I was playing with fire the day I wrote Wild Ride. And it caught up to me on Thursday and Friday. The result was that I lost what I had made on my record day and then some. So here I am back to the drawing board on a Sunday night when I wouldn’t be watching the Oscars. Really, I was more aggressive than I needed to be given the way the stock market has been fluctuating lately. Specifically, up triple digits, then down triple digits and then up again. It was just crazy. Let me walk you through how it played out:
- Thursday – Market started up nicely in the first hour. So I bought T and BAC. Then the market went down and stayed down. Luckily, I had them both on a short leash with a 1% trailing stop and they both triggered at 1%. Which was good because they both closed down from where I sold them. But had I waited out the first hour I wouldn’t have placed those trades. So we’re back to being patient again. Then as the market continued to go down I shorted NFLX and EA and got small gains for both. The good thing is that at this point I was still ahead for the week.
- Friday – The market starts off sharply down so I quickly short BP and SYMC. Emphasis on the work QUICKLY. So as often happens when I short, the market goes up. SYMC got away from me quick and I covered at a 2.5% loss. The interesting thing is that I was able to ride out the crazy fluctuations with BP until the end of the day for a 0.5 % loss.
The common denominator here is that I didn’t wait to feel out the market more. More importantly, I had a feeling on both days that I was jumping the gun, but I went ahead anyway. So I should have trusted my instinct and waited it out. I don’t know how much more stubborn I have to be about this patience thing, but trust me I’m going to work it out.
By the end of the week, my balance was $28,449.92, which SUCKS. Really bad!!! So now my goal for this week is going to be $3,695.09. The only thing going up in the last month is the amount I’m behind on my goal. I’m not worried about it though because I just have to go back to basics and trust my instinct. And I know that before long, I’ll be back. Optimism is key in this game because without it you stay down after a rough week. And when you stay down, you’re on the way to throwing in the towel. And you know I refuse to do that. So keep following the journey. Learn with me. And WATCH SUCCESS HAPPEN!!!