A 70k bet that I can't make a 50% gain in 2009
- Thread starter geez
- Start date
5/15/09 :
Total P/L -142.47
3 trades
1 win
2 losses
*friday was a great lesson for beginners to always stay focused while trading. As I was trying to get alot of things done for my "other" job so I could leave by 2pm for a weekend trip, I entered RIMM short. I posted my entry,stop and tgt in the journal and proceeded to enter the WRONG target on my trading platform. I wanted a target of 73.07, but I was doing other things (not being focused) and entered a target of 73.17. I set an alarm at 73.25 to let me know as it got close. The first time it broke through and hit a low of 73.20 I moved my stop to b/e (73.67). RIMM rallied to 73.66 and turned back lower, this time breaking done to the 73.25 area and I manually followed it down as it broke through 73.17 I put a mental .04 trail stop on it. As it hit 73.13 I put my stop to 73.15 and as soon as it hit, I got out at 73.15. As I got out, thinking I had a nice trade, and pulled up my P/L something looked strange (+298)......I realized right then.....I put the wrong target in. By not taking the extra 5 seconds to make sure I entered everything correctly, I broke my own trading rules.
Then to follow that up, at 1:00ish I knew I was getting short on time so I was looking to get into one more trade to make some money.......So, I "pushed" myself into FAS long, being much more aggressive than I would normally be, because I wanted to leave by 2pm. Once again, I made another common rookie mistake of "trading , just to trade"....I wasn't patient and it cost me $200.
Lesson learned everyday.
Total P/L -142.47
3 trades
1 win
2 losses
*friday was a great lesson for beginners to always stay focused while trading. As I was trying to get alot of things done for my "other" job so I could leave by 2pm for a weekend trip, I entered RIMM short. I posted my entry,stop and tgt in the journal and proceeded to enter the WRONG target on my trading platform. I wanted a target of 73.07, but I was doing other things (not being focused) and entered a target of 73.17. I set an alarm at 73.25 to let me know as it got close. The first time it broke through and hit a low of 73.20 I moved my stop to b/e (73.67). RIMM rallied to 73.66 and turned back lower, this time breaking done to the 73.25 area and I manually followed it down as it broke through 73.17 I put a mental .04 trail stop on it. As it hit 73.13 I put my stop to 73.15 and as soon as it hit, I got out at 73.15. As I got out, thinking I had a nice trade, and pulled up my P/L something looked strange (+298)......I realized right then.....I put the wrong target in. By not taking the extra 5 seconds to make sure I entered everything correctly, I broke my own trading rules.
Then to follow that up, at 1:00ish I knew I was getting short on time so I was looking to get into one more trade to make some money.......So, I "pushed" myself into FAS long, being much more aggressive than I would normally be, because I wanted to leave by 2pm. Once again, I made another common rookie mistake of "trading , just to trade"....I wasn't patient and it cost me $200.
Lesson learned everyday.
Hope you didn't get stopped out or only a partial fill on a winner
Ok anyone (who still may be) following this journal.....
I have promised my 4 patterns to be posted in here:
I feel I have enough visual charts to post the patterns. The ones who really get the most from this journal (you know who you are), would you guys/gals like me to post it right here in the journal or open up a new thread for that?
Please let me know and I will post them tomorrow, either in here or a new thread.....
I think we all know by now I don't mind flamers...No jeg, not THAT kind of flamer!.....So ,I do not mind at all posting my trade patterns elsewhere, where it may be easier to access them on a regular basis.....For the ones who use this journal as an educational tool, let me know what is best for you. -G
I have promised my 4 patterns to be posted in here:
I feel I have enough visual charts to post the patterns. The ones who really get the most from this journal (you know who you are), would you guys/gals like me to post it right here in the journal or open up a new thread for that?
Please let me know and I will post them tomorrow, either in here or a new thread.....
I think we all know by now I don't mind flamers...No jeg, not THAT kind of flamer!.....So ,I do not mind at all posting my trade patterns elsewhere, where it may be easier to access them on a regular basis.....For the ones who use this journal as an educational tool, let me know what is best for you. -G