Grade me!
Hi everyone,
Please grade my.... maybe stupidness!
Yesterday (Thursday) I bet £5 on S&P 500 at its highest level and I covered at quite a nice place making £50. I was so happy because it was my first ever trade
I got really excited, and you know... I've been tracking the S&P 500 for quite a while and I've been studying the markets for even longer time. I'm also quite familiar with trading rules theoretically. So as I had made £50 yesterday with a margin of £150, spread-betting you can imagine how excited I was, a profit of about 33% in an hour.
Well... I got over-confident, I really tried to convince myself not to trade on Friday (today) because Fridays have their own special rules, they are a bit more complicated than Tuesday-Thursday, I also think Mondays have their own special rules too and I'm not very familiar with those rules yet. But... I said, come on I made so much just betting £5, I will make even more today, Friday, betting £15. I thought about all those quite nasty economic reports that were out before the open and I said... it must go down immediately after the open. So I sold short £10 half an hour before the open and I covered it immediately after the open with a profit of just £5, probably that wasn't bad either spreadbetting hoping to catch to opening jump.
This made me even more over-confident and I wanted more.... so I bet that the market will go even down immediately after the manufacturing report released after 10am, so I sold short £10 (i.e. per point) immedately when I saw that it's heading down, I got a very low price.... the market never actually reached that price, but what can I say! After bouncing back I sold 5£ more and it went down and I expected it to go down a lot, I forgot all about the rate cut etc. At certain point I even had some £20 profit overall but I didn't cover. Eventually not having put a stop-loss, not being very familiar with the system actually, I lost £150
Please grade either my stupidness or anything else you would and comment!
Thanks!