Thursday, August 30, 2007

Aug 29 update, lost 3k


I should have left for work. I had 15min to go before work, so I took a small scalp, and the next thing you know I lost all my money from the day and I find myself with another big loss. I honestly can't remember what trades I put on that made me lose money so fast. Remember the old rule, never add to a loser and start out with 1 contract. 8k in 2 days. Sucks. I want to quit while I'm still ahead, but looking back I see that I have come very far to give up now. I'm just really mad that I never catch the trend and always find myself with a big loss on these types of days. The most frustrating thing of all is losing money in a short time period after I worked all day to make it. I don't know why some traders trade or why people get into this business, because it is as hard as hell. It looks to me right now that my broker will have more profits than me before the year is over. In the long haul the house always wins. I pretty much lost my voice today from cursing myself in the car. If you saw a crazed lunatic in a car screaming at themselves today it was probably me. I don't cry over losses, for some reason I can't cry. I just get really angry and want to beat people and myself up. If you were to piss me off after a day like today, there is a good chance I could go ape on you, CONGO STYLE! I don't know if I'm trading tomorrow, it's 4 hours before the open and I still haven't gone to bed. As long as volatility remains high, I think we are going to continue down. These last few weeks look like a chopfest to me.

Warning to all bulls. Beware of the downside. looking at the daily chart of the last month I see leg 1 completed and the current phase we are in now which is consolidation/chop. I believe we have 1 more leg down to go. Even after yesterdays strong close, I'm not bullish. I'm expecting tomorrow to be positive/choppy from more short covering and resistance overhead. Although we have a large tail on this daily candlestick, I'm always speculative.

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