Thursday, October 16, 2008

Burned Out




After Over Trading Dow Jones Index Futures for approximately 16 hours per day over the the last 10 Wild Trading Days I have made then Lost Thousands of Dollars. Notice that no new updates were made to the blog during this time. I literally could not take my eyes off the screen.

I am taking a minute off until I feel refreshed and ready to trade again.
After talking with one of my friends I realized that I can be 100% and alert for 8 or 9 hours hours no problem, but as for 16 I am not a machine.

Today I lost a thousand dollars by putting in an order to short and not realizing the order came back marked "Too Late too Cancel" and that the order was indeed filled. I did not have my usual audio alerts on and missed the sounds of the notice and the order. I placed the order, realized it sucked and then clicked on cancel order. I went back to staring at screens looking at graphs. When I glanced over at my account balance I noticed it was moving (I was flat) and lower than before. It took me a while to realize that I was filled Short Dow Jones Index Futures as the market was Ripping up and Rallying. After I came to my senses I covered. I did what anyone would do then, I called my Broker to complain.

I spent so much emotional, physical and financial energy lately trying to force trades and make more and more money as fast as I could. I had no litmus test for when to cut myself off. I did not recognize and consider my physical performance or personal happiness. I suffered a draw down over the last 10 days of Negative -27.35% from my accounts peak and all time futures trading high balance. Money Which I had in my possession and did not take proper profits on.

During this time I broke my own rules on Risk Management and Position Sizing. I neglected The Mathematics of Trading, and I did not keep detailed records of my trades.

Don't feel bad for me. This was my fault. I take full responsibility.
Don't worry about me. I know what needs to be done. Happy Trading.

2 comments:

Anonymous said...

Make it a great day Mr. Modad! Daddy has got you.

Tom Smith ESQ, CPA, CFP, CFA, JD, PhD, MBA, MST, ChFC


"You still can make dreams come true!"

Ray Modad said...

T Smith you One Big Dogg. You will always be the King of Ameriprise as far as Im Concerned.