I should've called it quits earlier today, but I really thought that I could salvage the day. Going in today, my bias was to go long, as the market usually will give back what it took irrationally the day before (market was down about 150 around 2:40, then it lost another 120 points after the news broke about the explosions in Boston). Furthermore, my bias was validated by the fact that SPY gapped up from yesterday's close.
The day started off well, I was up in the majority of trades after they were live in the market. At some point though, the momentum in the stocks I selected changed. I was stopped out of my loosing trades-except for LEN. I didn't put the stop order in the market (I used a mental stop) and the price moved swiftly through my stop target. In order to prevent a larger loss, I simply closed the position under my stop target.
I am upset about my performance today, as I felt like I did engage in a little revenge trading. I had a small loss, but it got a little larger as I placed more trades to get back to even; only to eventually record more losses. To add insult to injury, my revenge trading lead me to over trade. I placed seven round trip trades today; while that appears to fit within my usual trading routine, I refused to acknowledge that I was out of sync with the market. I didn't fold when I should've.
Here are the results:
This was by far the best executed trade I made today (I'm not saying this because it was the only trade I closed with a profit today). Everything such as my entry and trade management etc. was on point with this trade. I missed making 3Rs on this trade-I didn't want to hold it after it didn't hold 42.00 around 10:50.
As I type this, I'm thinking about taking a position in Yahoo in the aftermarket. They missed on earnings and the stock is down about 5% since the close. I've gatta listen to that Kenny Rogers song again because I don't think I'm getting it lol....
Until tomorrow....hopefully it will be green...........