I shouldn't boast on this blog about making money, because I tend to go ahead and lose it immediately. The chart above shows the profit and loss on my Interactive Brokers account from 14th November till today. On 13th November I suffered a major loss (of $1750) and since then I have been struggling to rebuild my account. I've now been through three cycles of consistently making money only to blow it all up again. The positive aspect is I'm only blowing up profits I made since that day and so in some sense the situation is stabilizing. Three losing trades contributed to last night's blow-up - the first was excusable though silly, the next two were just plain dumb - going long on a down day in the market and holding on hoping for a turnaround. I could have gotten out of these two trades with a decent profit, but let them turn into losers. One lesson I think is not to daytrade overnight. Most of these losses recently have occurred late into the night. One of my rules is not to trade in the middle of the US trading day as I find the direction of the market very unclear. I need to stick to that and currently focus on trading the last two hours of US trade and then Australia and probably Japan. In the winter here (northern summer) I'd trade the US open and Australia/Japan. Some day I'd get around to trading my model with trades over a few days. But right now, just getting any kind of profitability is the focus.
3 comments:
hi there moom.
I 100% feel your pain on a larger scale say $26000 loss? You are much older and wiser though.
I also build up profits just to blow it. I wasn't really watching the DJIA trend so it is more my fault for not forseeing the crash that was going to happen in Nov.
besides stocks I had some questions for you.
blogger - do you like it? just recently I had my wordpress.com account suspended for advertising affiliate links (banners) and I'm pretty upset because they didn't notify me I just found it shutdown.
I can't import my blog into blogger I'd have to physically copy/paste every entry.
Furthermore I've already saved a new account on blogger http://myfunnymoney.blogger.com
I figure how I trade stocks is funny and I'm not quite the financial ninja yet that expected I would become because yet I lose to many of my profits.
so i'm just curious on your opinion on blogger because I could advertise to try to earn a little income from my blogging.
hope all is well and enjoy the holidays.
-fn
I don't know about Moomin, but I like using blogger as it is dead easy to use, you can do as much or as little template hacking as you like, it allows ads, and you can get a custom domain name redirected to the blogger hosted site seamlessly.
As I know I am trading badly the last few months I trade as small as possible and so the losses in terms of net worth are not really significant. Once I see that curve above begin to trend up though, I'd begin to make larger trades. That's what you should do too, unfortunately quite a lot of patience is needed in this game, it isn't "get rich quick". On blogging software, I've only ever used Blogger and have no problems with it, seems to me it is less customizeable probably than some of those other ones. I'd ask someone who migrated away from it what they think. Try Mapgirl, Madame X, or Live Learn and Invest.
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