Before I went to work today, I placed an order to sell 1 Aug NG at 2.951. At that time the price was about 2.8, so I thought it'll be a few days to get to 2.9. Shortly after I arrived at work, I received a text saying I got filled. To my surprise, my sell order was filled. The NG shot up to 2.97 level.
I opened TOS and started watching a bit to decide what I should to with my 2nd contract. This is a perfect example of why I'm not a good trader. When a trade goes against me, I keep telling myself, it'll come back, so I hold 'indefinitely'. On the other hand, if it goes is in my favor, I'm dying to pocket any profit. Do you see here, reward vs. risk is probably like 1:100, designed to lose money.
I placed a stop order at 2.926 (based on Sept contract) on the 2nd contract and yes I got filled, not because the price got down, but I accidentally placed a sell limit order not a sell stop order. Execution error. Did I get back in? No. I was thinking about it, but I think holding 2 lots based on my portfolio was too much. I was at one point -$15,000 and it was painful. I exited with a whopping +$250. I think there's a serious problem with me and I need to reevaluate my brain and maybe a whole trading career.
This is a major breakout to upside. The strong W pattern confirms, but I'm afraid if this will be a stoprun and we head down. If this is a true break out, it'll go further upside and will drift back to 2.8 level. I will do another analysis at that time. I'll trade QG instead of NG.
Sold 1 Aug NG at 2.951
Sold 1 Sep NG at 2.926
Wednesday, June 27, 2012
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment