I Need a Break
Like I felt yesterday Intel’s result dragged up the market. I lost on the Baidu put and I sold them. I traded on GCI (GANNETT CO INC) today. I noticed this stock in my trading tool’s news window. I felt this company was kind of under valued even at today’s closing price but I didn’t follow this company for long. It reported 2nd quarter profit of $0.46 a share and its stock price was at $4.50 at close. Its forward P/E is quite low. I have no confidence on my own judgment any more so I am not going to keep it. I feel I just need a break. After more than a month of hard work I am still at loss. So I may not be trading for the rest of the week.
 Transaction 2009/07/15 |
 Account Balance 2009/07/15 |
Account Balance Changes: -$260.59
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Taking a break for the rest of the week is a sound decision. Just make sure you get back at it on Monday.
You may be at a loss right now, but being only down $270 for a month is not bad at all.
Many traders might have, and probably did, lose much more and gave up entirely.
Maybe your technique needs some adjustments, but if you stick with it you’ll eventually reap the rewards of your hard work.
Trading is 90% mental. Taking a break is always needed and is never a bad idea. I would not look at it as your at a loss, you are more flat then anything adding trading fees in there. Even the best traders in the world can go months without making money. Trading is the most difficult way to make a living. I would know, I was a daytrader for a small firm in Charlotte for 3 years. Just make sure you keep your head up and realize that the market is not an ATM. Every single penny of profit you make someone else loses. Reading your blog you have the tools to do well, just need to control those emotions. Do not let emotions control when you hit the buy or sell button.
Thanks, both!