Last Thursday I had early winning trades, profiting about $200. Then later on the same day I got complacent, and took on high beta trades — on Thu FFIV gapped down on earning misses. I tried to catch intraday bottoms and failed miserably. Not only did I lose all the morning profits, I ended up overtrading and losing about $700 for the day.
Now after the bad trades with FFIV on Thursday, I told myself the same advice: call it a day when you’re ahead. But the human weakness got the upper hand, and I made exactly the same mistake and the same outcome on Friday with GOOG, which was having exhaustion on positive earning. Instead of up nicely for $300 made in the morning, I ended up losing about $500 for the day on Friday as GOOG sold off relentlessly.
I took it easy today. I seriously need to heed the call of wisdoms. I’m below $138K today in my trading account, nearing the low historical end!!