If Chewy Loses Money in July - He Will Quit Trading

Gross -200
Volume 24000
Win% 41
Ave Win 10
Ave Loss -10
Net -362

Déjà vu. I come in trade excellently - 60% win rate and ave win 20 with ave loss 6. Up 180 net, I figure I'll just make 20 more dollars to get a 200+ net and then stop. Lose some money,
try to recover, lose some more……..whatever lost 400. At several times I stoped while I was ahead, then got back in and just lost more. In the morning I was basing my trading decisions
based on risk/reward and I did great. Then I started thinking about money and trading based on money and I lost. I'm done for today and for the month. I have to take tommorrow off because I'm just addicted to the action. I never take a break, even for lunch. I just eat at my desk and just trade all day long, if my losses don't kill me my commisions do.
 
Quote from Steve Tvardek:

If you are new, I wonder why you are trying to trade news stocks and also stocks that are dominated with pros on a daily basis? It would do you very good, if you are indeed a new trader, to learn on thinner, less volitile stocks in order to get a better understand of whats going on. AMZN and BA are tough stocks even for guys that have been trading for years, let alone a new trader. Its just been my experience trading and also watching new traders come and go (I work at a prop firm outside of NYC) throughout the last several years, thats guys tend to come in and want to start trading the big movers right away. They soon learn that this is not the best thing to do, and the ones that have made it this far have sacrificed in the short run to trade stocks that dont really make them lots of money but also dont lose them much either. Once they have had a certain amount of experience, they moved on to more volitile ones.
Just my 2 cents.
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That's what I hear from a lot of traders. I will look into less liquid stocks, but I just feel that the spread makes them more expensive to trade.
 
In July my gross is -250, and my net is -1500 (rounded).

Losing month. I was up gross and only down a few hundred net coming in on Monday. Thought about the money too much and took my focus off of risk/reward. I lost 1k net in the last four
days. Last minute meltdown…whatever. Going forward I have to arrest a losing streak the very next day or else the losses will just continue to grow.

My decision: I will call my recruiter tommorow and let her know I'm looking for a job. It takes a while to get a job though so till then I will continue to trade, but maybe only till 11:30. I've already worked three jobs and hated them. And I still have plenty of cash saved up so it's not like I'm trading my last couple of gees. I'd buy up a franchise but with rates so low, the prices
are just too high and the returns are pretty low considering the amount of hours you have to put in. My father wouldn't hesitate to loan me the reminder of the capital I would need to start any business I want.
He got into the RE market way back in to early 90s and made a ton of money. I could've joined him but whatever, I don't want to mix family and business…besides I want to make millions on my own.
So if the right job comes along (I doubt it), I'll jump all over it. If the right business opportunity comes along, I'll jump all over it. Till then I'll continue to trade and who knows I'll I see the light in
August then I'll just continue to trade and make 10k a day like my friend did today (yeah right).
 
Quote from chud:

I miss Chewy's journal.
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I'm doing great. I was a month late - August is the turn around month (not July). I'm a lot more consistent and a lot more confident, and a lot more focused on proper execution rather than the money. In August I've wiped away all of my losses from March-July on a gross basis. I'm debating whether to start a new journal, start posting in the trader PL thread, or just be a lurker.
Now that I'm making money I'm definately not going to quit, but definatly want to incorporate more swing trading and longer-term stuff.
 
Quote from chewbacca:

Gross -200
Volume 24000
Win% 41
Ave Win 10
Ave Loss -10
Net -362

Déjà vu. I come in trade excellently - 60% win rate and ave win 20 with ave loss 6. Up 180 net, I figure I'll just make 20 more dollars to get a 200+ net and then stop. Lose some money,
try to recover, lose some more……..whatever lost 400. At several times I stoped while I was ahead, then got back in and just lost more. In the morning I was basing my trading decisions
based on risk/reward and I did great. Then I started thinking about money and trading based on money and I lost. I'm done for today and for the month. I have to take tommorrow off because I'm just addicted to the action. I never take a break, even for lunch. I just eat at my desk and just trade all day long, if my losses don't kill me my commisions do.
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Chewy, fwiw try not to look at the account $ P/L during the trading day. Whenever I do look at the account $, I always seem to end the day worse off than I started. Looking at the $ seems to jinx the whole day.
 
Quote from mhashe:

Chewy, fwiw try not to look at the account $ P/L during the trading day. Whenever I do look at the account $, I always seem to end the day worse off than I started. Looking at the $ seems to jinx the whole day.
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It's eery how often my looking at my account $P/L marks the daily top in my equity.

Glad you're doing well Chewy.
 
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