I found I new way of being completely stupid in the market today. I had just put on a 2 contract short in the YM's (Dow futures). I had my order 6 ticks below the low as a sell stop. I got filed on the bottom tick. The position started going against me but not by much - just bouncing around. I watch two chat rooms with I believe to be good people. Suddenly, I see a cut and paste of a news story that Bin Laden had been killed by British Solders. I paused for two seconds and saw the tick spike. I hit the get me out bottom. I caught the top tick of the move. The Dow never went higher. I did not hit my stop. Now I doubt I would have kept the trade on until the lows but I should have had around a $400 gain instead of a $200 loss. I am such a fucking idiot.
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The numbers:
Stocks: gross -13 net -34 shares 4200
Stock Futures: gross -200 net -210 contracts 2
Forex: none
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4 comments:
Too bad. I think if you have a system, you don't need the chat rooms. I used to hang out at a couple of them, same ones you go probably. Big distraction. And once in a while, I get influenced like you were today. I haven't visited them in the last little while. Won't in the future unless I'm bored.
What chat rooms do you watch? Been looking for one I trust.
BTW excellent blog--keep up the great work!
Hey Denarii,
What's up with the disappearance from the chat room?
Traderey
Denarii, your not getting anywhere. You need to get a bigger picture of the stock market which takes months. Go buy How to trade stock's by Jesse Livermore. It has nothing to day with day trading. You will learn the simple technical analysis of uptrends that last for months. With these uptrends you can spot swing fluctuations in stocks where you can take easy profits. Day trading has the exact characteristics as swing trading, just a difference in time. Trust me, right now you are not ready for day trading. You need to be able to trust yourself by understanding the way price moves. Don't end up like the typical day trader.
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