Friday, May 11, 2012

JP Morgan’s Two Billion Swing and Miss, and Trying to Fight the Boredom

So today how could you not notice the Two Billion trading loss that JP Morgan fessed up to.  The stock dropped almost 10%.  In between watching the train wreck my mind kept trying to decide a good price to get out at if some of my stocks went up.  My mind swings from taking quick money and missing out on money by jumping off too soon.  Trailing stops, no stops, mental stops, limit sell orders, around and around my mind spun today.  Waiting on stocks to go up and being patient is difficult for me some days.  Today was one of those days.  It is days like today the all sorts of crazy thoughts fly through my head.  Fight the boredom and try not to do anything stupid that will damage the account.  That was pretty much the goal today. 

Walgreen’s started back down today and that got my attention… a little.  I’ll have to keep an eye on it.  Unless I free up some cash or add to the account there is no money right now unless I throw margin money at it.  And somewhere awhile back I had decided that I was trying to get away from margin trading. 

No margin trading, that was the idea when I started back trading.  Last time I got a little soft with my margin discipline and it almost cost me the account.  Truth be told it wasn’t just the margin; I was way heavy in one stock with options and snap!  It turned and took a monster shark size bite out of me.  So now my mind plays tug of war, go with margin but with better discipline or go without because I have no discipline.  If WAG keeps coming down we’ll see which way wins next week.  That’s it for today.

Here’s to not doing stupid things on days of boredom and to keeping an eye on your Everyday Money.

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