Another newbie trader, trolling for any and all ideas!
Last week I managed to lose something on the order of $5,000 in the market as a result of, well, being an idiot. Oh, I'd like to say it was just flabby thinking and bad timing, or that I was just too emotional about trades that were only starting to go bad--maybe I could even blame the loss on my laundry detergent, ha! I was going to put together a nice little story, but here it is...in a nutshell:
Early in the week I moved about 100k into a handful of biotechs and posted a portfolio on my "Thread of Life", the portfolio had a lot of overlap with the new shares. I confidently stated that I was setting a really liberal stop loss, and had no worries. Naturally the puchases were immediately a buck in the red...
Over the next couple days I had a couple of conversations which really rattled me--it seems that there are are still some people out there
who have savings in the market. Incredible. Anyway, while I was under the influcence of a double mocha, and I had the brilliant idea that
rather than hold some positions for weeks to months, I would be a real hotshot and daytrade a few thousand shares of Elan, ELN.
Ha! I opened a level II screen for Elan, and sat, frozen. A deer in the headlights. I had no idea what to do.
And the rest his history. I probably should have made a couple of grand last week, but instead paid a heavy toll on the traders highway.
Maybe I needed a good smack to wake me up.
And with that, I am starting this new thread.
.............
"The thread of life"
My old weblog; mostly useless rambling on my part.
But a few of the biotech enthusiasts stopped by
from time to time, and that was much appreciated.
Subject 34413 |
