It’s happens to all of us. You put on a series of trades or you’re playing poker and you suffer a bad beat or an unexpected earnings announcement. Nothing is going right, you couldn’t get laid in a whorehouse with a fist full of 100s. I’m there right now. I’m not sure if it’s worse to have another player goad you into being on tilt or if doing it to yourself is worse. Right now for me, the self loathing is strong. Losing money sucks, losing your trading mojo is a disaster.

I had another accident this week but this was self inflicted. After the ACHN debacle, I took a position in MRVL the 2 days before earnings. The trade started out perfect as I determined option volatility was way too cheap in front of earnings and possible corporate restructure. After purchasing a full size position and leaning long, I was looking great by the next morning. The stock was rising and vol was up 7 points. I had them crushed. All I had to do was take the position off and ring the cash register, that was the plan. Instead,  I looked at the massive call activity which was expected and I thought ” the call buyers are right this time and the stock is going to fly” and I took off only 20% of the position instead of all of it.  I figured this trade will make up for the earlier bad one plus  3 times more and it will be hookers and blow for everybody afterward. Of course the exact worse result happened, the stock did basically nothing after hours and pre market on the earnings report and opened almost unchanged. Vol collapsed and the stock faked a rally and then proceeded to bleed off the rest of the day to year lows. Needless to say I went from being the crusher to the crushee. Even with the small amount of the position I took off, I managed to lose more money than the ACHN trade. I really shit the bed on this one.

After spending the rest of the day wanting to revenge trade which I thankfully did not act on, I still don’t have a clear head and it’s time to walk away from the table for the rest of this shortened week.

What a way to start a blog, talking about 2 of my biggest losing trades of the year in the same week no less. I’ ll be back trading in June and with a better attitude and restored discipline, you will hear me chirping about a winner.

Enjoy the long weekend.