Friday, December 08, 2006

Friday's Results

Well, all I can say is I'm glad today's session is over.
Yup, I really made my broker rich today from all that overtrading. I was actually doing well in the morning session. In the morning, I had my alerts entered into the stocks on my watchlists, and was keeping myself busy surfing, and snacking, etc. while I waited for the alerts to trigger. One of them triggered in the morning, I made the trade, and booked a profit. I felt I was in a somewhat comfortable routine.

However in the afternoon, things deteriorated.
I wasn't actually itching for some action (the morning session went relatively slow). However, I tried daytrading RIMM, and got too overconfident with the initial win that I had. That started me down the slippery slope, and I eventually lost over $130 on it. The monetary loss itself was not damaging, what was way more demoralizing was how I kept trying to revenge trade RIMM for a series of losses. I don't know why I got away from my morning routine, which was working. Blechh.... When I finally capitulated, I was actually glad to see the close of the market session.

Today's gains were attributed solely to the RIMM puts that I bought yesterday and sold this morning @10.00. I clearly would have done better to call it a day after closing out the puts. I never added to my profits from the puts, but actually reduced my profit for the day after that.

So for this whole week, I haven't had much success in the afternoon trading. I will need to think about how I can approach the afternoon session differently.

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