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.
No comments:
Post a Comment