If you don’t know, I’m currently living in Korea. Obviously south because Scottrade doesn’t have local offices in North Korea or I might have considered a move there – I hear their beer is excellent.
So that means that I need to get my trades done before 12PM EST as that’s about 1 AM locally here and I gotta get my ass up to go to work at 8 AM local. Most of my trades are swings and I usually set my stops and targets before going to bed.
It’s always like Christmas morning for me. I wake up and the first thing I do is roll over, grab my phone, log in to my mobile IB platform and check my P/L to make sure nothing drastic has happened. Some mornings is like real Christmas and all my positions show that oh-so-lovely tint of lime green indicating “Ima be a making it rain soon.” And some mornings I wake up with a bowl full of cheerios with a fat turd on top. Except one night I decided to go out for a burger and beer and not check my positions at market open until I got home which was about 11AM EST. I’ve never had any real “oh shit” moments so I didn’t feel worried. Yeah, it happened.
I had one position short the previous day gap the fuck up. I don’t mean a few cents. I mean gaaappppp the fuuuccckkkkkk up. Like a few dollars. And the bleeding didn’t stop there. Another long position I had gapped down about 5% as well. Da fuq. Like the Backstreet Boys song goes, “quit playing games with my heaaarrrrt.”
So here I was doing so well the past few months and now most of those profits have been wiped out. I didn’t hold the positions and just cut them ASAP – I wasn’t going to hold on hoping for a return. Such a heart breaking moment for me. All that hard work for the past few months of finding trades, placing entry orders staying strict and risking 1% of my capital and finding reasonable targets with good risk to reward ratios…. GONE.
I guess I’m not as heartbroken as I thought I would be. I am still net profitable since I started last September. I still have a steady income and I have a six pack of Budweiser in my fridge. Life is not so bad. This is why it’s vital to keep some sort of regular income while you make the journey to trade full time. If I wasn’t, I think this moment would’ve really taken its toll on me.
What I will do though is take the rest of the week off. It’s Thursday now so I’ll just watch, wait and get back on the horn on Monday.
Now I really know why so many people hate holding positions overnight.