Don’t get caught in this trap, it could be deadly to your account.

Have you ever heard the Kenny Rogers song The Gambler. During the chorus there is a line that says;

You’ve got to know when to hold ‘em, and know when to fold ‘em

I want ot cover the fold ‘em part. This is usually the one that knocks the feet out from under the newbies.

So you have studied the manuals and all the course material. Incessantly, you have read every word, as quickly as possible. You have wired your $1,500.00 to the broker, you would have sent $2,500.00 but, you need to pay the mortgage. You have opened your self-directed account, opting for no broker advice. Who needs advice, you have a secret weapon…your trading manual that came with the course. Besides the broker doesn’t realize that you are about to funnel money right out of the market, and into your bank account.

It’s Monday morning, you called in sick so you could kick off your trading career. Of course, considering the lack of sleep last night, working today would have been hard anyway. You glance through your course material one more time a few minutes before opening bell. you are planning to trade the E-mini today. The bell rings, and you are off. You are looking to trade the opening gap, Thats on page 12.

The market gaps up on the open just as planned, you go short. In 10 minutes the gap is closed and you exit. $75.00 richer for your trouble, well $60.25. Slippage and commissions got some of it. Feeling pretty good about your skill you wait for the next set up.

At about 11:00 A.M. you spot your next victim. It looks like a reversal off of support, You’ve seen 3 hits at that price level. You quickly double check the book to make sure. The chapter on support and resistance was toward the back, you were a little sleepy when you got to that part. Just as you thought, this is a support pattern. You quickly enter the buy order, you need a stop loss, but the market is moving and you don’t have time. You decide to ride it out. You will watch every tick anyway.

After 30 tense minutes you exit with another $60.25 in your pocket. You relax and get some lunch. You think about how you are a quick study, trading is pretty easy.

12:30 time to get back to work. Immediately you you spot a pattern, the pattern started during lunch. This time, you take the time to order a stop loss. You enter the trade and a few ticks go in your favor. Then it reverses, now you’re down, down again, and again. A couple of minutes and your stop is hit. Your stop was set at 6 ticks, you wanted to have some breathing room. Down $89.25 on that one. After a couple minutes of feeling sorry for yourself, you notice that the price is coming back. You knew it, you were right all along. That stop is what cost you that money.

The manual said something about confirmation signals. Now that the move is confirmed, you will take your money right back.

You enter on a market order, no stop. You will just watch the ticks like before. The market goes back and forth for several minutes, slowly trending down. Nothing to be alarmed about, it will come back. Then several ticks go against you, then a pause. You think about exiting, but you be down for the day. The next instant the live quote ticker seems to spin, and turns red. You notice that your is heart keeping pace with it. You think, surely it will stop and come back. At that moment it does.

Now you are down several points, at this point you realize that you cannot recover all of it. You are hoping for just a few ticks in your favor before you exit.

You wait, then the prices ticks back and forth. After a minute you can’t take the pressure of seeing another spinning ticker, you exit the trade down several points. All told you have lost $432.00, almost 1/3 of your account. You decide to study the manual a little more.

Later that evening, you call in sick again. Of course, considering the lack of sleep you’ll have tonight, working tomorrow would be kind of hard anyway.

This was a humorous look at this issue, but holding on to losing trades happens to traders everyday. No matter what system you use you have to understand the mathematics of trading your system. Ensure that your system is mathematically viable, and then you must adhere to the system 100%. It is of most importance to maintain psychological and emotional control in all your trades. Always trade with stop loss orders

The Trader Mindset

ODD’s performance in the first half can be described with two word: scandalously poor. They created nothing, while Tromsø came to chances time and time again. And it took only nine minutes for the first goal to come. A corner was headed in by a unmarked Kara, by the help of Torgeir Børven’s leg. The second one came just two minutes later. Hans Nordbye got to walk upwards unpressed, and from 20 meters he finished it into the net by touching Niklas Gunnarson’s butt on the way. A third one could have been there just one minute later, but a briliant leg parade by André Hansen denied that. Tromsø kept the possession for the rest of the half, and for some time it looked like it was a difference of 2-3 divisions between the clubs.

Fagermo had to make changes, and Herolind Shala replaced Adem Güven. He managed to reintroduce pace and movement for the side, and became a vital threat for the Tromsø defenders. And after 75 minutes the reduction was a fact. Snorre Krogsgård used his pace and came to a crossing position. The ball was a centimeter too low, but Tromsø GK Marcus Sahlman managed only to punch the ball further towards the back post. There stood Frode Johnsen, who tapped it in with ease!

ODD became more and more dangerous now, and especially the left side, counting Eriksen and Shala, was the greatest force. And it was on one of Eriksen many long throw-ins that ODD saved a point. Niklas Gunnarson met the ball on the closest post and flicked it on to Simen Brenne, who knocked the ball in. The clock had recently passed 88 minutes, and there was not much time left for a winner. Too little time it seemed, as the ref blew his whistle a couple minutes later. This is what they call a game of two halves, as ODD was blown off the pitch in the first, but came back and fought back one point.

Yesterday was Randy’s birthday. Check her blog please at: www.peacelovecheesecake.wordpress.com Very awesome blog. So let’s begin the post shall we?

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What’s today’s post gpoing to be like?

Intro: Randy’s Birthday

Post: Happy Hunger Games!

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Randy’s Birthday!

First of all I must say Happy Birthday for Randy:

HAPPY BIRTHDAY RANDY!!!!!!! YOU’RE THE BEST FRIEND OF ALL!!!!!!!

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Happy Hunger Games!

I woke up to the sound of my mom preparing for breakfast. The light from the sun was peeking through my window. It was beaming down on my face. I looked outside. The weather seemed nice, a little breezy, but nice.

Saturday was not the best day ever. But I did go shopping and bought a Hollister shirt. “I am totally going to wear this to her party” I thought. I rush down the stairs, and eat breakfast. Then I went and helped my mom and dad with some work. I forgot what I did, so let’s skip all the way to the part when my dad and I are going to the party.

*Three hours later*

“Did you remember your bring your phone? The gift? Are you excited?” My dad said.

“Yes, yes, and YES! I am so excited to see all of her friends! And to see the movie and to actually see her after like a couple of months!” I screamed! I was so excited!

My dad dropped me off in front of her house, and we both realized she lived really close to us. I walked up to the door, and Randy was there.

“OMG! I am so happy you came!!!!!!!” She squealed.

I walked in and saw all of her friends. Some were talking, and some were talking to me.

“Hey guys! This is my friend from camp!” Randy said.

“Oh! I love your hair, and your shoes, and your shirt!” They all said. I smiled. I was happy.

Everyone started playing on the piano, and we all started talking. A couple of minutes later we all were headed to the movie theater. I was with Randy, her dad, O*, and L*. We were talking about school and some other things too. When we reached the movies we were talking about all of the new movies, when we went inside of the theater we were the first ones there. We took the best spots, and started talking.

Randy asked me if there were any questions about next year. I am really scared about next year. I mean like the whole new classes idea, and the lockers, and the whole thing makes me really scared. But Randy said I am going to be fine. SO believed her.

Then all of a sudden a Daniel and her older brother came. I was like ‘Why are they here” Turns out they were watching the movie at the same time. It was a coincident. I was really creeped out. But then the movie’ The Hunger Games, began. I would tell you, but you probably already know. Awesome movie. But they left some parts, and added new parts. But still, it was pretty good.

After the movie, we were talking about if we were on team Gale, or Peeta. I don’t like any of the teams. I am on team CINNA! Oh yeah! I totally agree with Adina: www.adinassimplelife.wordpress.com Oh Yeah! And L* And Randy and I were talking about “Grandpa Snow” We love our grandpa! xD

Then we all were heading home, and got pizza, and cake. We went back to the house, and we all played some Mario Kart. Then we paused, and had ice cream cake, and chips. Then O* threw her plate in the air, and it landed on I*. She freaked out! And she threw it back. We even had war with those blowy things from parties. Then we started laughing and staring at I*, and she freaked out again. Then we all started laughing, and we all were having a great time.

Afterwards, we went back to playing Mario Kart, and L*, O*, and I were trying to scare everyone. And we scared I* Again. Man, she is so funny. We tried shooting a rubber band like Katniss, but I totally failed.

Afterwards my mom, and J*’s mom came. Randy and her mom, including J* and her mom were talking about next year. They said I would be fine, and I would have a great time. Now I am really excited! But I will have a lot of work to do before it starts!

Then my family and I went home. Randy is at camp, and I recently she called me, and I want to go to camp so badly! I called my mom, and she said we would talk. She will probably say no. But now I have a lot of work to do. So yeah……..

This was a long post, but I am happy to be blogging a good post, at least for now.

Did you guys see this awesome video?:

♥Shoutouts!♥

Randy

Trinity

Lily 

I am doing at least three to five shoutouts at the end of my posts. It has been a long time for shoutouts. Click their names to check them out!

Please comment!

Thanks.

Cookie Monsters and Koala Bears,

Sister

I live at home, so I just make and eat food that I can find in the house. I find this random salmon breaded patties. I cut up a half of a red pepper and onion too. Sauteed them in a pan for a couple minutes in olive oil. Fried the salmon patties, throw white american cheese on top to melt. Put everything together on a kaiser roll with a little bit of mayo. And this is what you have in the picture above. -tsuLife Author

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