The Million $$$ Quest 2006

05/10/06 Wednesday

I missed 5 straight days of trading. Finally I decided enough is enough, and I traded today. When I started this Journal, it was my goal to see how many days could I really trade out of a whole year. Thus, now on I am just going to use this journal to keep track of my number of trading days, my losing days, and my thoughts.

I was doing well, till the FOMC mintues. I didn't take advantage of it like I should've and I escaped from a near collapse. My attention and focus just wasn't there like I usually do. I attribute that to missing so many days. I also made some stupid mistakes, taking some trades that I just wasn't supposed to take etc.. Now, on.. I must never miss any more, not even a single trading day unless it is some kind of extremely unavoidable and excruciating circumstance.

The most important thing in trading isn't Getting In..

...it is Getting OUT...

Get OUT and get back in at an even better price.

Take PROFITS.. Get OUT and then get back in.
 
05/11/06 Thursday

I was rattled in the morning.. trying to change a flat tire over a hill was just the wrong thing to do. :D

I got in late around at 11:00.. Dow was already down -75 pts.. and I went on to lose a lot of points

That was a 3 straight winning days streak that I ended today. I must begin a 20 day winning streak tomorrow.
 
I am so excited for Monday....

....and I had two thoughts hovering around in my mind for the whole weekend:


Rule #1) Do not lose money.

Rule #2) Do not forget rule #1.


Markets are dumb, composed of 90% loosers.
 
05/15/06 Monday: Losing Day

I had a losing day. I'm fking horrible.. flick...

Forgot about not taking trades that I am not supposed to take.

You can ACTUALLY make a lot more by waiting, being patient etc etc.. The goal is to SURVIVE each and every single day and make money. It doesn't matter how much.. the goal is to make money.
 
05/16/06 Tuesday: 2nd Consecutive Losing Day

...sUcKz...

This is IMPOSSIBLE...

I don't know why.. I just can't explain this. I am supposed to have 1 losing day every 5-day trading week. And to have 2 days in a row at the beginning of the week, it baffles my mind. (edit: It really doesn't baffle my mind, I know why.. and the why is.. I broke some of my rules yesterday.. not today. Thus, that 1 day of expected losses is today.)

Currently on a -5.5% drawdown... this is NO good. Time to go into my safe trading mode.
 
05/17/06 Wednesday: Losing is Contagious

I have a unique gift of finding new and exciting ways to lose money.

What will I blame this one on?... Maybe, its because I like to post on my journal and I wouldn't be able too if I don't have a losing day? I think thats it.

:(
 
An apt quote for the situation. Notice how it changed from 3 days ago :mad:


Most small speculators...

will never be around long enough,

to find out whether their system could have worked, b/c

they bet too much on their trades,

or fight the markets & do not take losses,

or their account is too small to continue.
 
05/18/06 Thursday: I'm a LOSER

I thought about... should I post my fourth straight day of losing here? Because lets face it.. Admitting you suck to the Elitetrading community is very hard. But, you have to do the HARD thing. I intend to post every single losing day here...no exceptions.

Thus, I had my 4th straight losing day today. I am right now down -$ 2,000 dollars on my $25,000 dollar account for the year. But, I am on a 20-25% drawdown from the top.

I was up a lot today and I loaded up thinking that it was going to bounce late...but, I was met with huge selling.

so, yeah.. I was a little cocky lately and this is the way Market is going to humble me. Just when I thought I was it.. making projections of 200 pts per week etc.. I am falling apart. I tend to blank out at times when the prices are moving around.. losing my feel, focus as to where I am and what I am up to do.

I hope to make money tomorrow.....and start a money making streak ASAP. I haven't had 4 straight losing days since a long time.. even when I was a n00b and was winging it.. I used to make money most days and lose a lot on those rare days.

What is disappointing is that, all these money lost are OPPORTUNIES to make a killing and I find myself on the wrong side.
 
Monday's loss was due to not taking trades that I was supposed to take. A breakdown in discipline.

Tuesday's was due to playing the ODDS. It was the one losing day per week that is to be expected.

Wednesday's was due to a platform malfunction. It accidently LONGED me a position which I felt so uncomfortable taking the losses because it wasn't MY fault? you know.. I decided to fight the market.

Thursday's loss was due to me trying to put together a winning day that I didn't want to give back my gains at the end of the day. This losing day was a result of trying so hard to put in a WINNING day.
+++++++++++++++++++++

Damn it.. EVERY WEEK should be profitable and now I won't be able to do it. I won't be able to put together a winning week this week.
 
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