Let's do this:
Monday May 9th
$450
Tuesday May 10th
$410
Wednesday May 11th
$210
Thursday May 12th
$510
$200
Friday May 13th
$210
Totals For Week 2: $570
Alright, so definitely not the 4-figure bonanza that Week 1 was, but I still had a good week. I was very curious as to how I would handle my first loss, and I got my answer on Thursday.
On a day like Thursday when all the stocks were down, I should have decreased my limit range but I didn't (it was for 10 points instead of the usual 5). Had I done so, I would have made $500. So the stock dipped and hit my loss limit of $500, which was the first trade. I didn't mind this loss. The second trade of the day was a loss I definitely didn't like. I correctly assumed a price point to enter, but the stock kept going up. I got greedy and decided to go in for a quick profit instead of following my original plan. 5 seconds after I bought, the stock dropped hard. The funny thing is that it dropped to the exact buy point that I originally wanted to trade with. At one point, I was down over $1400 before it went back up. and I was able to sell for a $200 loss. Once again, I would have profited greatly had I stayed patient and stuck to my strategy. But the loss rattled me a bit, and that little "bit" changed my trading behavior.
On Friday I could have made a ton of money but decided to pull out early for a quick profit. I wanted to remember the lesson I learned the day previous. I was on an 8-day winning streak before I took my first loss. I'm glad it happened, because I needed to remind myself that it's okay to lose. In fact, I should expect to take a loss more often than not. It's the stock market, after all. The key is to manage my losses and not let them rattle me. I'm starting to understand that all that memorization of patterns and strategy implementation is paying off. On Friday I was able to correctly identify a intra-day trend reversal as it happened, and that was a very cool feeling. In other words, I'm starting to prove to myself that I know what I'm doing. I think it's time to start trusting myself more.
Week 3 starts in about an hour, and it promises to be an interesting one. My loss limits will be the same, but my profit limits will be set a lot higher for maximum profits. I'll definitely be able to tell if I'm truly ready to take that next step into live trading after this week.
Monday May 9th
$450
Tuesday May 10th
$410
Wednesday May 11th
$210
Thursday May 12th
$510
$200
Friday May 13th
$210
Totals For Week 2: $570
Alright, so definitely not the 4-figure bonanza that Week 1 was, but I still had a good week. I was very curious as to how I would handle my first loss, and I got my answer on Thursday.
On a day like Thursday when all the stocks were down, I should have decreased my limit range but I didn't (it was for 10 points instead of the usual 5). Had I done so, I would have made $500. So the stock dipped and hit my loss limit of $500, which was the first trade. I didn't mind this loss. The second trade of the day was a loss I definitely didn't like. I correctly assumed a price point to enter, but the stock kept going up. I got greedy and decided to go in for a quick profit instead of following my original plan. 5 seconds after I bought, the stock dropped hard. The funny thing is that it dropped to the exact buy point that I originally wanted to trade with. At one point, I was down over $1400 before it went back up. and I was able to sell for a $200 loss. Once again, I would have profited greatly had I stayed patient and stuck to my strategy. But the loss rattled me a bit, and that little "bit" changed my trading behavior.
On Friday I could have made a ton of money but decided to pull out early for a quick profit. I wanted to remember the lesson I learned the day previous. I was on an 8-day winning streak before I took my first loss. I'm glad it happened, because I needed to remind myself that it's okay to lose. In fact, I should expect to take a loss more often than not. It's the stock market, after all. The key is to manage my losses and not let them rattle me. I'm starting to understand that all that memorization of patterns and strategy implementation is paying off. On Friday I was able to correctly identify a intra-day trend reversal as it happened, and that was a very cool feeling. In other words, I'm starting to prove to myself that I know what I'm doing. I think it's time to start trusting myself more.
Week 3 starts in about an hour, and it promises to be an interesting one. My loss limits will be the same, but my profit limits will be set a lot higher for maximum profits. I'll definitely be able to tell if I'm truly ready to take that next step into live trading after this week.
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