OK, new day, same goal-make good trades using good risk management; and try not to loose everything including the underwear you have on in your trades(the goal is also to make money!!!!). I did just that today. Spy gapped down under yesterdays close, so my initial trading bias was SHORT. I wanted to be a little careful today; I didn't take notice that while SPY gapped up yesterday, the market traded inside the previous day's range. The market is still open (as I type this) today. Spy traded inside yesterday's range until 10:40 this morning. It traded lower, but came back into the range around 1:50. I watched this movement as it could have lead to a choppy session..
I did go long today (my only loss) on an inverse financial etf. I got stopped out of the position, only to see later on in the trading session that the stock soar past my final profit target. No worries. Trading 3x etfs are not easy, and I wasn't willing to sit and "wait" to see if the stock would come back to my stop target or worse, my entry price.
Here are the results:
Looking at this now, I could've stayed in this trade (FCX). I got shaken out- I didn't want to loose on this trade-making..I'm still trying to determine if fear played a big part in me getting out of this trade..
I really missed this trade. After loosing, I left it alone and went to something else. I'm not upset (lol just a little...grrr...lol). The stock made a good move after the initial drop.
I wasn't taking any chances with this one either. The stock is still trending downward. I had a sour feeling, so I took my profits and left the market.
I hate trading DOW stocks!!! This stock looked like it could get to 19 (18on a swing trade!!!). These DOW stocks hardly move they way they should. They're just slow and lazy (which is good on a trending stock) not really going anywhere.. I took my little profit and ran because it didn't do what I wanted it to do.
All in all, it was a good trading day. I started off a little rocky, but I got the ball rolling a little later. I really liked my entries on FCX and CAM; I was late in HPQ as it really wasn't on my radar. I was a little early getting in on FAZ. Shoulda, woulda, coulda doesn't do it for ya!!!
Well all is well that ends well!!! I got back a little more than half of what was lost yesterday. I will look to making more good trades tomorrow....