Daily Journal -106$

Ironic enough, this is the whole gains from last week :) I think I'll retire.. Not!!!

Before I review what I did today, I'll give you some stuff from my trading plan.
Since I've just started Day trading stocks, I'll utilize the R system, and for now my risk per trade, is 20$, my daily stop loss is -3R, which means -60$, and I set myself another "anti blow up days rule" which is to quit trading after 3 bad trades in a row.

So what the hell went wrong today? why didn't I just stop after losing 60$?
First of all I'd like to say that I'm very proud of myself, for one thing, I KEPT ALL OF MY STOPS! meaning, I didn't make the mistake most people who start trading do and "prey" the stock will go my way while losing tons of money on the process, every time a stock went -20$, a market order was hit and a small slippage occurred.

So again, you're asking what the hell is wrong with me? OVERTRADING, yes yes, I've gotta admit, I over traded today, thinking this will help me get out of the hole that I dig myself, but it was just the opposite, last week my Win/Lose percentage was 70% win 30% loss, and today alone it was like 14% win and 86% loss, so.. this should teach me a lesson-

"After a 3 losing trades, I should always STOP trading"

The mind is so upset and clouded by the fact that you have lost, and the next trade you take is just random, and not because a good setup (of course at the time, every trade looks like the perfect setup).

Even if YHOO just announced they are planning to buy google (LOL), I'm not trading, today it was really funny, I had 1 stock that immediately failed and gave me about -23$ in PnL after commissions, and 2 others which got to +1R, so I set the stop to the entry, and then they both stopped out with small slippage which gave me to be -30$ total on the day, which is -1.5R, that's a good "losing day", and not -5R like today.

I hope this will not happen anymore, I know that you've got to learn stuff on your own skin, even if I read it in many books, it happened to me, now after the damage I've caused to my small account, I'll take the lesson with me and more forward.

Have a nice day,
Tomer