While trading today I kept telling myself that I'm not a position trader, but a trader (a scalper, maybe). I shorted 500 GS at ~129.60 (which I should've shorted at 130, but was greedy). So many things went wrong. I didn't realize that they were going to release earnings tomorrow until I was already in the trade (I should've looked that info up). Two, I didn't realize I couldn't purchase more than 500 shares. I entered 600 originally and was thrown off somewhat, leading me to stumble closer to the ~130 price. Small mistakes, but when I have a single day trade I get all flustered when even small things happen.
Do not day trade unless you can TRADE.
That's going to be my new rule. No more stock trading unless I can trade; otherwise, I'll do some position trading, but with clear stops and without margin.
I made other mistakes too. Sold near the high, which I probably wouldn't have done if I waited for the entry I had wanted. Also, I got into some ES trading near the end of the day and levered up (trying to regain losses from my GS trade, which overwhelmed my margin and prevented me from trading ES earlier) leading to untenable positions. I was synced with GS, not ES...bummer, bummer.
But the good thing is that today's loss was not as damaging to my psyche as my last two big losses. I'm learning to detach as I trade more and more. Also, I am getting to the point where I can point out the good things I do during the day. And I feel good about them. I also point out the poorer things I do, and I don't let them drag me down. They just become areas where I need to work.
Another thing I would like to dedicate some more time to is developing my skills at researching stocks while the market is closed. I'd like to find a set of stocks that I can do well with in a strong market, a weak market, etc, so that I will have some choices and a plan for different market setups.
On a positive note, I am up 4.63 in a micro forex account that began with 4.99. I'm trying to work on expanding my trading to various areas so that if I am not comfortable with one market I can move to another.
I'll post the trades for today later. I closed out of the trading program in order to prevent any impulsive emotional plays and didn't take a screenshot.
Guesstimates on September 1, 2026
16 hours ago
4 comments:
Good luck today, but I think you take Tuesday off from trading, I can't remember.
They say you learn more from the loses than the wins!
I can't count the number of times I fumbled with my system. I'll go long, but some how entered shorts and foricbly covered for a substantial loss in minutes. Fat finger trades suck.
I think futures traders switching to stocks have a definitive advantage, especially for scalpers. You can spot s&p bounce zones and if you picked relatively strong stocks you increase your probability.
Good luck on your journey!
Yeah, Charlie, I don't really trade on Tuesdays...but I did put in an order to short AZO at 160. Never got hit...but it was in there...heh.
I certainly learn the most from my mistakes =) (or at least they force me to grow the most, and for the better).
Thanks Charlie.
Yeah...stupid fat fingers!!!
Oh well MvW, we all learn or go bust. And I would have to do somethign really stupid to do the later.
And I use the ES to trade stocks on occasion. At least it coupled with $TICK or some group of corresponding stocks can help me get in at a good price and out at a better one =)
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