How To Double Your Way To A Million In 28 StepsDTAMP - Double To A Million Plan Blog
Finally a Blog Post! I apologize for not updating recently but I have not had anything to report but dreadful news and I was tired of only having to put that up here. I just didn't have the energy to keep things going. I made it through September but only just barely.
But now I do have a few good things to report and some are way over due.
First I want to thank Edo for his gift back on August 30th, 2009 for $10.00. I appreciate the encouragement.
As you can tell from the timeline I took a big loss on that UCO trade I was telling you I was in in my last post. I fouled up big time. I had a signal to get out at $12.65 and I didn't take it. I lost $243.04 on that trade. I had a few chances to get out and didn't and then went into panic mode and dumped everything. Needless to say I lost my cool and it hurt (very badly).
Here is how that trade went:
08/27/09 - Buy - 262 shares of UCO @ $11.60 p/s - Total $3039.20
09/04/09 - Sold - 262 shares of UCO @ $10.741 p/s - Total $2814.14Total (-$225.06) - ($17.98) Fees = (-$243.04)Net Loss of (-7.99684)% in the Amount of (-$243.04)Had I gotten out at the $12.65 I would have had a profit of around $257.12. But I held the trade instead and on that weekend China announced something regarding their economy and oil tanked that Monday. I was stuck. It bounced up a few time and I could of taken a smaller profit but I held on. By that next friday my emotions pushed me into a bad, bad state and I sold everything. Turned out to be a big mistake. The following Tuesday it started back up and I would have been OK.
If you want to be a trader you absolutely must do several things:
First, study and obey the cover of the book "The Hitchhiker's Guide to the Galaxy", it reads "Don't Panic".
Second, know who you are dealing with, "Always Respect the Market", it can beat the stuffing out of you.
Third, "Know your limitations", going beyond them will cause you to trip and fall, screaming and writhing in pain and anguish, taking years off your life.
Here is something I have noticed when trading. When you get in a trade and it goes against you, somehow hope makes it all ok as it drops continuously. It is easy to take the loss because hope keeps telling you everything will be ok. The little voice inside, though, says, something is wrong, get out. But Hope says, no, don't take the loss, you can't take the loss.
So you hold and eventually it reaches a point when Hope suddenly turns on you and begins screaming, GET OUT!!! at the top of its lungs. Now this is when the Panic Mode sets in. Blind panic in fact. You can no longer even hear the still small voice that could help you. Even the voice of reason is gone. Other people may be trying to calm you but you can't stand the searing fire of pure desperation. You would cut off your right arm if it meant getting free of this situation.
At this point everything is lost. You are a lost cause. So you get out, even making mistakes along the way, but it doesn't matter. Finally you are free. But not really because now the darkness of regret will begin to roll in. The trade then reverses and your loss would have now turned into a gain or at least a break even. You are miserable.
Now what happens when you get in a trade and it goes your way? You keep waiting for the inner voice to tell you when to take your profit. It is an anxious time. Will you hear the voice, will you respond this time? Every tick upwards means more profit, but where is the top.
You are on pins and needles the whole time and that time can go on for days. Days and days of waiting. It never goes straight up alway back and forth. It can be nerve wracking. Eventually you reach a point you can't wait any longer and you put the order in to sell. The next day it keeps going up and you calculate how much more you would have made had you waited. You are miserable.
I know what you are thinking: Why in the world would anyone do it then?
I do not have an answer for that.
To be honest after what happened this September and in fact all the years I have traded it is amazing I continue to trade at all, ever.
But I did and here were the results:
DTAMP Equities Plan Report:
09/24/09 - Buy - 286 shares of UCO @ $9.92 p/s - Total $2837.12
09/29/09 - Sold - 286 shares of UCO @ $10.3017 p/s - Total $2946.21Total ($109.09) - ($17.99) Fees = ($91.10)Net Gain of (3.20091)% in the Amount of ($91.10)
09/30/09 - Buy - 286 shares of UCO @ $10.159 p/s - Total $2905.47
09/30/09 - Sold - 286 shares of UCO @ $11.241 p/s - Total $3214.87Total ($309.40) - ($17.99) Fees = ($291.41)Net Gain of (9.99890)% in the Amount of ($291.41)I was able to make two trades with UCO and took $382.51 profit after commissions. So I was able to make a recovery from the previous loss and a little extra.
I also received a gift of $50.00 from a friend, I have been helping.
So despite the setbacks, eventually it is two miserable steps forward and hopefully only one miserable step back.
Present Stake: $3297.58
Motto: It is only "one" found penny.
Slogan: As Simple As Finding A Penny.
Theme Song: Chumbawamba - Tubthumping
Regards,
Xinfinitum
This Double A Penny Blog is based upon the Doubling Method "How to Double Your Way to a £Million in 28 Steps". Using the Doubling Rule it is an attempt to "Double Your Way to a Million" by going from one penny to a million dollars, starting from nothing. At the beginning you start by finding a penny and then double a penny until reaching $1,000,000.
Double Your Way To A Million
How to Double Your Way to a Million in 28 Steps
D.T.A.M.P. - Double To A Million Plan"For The Next Chronological Post Click Here"Labels: After Hours Trading, UCO
