So, I got in the office a little late this morning. Because of this, I missed most of the move shortly after the open. Spy gapped up above yesterday's close, but inside yesterday's range (another bloody inside day). I decided to SHORT the market. I did a few trades in FDX today; I got stopped out on the first attempt and went back in when the stock came back to my initial entry point. I made (unrealized ) more than enough to recoup my earlier loss, but I wasn't done. I was so sure that the stock would move to my final target that (1)I refused to trail the stock out; and (2) I closed it out with a few pennies lost. Just an update, I went back in a few times-same result.
I got greedy and ended up with nothing. My trade management was poor. I allowed my quest to maximize my profit on the trade to distort what the stock was saying to me through its movements.I'm here saying to myself: "The stock touched $90.66 three times, the next time it does, it just may break through-we'll see." It never did. Looking back now, it can be seen that the stock was simply consolidating, and a break of $90.93 should have signaled a sell order to be placed-no emotions.
I failed the test-yesterday, fear allowed me to get out with a profit. Greed however, left me with a loss today. Ain't this a b*#ch!! Here are the results:
I must honestly say that it hurts watching a nice profit pause and then turn against you while you do nothing. I hoped, I wished, I did everything a trader is NOT supposed to do.
This was a salvage trade. I didn't manage this well. I let a few pennies get away from me on this one.
I'm gone....Until tomorrow....................