So I survived my first full day of earnings 2013 unscathed. SPY gapped up this morning (not by much, but just enough to indicate a continuation from yesterday's trade. Based on this, my trading bias was LONG. I took four trades today; some of which (ALL of the losers-seriously!!!!) were forced trades; forced in the sense that I nothing was really there in the trades, but I took them anyway. I thought they could move, but they didn't. I'm not going to talk about the trade I missed-either you take it or you don't. And if you don't take the trade (for whatever reason), you can't get frustrated.
Enough talking; shown below are my results for today's trading:
Lesson 1: You do not need to win on all trades taken. You do however, have to limit the losses incurred when you do loose.
Lesson 2: Don't take a trade unless you are fully committed to the trade. Nothing hurts you more than knowing that you shouldn't have taken a trade-and you do it anyway.