you held your long from 1045.00 all the way down to 1032.00.??? If so, why would you place such a big stop loss of 13 pts.. when you're goal for each day is 4 pts.. Please don't take this as criticism because I am not a successful trader myself.. Just curious what your thinking was.. I got long the NQ on Tuesday while it was trending down and just held on.. kept saying to myself.. the trend is down.. there is no reversal signal.. why are you long?? but wouldn't close the position.. needless to say I took a much bigger loss than I should have... Good Luck to you.. tomorrow is a new day and opportunities are boundless..
Thoughts I let my emotions get the best of me today. I got very frustrated with only getting +3.5pts earlier today on the big up move. I've learned to stop trading when I got mad in the past. I guess having a journal made me want to continue. Putting on a trade and walking away wasn't the smartest move either. I'm probably putting too much pressure on myself to trade well when I've only looked at this market for two days. I'll plan on stopping trading if I get that mad again. It's cheaper to do something else than blow it on a bad trade. This afternoon reminded of the scene in Seabiscuit where Toby McGuire is explaining why he lost the big race "He fouled me. What was I supposed to do?" Of course by letting his emotions take over he got even and lost the race. Hopefully I've learned my lesson.
Just a habit. When I have to leave I tend to put a catastrophe stop at the high or low of the day. I usually only leave in a position during dead trading hours. Obviously I screwed up and got what I deserved. As you say...tomorrow is another day. Best of trading