Let me just say that the only reason I make money is when I follow my own strategy that I have planned out before hand. I got my ass kicked today, from not following the plan.I Was up 6 bills in the first hour, then started breaking rules and ended up down 1k.I caught the morning rally, pushed by Citigroup and financials. I then thought it was overdone and tried shorting. I quickly lost my money I made by getting stopped out of my short.
Then the worst thing that happened,,REVENGE TRADING,,,I WANT MY MONEY BACK!! I BROKE THE RULES,,AS USUAL....The market reversed and I tried going long, because I had already tried going short. I lost a ton of money averaging into a crappy long on ER2. I got fed up with the long, realized I was on the wrong side, because my system never once gave a long signal all day, and I went short. I recouped from my big drawdown and ended with about a 1k loss. Had I held my position from where I reversed short, I would have made a few grand, however, I started getting fancy with trailing stops, and adding to position at price peaks, and I ended up with a loss for the day. At least it wasn't a huge blowup.
I can't wait to get back into the markets next week and start trading and folowing my rules, almost done with finals and having all this studying behind me. For the week, I still was able to make $2,700, which is the main thing keeping me in a good mood after screwing myself over today.
HPT
PS- DT, keep your chin up bro, this week was tough.
2 comments:
Have to love days like this. Good to see you were able to stay positive and already know what you did wrong. Out of curiosity, how do you determine which stocks you are going to trade for the day?
I mainly trade ER2 and the other US futures indices. However, When trading stocks, I trade the same way. I first check to make sure it coincides with my NYSE A/D strategy(ie below .8 short only, above 3 long only, in-between neutral). I then wait for pullbacks based on my indicators I've designed. Simple as that. Sometimes however, for example, the past week, NYSE A/D levels can get you caught off guard from seeing the market trend all day in the direction you wouldn't expect (ie NYSE A/D between 3-6 and downtrending all day, or below 0.5 and up trending most the day)
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