Evening Wrap Up
I've got to say that it is really really difficult to post my trades on this blog. Of course it is easy when I'm making money. But to put out all my dumb mistakes for all to see is painful. That being said, somehow it is cathartic.
So here we go.
Today the account ended down ~$800.00 from yesterday. I'm so damn frustrated to have made 500.00 yesterday in the falling market, and the market screams up today and I'm down. That being said, I feel good about covering my index shorts, though I should have waited about 15 minutes after the open to dump them. It is hard to know at work if I will get a chance to trade, so sometimes I am stuck dumping on the open.
I did initiate 3 long positions this afternoon. I still feel the market correction is not over. I feel there is much more downside ahead. However, I am looking for this bounce to continue through tomorrow. GIGM and AOB report next week, and I am expecting stellar reports from both. I am banking on a run-up this week from oversold conditions and earnings expectations for these two stocks. SMSI just continues to be strong as an ox.
1000 SMSI @ 15.85
1000 GIGM @ 11.73 Earnings next week
1000 AOB @ 10.66 Earnings next week
6 comments:
In all seriousness it's impossible (without luck involved) to time the market short term (day to day) especially in a market like this. I think the main cause of your problems is a) holding positions overnight seeing how your bankroll isn't big enough to ride it out. b)not having enough conviction in your positions/thoughts which makes you jump around from trade to trade and c)trading on emotion because you're down.
Honestly speaking you should close everything out and take a week off. We've all been there, taken big hits. Best thing is to step away and get back to trading when you feel you have a clear mind. If you keep doing what you're doing, you are going to push to get your cash back.
Take my advice however you want it, I'm truly being sincere this time, don't tell anyone though :-)
shortdabull, sage advice and all, you're still a douche in my books.
wow, i'm surprised to find such sage advice coming from the same person that authored that blight on the blogosphere.
Shortda, I'm not sure from where that kindness issued, but I won't look a gift horse blah blah blah. You are exactly correct, imo. The only part of your advice I disagree with is the hold over night part. But the rest is correct and very good advice. The conviction-less and the emotion trading began in Nov. 06. I was up 41% for the year, and took a string of losses, taking me down a full 10% in about a week. Ever since then my trading has been all screwy, and I can't seem to get it right again. I journal my trades, review stats., etc...It will be hard to close out and shut down for a week. I don't know if I can do it. I do think that I will slow things down and try and work out a game plan that might give me more conviction and remove emotion.
I'm sure you'll pull through, you seem quite knowledgeable. for a mailroom dude.
about the overnight thing, rethink it. it's all psychological. you gap down and start the day off with a loss, it makes you force trades. on the other hand, you gap up and don't sell, give back the gains. again negativity takes over.
I have not been following your blog long enough to know if you're big on day trading or if you stick mostly to swing. But when in a rut, I find that a clean, blank canvas to start the day works best. you see things better and you don't force things.
tomorrow if you lose money I will rag on your ass because I feel sick to my stomach and this attempt at niceness.
Lmao...go take it out on Fly. He's making money...I have a feeling that even if I make money tomorrow, you'll be back to your old self. I still think you're a pussy for quitting your blog.
I see what you mean about the overnight thing. I've never considered it that way. Thanks...
I mostly swing trade. Hard to daytrade and work.
Post a Comment