Tuesday, 17 July 2007

Crashing and burning

Last couple of days I did some good trades, building my bank back up and then I make a big mistake and lose what I've made and more. My current bank is down to £52. I need to get the stupid mistakes out. I don't mind (well, I do) if the market turns against me, that's not down to me (unless I back against an obvious strong trend), but I am not impressed when I don't do what I intend. Just before each trading session I say I am not going to repeat the mistakes of the last one. Learn from them and get better. Each session I then go and repeat the same mistakes. I keep saying I'll mechanise my stop losses and never have. I then hit the stop loss and think, hmm, it looks like over the long run the market will turn back. How do I know this? I don't. Sometimes it does but mostly it doesn't. I've saved myself by closing an open trades during in-play time and getting out with a minor loss, but I shouldn't need to be doing that.

If I don't get my head in gear, I'm going to run out of cash!

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