Tuesday, July 28, 2020

Expensive rookie mistake. -15% day. OUCH!

Rookie mistake: MMM puts, I entered a market order (my usual technique) before the contracts really opened. So #1, the pricing I saw wasn't the market and I ended up taking 2x big position as I meant to; and #2, I got a TERRIBLE price. When it finally started moving down I took some off (not enough, in retrospect) and then just kept eating partials as it went back up.

So MMM was an expensive loss, and I didn't trade anything else during that time so I missed anything else.

When MMM seemed to be settled down, I bought MRNA calls that went against me too.
UGH!!

And now, at 10:45, I'm down pretty big on my smaller-account. I feel that feeling where I just need one big trade.

But what I need to remember is: Today is a market inside day, and my trades aren't working. More trading will probably not make me more money. It will just give me more pain and more toxicity. I need to walk away, lick my wounds and go do something productive with the rest of my day.

update I came back for a SPY short at the end of the day which helped. Small position that did really well, but only a small dent out of my terribly big red day.







Popular Posts