Alright, so I screwed up, screwed myself over and lost a lot of money. That was yesterday, next week is a clean slate and I still have a good amount of capital to work with, albeit much less than before. I need to learn from the mistake, not repeat it and go with what works, position size correctly, diversify and define risk.
I have to remember my rule of being patient, not just for stock setups but in general, I got caught up again trying to make fast big money, which is no more than gambling. Gambling takes no skill and will make you lose in the long run.
I'm watching out for a break down of the 1500 level on the S&P 500, however we should be focused on individual stock plays in general. Time to research and be ready to jump in on monday.
Have a good weekend, I need a better sleep schedule. Goodnight.
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- Ben
- My name is Ben, I am currently on an aggressive mission to become highly skilled in financial markets and asset management. I am a CFA charterholder and market enthusiast. Since early 2007 I have been dedicated to learning all I can about trading and investing. I have a particular interest in option volatility strategies. I also love cars, besides investing it is my passion. I do all my own work, complete design and welding fabrication. I enjoy sports, mostly play basketball when I can but anything when it is nice out works. I enjoy talking with anyone, so feel free to contact me if you want.
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This blog is intended to be used for educational purposes only. The opinions and views expressed on this blog are made by an amateur trader. Before taking any of this advice or action based on the contents of this blog I recommend consulting with a professional financial adviser. If you choose to use any of these ideas or information to make investments or trades you are accepting full responsibility. Any losses are your own fault and any gains should be credited to me.
2 comments:
Ben, I'm so sorry that the CROX trade didn't work out. Towards midday it looked like they were going to keep heading up, but it was a stinking head fake and they fizzled out. Well, if they want to act like that, then I, for one, will never buy a single pair of their shoes...
You've got the right attitude, though. Don't dwell on it. If you do, it'll impact your ability to make good decisions this upcoming week. I had to get over the garmin trade very quickly because it really had me kinda down (did you take that trade with the rest of us back in September/October?).
Well, this upcoming week is gonna be good... I can feel it!
Krystal, thanks for the condolensces however I don't deserve them, I did it to myself. I had to learn it again apparently.
I try not to dwell on it because it will likely just effect my next trades, so I just need to move on, find good trades and get into them knowing I may succeed or I may take a small loss if I do it right, but I have to stick to the plan or I'll blow up my account.
Thanks again for the kind words.
Ben
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