Tuesday, 23 April 2013

1-2: Wild Ride

I knew today would be a little rough, as I was still a little drunk off of my 'Netflix punch'. SPY didn't gap up today, but it traded above yesterday's close in the premarket; indicating to me that the market would trade higher today.  As such, my trading bias was LONG. While my bias was to the long side, I felt like I could have a real play in Netflix again today;this time to the short side. I asked myself a question that traders ask themselves before getting into a position: If I am holding this stock, would I sell it here or continue to hold? Lol, from the results, you will see that my answer didn't match what the market wanted to do. My long trade in FAS paid off big time, erasing the loss from my other trades on the day. Here are the results:

My entry was not good on any of my trades in Netflix. If I had exercised patience and waited for the trade to set up, I may never have taken any of the trades. I really wanted to jump on this stock short and ride it to my final target for a HUGE profit . It didn't work out. After making it on Fas (good entry and trade management), I decided to quit while I was ahead (plus, its late today). I will try again tomorrow..

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