today's -216.00 Managed to turn profitable trade into a loss. Opened a position yesterday in SGR at 73.80 then it moved up - turned down did not close the position, held it overnight...sold it at 71.65 in panic within minutes of market open today...later today it hit 74 then $75 and I bet it'll go higher tomorrow. Here is the setup. When my 1-minute chart was bearish with overbot Stochastics, with price registering below 9-EMA and 20-EMA which confirmed bearish move I waited until LONG TERM trend on 5-min chart to confirm UP trend which it did by MACD making a Bullsh crossover and price punching on or above EMA (I use 9-EMA for fast and 20 EMA for slow Moving Aveage). Entry was perfect. after I entered at 73.80 it dipped to 73.77 but reversed immeadiately as expected...but EXIT is where I fucked up. When price touched the upper Bollinger/Keltner bar and 5-min ticked down and started cross-down on the EMA it was my signal to sell...in fact I placed a in hte money sell order but changed it few minutes later...from that point it went in sharp down slide. Company's 10K was due out and it came out with 10-15M loss which is nothing giving company's recent performance. I new that FED would reduce the rate and broadbased rally would take place but yet I chicked out ... I was just reading Mark Douglas's book "Trading in the Zone" I think it's written about me...some chapters...I sold without eve waiting for long term chart to develop to see where it'll go...since the previous day SGR was down $2-3 I was afraid to see the repeat coupled wiht bad 10K report...but turned out be a headfake. Each day is a new day and each trade a a unique oppportunity like no other like Douglas writes as such tomorrow I have a new day and will rememember my mistakes and keep to stratetegy but no means will allow it deter me from trading or making same mistake I'll just trade in the moment...or as he says "trade in the zone". Thanks everybody.
Have you considered postponing real money trading until you actually know what you're doing to minimize "tuition" costs?
I understand how frustrating trading can be and I too try my best to keep most emotion out of the trade. Some books that I have found to be of real value are the Tom DeMark books. especially his second book (or part II or something) and his day trading options book. you dont need to day trade options to use the setups and to get a totally different look at the markets than what you may be used to. I am currently reading millionaire traders but its no "market wizards" so far (about half way through. Kathy Lien is good looking but no pictures of her there.....lol) Best of luck