Worse Monday

Monday could be the epitomy of what I do wrong. I came in late, with little sleep, and as soon as I got to my computer, I jumped into the market. I was bearish and I sold it without thinking or finding a good entry. I took a loser, and took another loser selling it. I sold it again, and the market swept down my way. I then waited patiently, and turned around and bought it for no reason. In fact, I chose so poorly that I took a 30 tick loser in about 15 seconds. I did it again, and again, and I was down $1500 within the first 15 minutes of trading. Now my limit is $800, and I know I made some bad mistakes, but I convinced my manager that I could trade small and make some good decisions.

I actually battled back, to where I was down only $400. I told myself if I got back to even I would leave, or if I got down $800 I would call it a day. Then I heard the guys around me say that CIT had just jumped about 40%, from $1 to $1.40 and it looked like the government might bail them out. Without hesistation I bought the market and it instantly sold off. I bought the high. I figured I wasn't alone, so I reversed and sold and the market popped up to new highs. I lost $1500 in about 20 seconds. I was down $1900. I put on one more trade and lost and left down $2200. Again, my limit is $800. Ugh, here I go again.

Needless to say, this is very bad. I am losing so much and I cannot control my downside limit. In fact, I blow right through it. I am creating this little disaster myself, and it is totally in my control. I needed to figure out what was really going in my trading. I needed to dig deeper. I am just do down in the dumps.