12752 shares
-970
My winning streak ends with a bang. Yesterday I kept trying to short on an uptrend and today I tried to go long in a downtrend. I lost over 650 trying to play bounces and the rest on my ill timed short entries. My losses really snow balled because I put on some desperate gambling plays with 300-500 shares. I thought I can catch some 30-50 cent bounces on the fertilizer stocks but I never did. I kept saying they are weak because I lost money playing every bounce yet I do it again awhile later. Things got really bad when I bought 500 shares of MOS and my internet went down. I turned on my backup connection and I was down over $300. MOS bounced a bit and I got out with $180 loss. I was planning on buying TRA, but I was on the wrong order entry window and I bought MOS instead. After my MOS trade I put on another 500 share in AGU and lost $100. I am shutting down early. If I continue to trade I will probably put on more hail mary gambles.
Lesson: Do not try to play bounces on big down days. If I plan to go long I need to wait for the market breakout a base or reversal pattern.
5 comments:
This was one of those days where one was inclined to think "it can't get any worse, here comes the turn around", and all the while it just kept getting worse.
OBAT,
Clearly, Denarii stole your profits.
-DT
Consider installing circuit breakers, if you haven't already.
"If I'm down by $X or have lost y trades in a row, I stop trading for the day. If I stop two days in a row, I'm done for the week. If I lose Z% in a month, I'm done for the month. I will continue to take my normal trades, but only on paper."
Circuit breakers did not work today. I thought I had a $stop loss of $500 for a day but I forgot all about it.
OBAT,
One day you will join me in robot land. Trust you me.
LP
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