Tuesday, February 26, 2008

UNFOCUSED and DISTRACTED

For the past three and a half months I have managed to survive this nasty bear market and I have managed to book over $45,000 in day trading profits. I have adapted and altered my trading quite a bit since late November. My trading has improved by leaps and bounds since making those changes to my trading. My goal every week is to generate $3,000 a week and at the end of every month I pull out $2,800 to pay for my monthly bills etc.
This week i have noticed something that i have to be concerned about. I have managed to trade well enough and make good enough decisions that I 'would have' achieved my weekly goal($3000/week) by tuesday morning had I done everything i have done since i implemented those changes to my trading. This week I have violated those rules and instead of being up $3200 on the week, I find myself down $2,500. I realize and know exactly what i did wrong. So that i am going to take this week off from blogging and wallstreak and REFOCUS my attention on myself and hopefully get my groove back soon. I wish every good luck with the rest of week and trade smart guys! peace.

14 comments:

Johnson's Blog said...

good luck stewie. always good to take a step back when you have a bad couple of days. I lost about $7500 today in a number of crap trades where my position sizing was off, my timing was just a bit early but my predictions came exactly true. Never good to be right on direction but get thrown off by timing and size. I'm reducing position sizes until I make up that money over the next week or two.

Brandon said...

Sorry to hear about the news Stewie. I know you will bounce back even better. Best wish.

Brandon

MC said...

Good luck Stewie.

ainkurn said...

hey stewie, it will do you good to regroup. you are a damn good trader it i'm sure it will take you no time to bounce back. knowing where you made mistakes and how to fix them is key. maybe i need to put you on trading probation like you did me. thanks for all the help the past few weeks.

Stewie said...

thanks fellas. I just need some time to readjust some kinks. Feel much better already. No trades for me today, just watching the market from afar. I cannot stress how important for every trader to recognize burnout and just step away for a 2-3 days. good luck boys.

Blue said...

Today was the first day I have not executed a trade since Jan. 1. Yes I'm joining the club!

Felt pretty good! No stress!

I'm down $5,000 (started the year off -$7,500) and want to make sure I only execute good trades to break even going into March.

BIDU looked like it had a HG set up this morning. I'm looking to short it in the 263 range tomorrow if the jobless helps sink the market. If that doesn't happen Google looks very tempting to go long at 470-500.

JRJC reports EOM tomorrow with Q4 earnings. Keep an eye on that one!

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Market Monk said...

Stewie, one nice thing about the market is it will always be here for you. Thanks for all of the assistance in the chat room sorry it was a bit of a distraction for you. Rest up and come back and kick some Goldman Sucks butt!
MM

Doug said...

Hang in there Stewie, I think stepping back every now and then is a healthy thing. I've backed off a bit and gone back to sell-side options (hedging with buy-side) which was my bread and butter for some time. I saw myself getting out of sync with the market and my wins felt more like luck than skill, which is a dangerous place to be. Miss you and Johnson, however, I'll see you guys around soon. --DougSF

Doug said...

Hang in there Stewie, I think stepping back every now and then is a healthy thing. I've backed off a bit and gone back to sell-side options (hedging with buy-side) which was my bread and butter for some time. I saw myself getting out of sync with the market and my wins felt more like luck than skill, which is a dangerous place to be. Miss you and Johnson, however, I'll see you guys around soon. --DougSF

Dinosaur Trader said...

Stewie,

Whenever I get into a slump I take a break from Wallstreak too... those guys are freaks.

Okay, kidding. Skybox is a little freaky though, right?

-DT

Sloof said...

Stewie,

The one thing I've learned by emptying my own account out is that we are our own worst enemies. Human emotion and impulse gets in the way with trading in a way I could've never imagined -- and I used to do research on human emotion. It's every trader's own rules and discipline that gets in the way. Do what you need to do, and then come back... your blog is the one I read first before any others!

HTGR (HopeToGetRich)

Stewie said...

thanks guys. i just needed a few days off. I feel great and ready to come back. I missed a great day for trading on friday looks like but i think we will see some real action in these markets soon.

Stewie said...

thanks guys. i just needed a few days off. I feel great and ready to come back. I missed a great day for trading on friday looks like but i think we will see some real action in these markets soon.

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