This morning I was done trading in the morning... making enough, achieving my goal/target for the day... (being satisfied if not very happy with what I did)... my trade was well enough.. I didnt need to trade any more... but there was a hidden desire/ambition/wish...
I wanted to have the ability to day-trade on Monday. I was short of $500 to achieve that goal. Recently, I have this view that if I can day-trade I can trade better... this deep desire, so I needed to make a trade ... I told my self just one trade.. so when Monday comes I can day-trade!?
I made a small trade buying only three contracts.. it would have been enough to get me the day-trade ability on Monday if it worked.... if not I would loose a little... not too much to heart me...
being successful in the morning trade made me somewhat overconfident... and in an enthusiastic mood... then the mkt was really moving today also ... VIX was 75... seeing the big moves in the mkt like today’s makes you do something. Something you did nt plan on doing?
After taking the 2nd trade, watching it go my way the overconfidence increased... ‘lets take another trade’ I told myself... and bought 3 more contracts a third trade... in short time the mkt turned around.. Reversing my trades especially the 3rd in and generally both of them...
Seeing a loss, my inherent weakness (unable to take a loss) kicked in, I tried to average down buying 3 more contracts of the same as the 3rd trade...
Now by the closing time all three trades were in a losing position, wiping out my earlier gains and then some...
The dilemma is I kept telling my self that I have to just take on risk if I want to make profits... in fact I already had a good enough profit for the day... and needed to be content with profit for the day... but I did nt..
Now that I think about it, it is essential to take risks as long as it is under control and not too big to cause regret if the position reverses.
