Thursday, November 16, 2006

Took a big beating today

I was down over $800 by 9:45. Lost $144 in HP. I bought 600 at 26.59, got out at 26.35 for a $144 loss. I lost $54 in CLE. The trade that really got me fired up was a long in HB. That trade cost me $590. I then caught a trade in BIG for around $300 so I trimmed my loss down a bit.

Then came another series of mistakes. I was putting on trades without any thought of consequences. I went into berserker mode, trading anything that I thought would move. After all the losses I found myself down over $950. I felt like I hit rock bottom at this point. I calmed myself down.

I managed to recover a big part of my losses by having discipline and patience. I ended my day down $360. This lesson will teach me how to trade better.

1 comment:

TradingGoddess said...

Mebbe the donuts got you too?

About Me

I have been trading for 5 years. It took close to a year before I became profitable. I find that I am improving gradually each year. My method of choice is scalping. My edge lies in tape reading NYSE stocks and staying on the side of the specialist. That is the method I learned when I started. As I build up my capital I will try new styles and trade new markets. In late 2006 my trading hit a rough patch after the introduction of the NYSE Hybrid system. For most of 2007, I have been on a search for new strategies that would help me adapt to the market.