Wednesday, December 14, 2011

Gosh! Couldn't help it. Had to lose on natgas...

Today,  my stubbornness regarding the direction natural gas should have taken cost me dearly. Natgas is so oversold that I couldn't get myself to short it although, with the hindsight, it was the right (and should I add very profitable) thing to do. Well nobody is perfect, right? But I should know better. I've been there, done that and lost money in the past with that attitude. You see this is the one thing I still have to work on. When I am convinced that a particular financial instrument is very oversold/overbought, I have a hard time following the trend. If I were a position trader, I might get away with it most of the times, but as a day trader it's probably the surest way to lose tons of money. Overall, a day to forget but to learn from nevertheless. Net result -$691 trading 2 contracts (commissions included). Details below.

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