Searching for Balance and Trying to Get Back to Discipline Following Trading Guidelines
I don’t feel like to trade till the put option I sold expires and I am still holding OZRK. I don’t feel I like to trade options again. Many of the options are not liquid enough and I hate waiting. Of course I don’t have to wait and close my option position before it expires but I feel that makes me lost some profit that I have a very high chance to get. It seems to me once you are in a position to write options you don’t want to let go until it expires.
Anyway I don’t feel like to trade because I can not get back to discipline. I can not let go the thought to earn back quickly the $10,000 I lost before I started this blog. I am searching for a balance in my mind and I feel if I start again from a clean cash position say $30,000 then I may be able to forget about the past. I want to close out all the position and move out any balance in excess of $30,000 so that I can achieve the balance I am searching for.
Have you had the same feeling and did the same before or I am silly? My account balance is at about $31,500 at this moment
I did this right after I wrote this post. I can not wait. I sold ORZK at a lost of about $400. Close out the option position. The option position net about $200. I transfer out $1,427.25 and my account balance is at a whole number at $30,000.00. I have to give myself a fresh starting point
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With all the transactions above
Account Balance Change: -$1,427.25
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Funny we have many of the same thoughts. Today I got back to basics and made my $200 in 12 minutes. Only to watch it(XTNT) rise 200% literally minutes after I sold. Can’t get it out of mind. Not to mention I sold all of my Citigroup yesterday. I now know how to make a stock surge . . . . sell it. Ah well only been doing this for a few months and feel I am still in the training stages.
There is saying that only 20% of the trader can make profit consistently. I would hope one of those traders can give us some hint. But I guess other than having extensive trading experience they also have better self control than most of us. I mean you probably don’t want to look back on and imagine the what if. At least you make profit today and I earn nothing.
Good luck!!
Actually statistics say more than 95% of day traders lose money eventually.
I am try to be in that 5%. Only time will tell.
Daytrading is exciting but at the same time it makes you nervous and even sleepless. For me, I decided to give it a stop.
I plan to buy into more stable stocks with daily exchange volume of at least 2-3 million shares. Got stuck couple of days ago with CYOU. I shorted at 36.46, but 2 minutes later it climbed to 36.85. I decided to buy back but there was no seller until I increased my offer to 37.08. Lost about $600 in 5 minutes.
I agree. Shorting stock in my view is not as save as longing one since it could go up forever. CYOU still has a lot of grow potential. Sometimes we are tempted to take the short side thinking to keep it a very short time. But sometimes unexpected do happen in that short period of time. That is why I said life on the long side is a lot better at least in this market which is still bullish
Yesterday I was thinking to short Alcoa and buy Applied Materials, basically to mix some stuff for hedging purpose and see what happens, but decided to hold off. And guess what happened - Alcoa shot up 4% and Applied Materials went down 4% after downgrade.
Good decision but what make you hold off? Did you follow both of them for a long time? I took a short postion at BAC and losing money currently not a good start after my balance point. But I am glad to grid of OZRK it went down 0.50 more. I would have lost $500 more
It’s just a gut feeling, nothing more. Plus I knew there’s going to be a wild ride after employment figure is released, didn’t wanted to be on a wrong side. I did shorted Intel and Cisco however right after they shot up after the bell, and got out when they went down 40 cents each. That was perfect execution, unfortunatelly those are very rare
Good for you I am still waiting for BAC to come down not sure if it will
