Gambling Pure and Simple

Quote from wannabehftrader:

closed it out 5.20 netted me $109 first trade, made 2 mistakes, wasnt patient on the short or cover, patience patience patience get it thru your thick skull:mad:
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ATTITUDE ATTITUDE ATTITUDE.............mad is not conducive to the proper mind set to make yourself available to what ever the market is offering, take the day off and get your head straight.
 
trade 2 sold short 6000 sh MUSE at 5.16 and covered at 5.15
I held this short for 3 hours, only problem was entry not exit.
happier with this trade even though after commish i had a net loss of 65 bucks so still net positive for the day/barely looking for trade 3 in another stock.
 
$44 net profits with 2 round trip trades.
But i made a big big big big blunder, i am long at the close 17,300 shares of a certain stock, i will post symbol when i close out the position tomorrow, thats not even the bad part the bad part is the stock is down .22 from my avg puchase price:mad: So i go into the close down $3800, i violated 2 of my rules on this trade, 1. never trade against my ratings, went long the stock even though my rating on this stock is 1 star<strong sell> and 2> instead of letting the line out and backing off when m bid got whacked i tried to influence the market by showing size on the bid/ big mistake, my problem is i think i'm some hedge fund or mutual fund with billions in cash that cant move the market, some how i need to get this thought out of my head for good.
Well the day SUCKED ASS:mad: :mad:
 
Quote from wannabehftrader:

$44 net profits with 2 round trip trades.
But i made a big big big big blunder, i am long at the close 17,300 shares of a certain stock, i will post symbol when i close out the position tomorrow, thats not even the bad part the bad part is the stock is down .22 from my avg puchase price:mad: So i go into the close down $3800, i violated 2 of my rules on this trade, 1. never trade against my ratings, went long the stock even though my rating on this stock is 1 star<strong sell> and 2> instead of letting the line out and backing off when m bid got whacked i tried to influence the market by showing size on the bid/ big mistake, my problem is i think i'm some hedge fund or mutual fund with billions in cash that cant move the market, some how i need to get this thought out of my head for good.
Well the day SUCKED ASS:mad: :mad:
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Wow ok, so you take 1-3 cent profits on your correct trades and then when ur wrong and make a mistake you take triple your regular size and refuse to get out ASAP when it moves against you 22 cents. On top of that you take it long overnight all while realizing that the stock is more of a short than a long.

It won't take long until you blow out, not with that mentality. Seems like you can't even stop yourself all while knowing you're screwing up.
 
hydro

I know whats right and wrong but i need like my pc to shock me everytime i dont follow my rules. What can i do to make sure i dont screw myself up going against the rules.
Any help would be greatly appreciated.:(
 
Quote from wannabehftrader:

hydro

I know whats right and wrong but i need like my pc to shock me everytime i dont follow my rules. What can i do to make sure i dont screw myself up going against the rules.
Any help would be greatly appreciated.:(
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I just read your journal...

Lets see...you did title this journal a gambling journal and being down 10% of your total account in one trade is appropriate.

Down 10% of your account and the position is still open...what if it GAPs against your position ???

Look at it this way...your opening comments (your expectations) and the title of this thread wasn't that of someone that wanted to be profitable.

You also use the word luck a lot and others use the same towards you...

If you can't see what's happening here you shouldn't be trading unless that 30k is meaningless or just a game to you.

Regardless...one more blowup trade like that and you'll have another problem...

The PDT rule.

Yes, the position isn't closed yet but if you can't immediately apply what you've learn from that bad trade such as the value of stops as a new trader...why bother.

Are you a scalper, position trader or swing trader ???

Knowing and sticking to a particular trading style can be very helpful to your trading.

Quote from wannabehftrader:

...Only goal is to be profitable, because if profitable it will be very big because of the size and the moves in these stocks. Wish me luck.
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Your first goal...most important goal is risk management or account preservation so that you can survive the learning curve.

Further, I think its odd that your asking for help when you don't disclose the symbol of open trades.

If you really want some help...for starters...post charts of exactly to show your use of TA of the trade, post your entry/exit times...exactly what you saw on your charts.

Last of all, please explain how Light Crude Oil CL price movement the night before has influence on your stock trades ???

Reveal the true reason why you enter the trade and exit the trade instead of all the mix messages you've been posting (fundamentals, Oil, TA, Level 2 et cetera).

Quote from wannabehftrader:

...I thnk we rebound today but it's still early oil is down overnight so i am looking for longs today...
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Yet...you shorted MUSE once in the pre-market and once in regular trading session.

Now...please explain why Light Crude Oil suddenly no longer had any weight with you when you were shorting MUSE ???

My point about Light Crude Oil...if your going to use it...do it right or leave it alone.

Gambling Pure and Simple

NihabaAshi
 
slept in this am.
Todays goal close out my long position, and then not trade the rest of the day. Today will be a study day. also a good time to think about all the mistakes i made yesterday. Wouldnt a gap up this am save me:D that is yet to be determined. The reason for the title of this thread is that is what the EX calls trading. I will post more about the long position once i close it out hopefully at 930am:mad:
 
Quote from wannabehftrader:

hydro

I know whats right and wrong but i need like my pc to shock me everytime i dont follow my rules. What can i do to make sure i dont screw myself up going against the rules.
Any help would be greatly appreciated.:(
More...

You use mental stops right, but you can't really control yourself to stick to the mental stops. So stop using mental stops and use the actual stop loss orders.

Have fun.
 
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