Averting disaster

Whew!!!...

Week started out with a loss on Monday followed by an even bigger loss on Tuesday. On Wenseday I downsized the number of shares I traded by quite a bit and managed a small gain. Thursday was a comeback day and Friday did very little trading.

All in all it could have been much worse and I'm not sure if this week was a loss due to actually losing money or a gain due to working through Monday and Tuesdays losses and recouping most of them.

One thing I have realized is that grinding it out isn't the way to make money. The idea of making a little money everyday is appealing, but in truth it doesn't work. I need to take on more size when the setups are there and increase my tolerance for losses. Until now my goal has been to make 1000-1500/day and cap my losses at 1000-1500 max. It's going to take some real soul searching and guts but I need to bump those numbers up.

Part of my problem is comfort zone. I'm used to taking losses on a day of 1000-1500. I'm used to trading certain sized positions and risking a certain amount per trade. That was fine when I was trading as a hobby. Now that this is my job I need break out of that long established comfort zone and start manning up.

Results for the week:

Mon (1108)
Tues (1630)
Wens +276
Thurs +1490
Fri +248
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Total (724)