Tuesday, 7 May 2013

Trying To Get Back On Track

Short post here. SPY gapped up today above yesterday's trading range. Because of this, my trading bias was LONG. I did take a few short positions today, but the decision to do this came after reviewing the charts for those particular stocks. I started out slowly, being down for most of the day. The first few trades got stopped out (I stopped them out before they reached the stop loss as they showed no momentum to continue the upward move in price).
I got a break with ANF, even though I exited the trade early. I felt like there was no more momentum in the stock so I got out, only to watch it continue to rise (both times!!!)...No worries.

Here are the results:

I could've stayed on this trade but my account is small. I gave this trade up for ANF.

I got out of this trade shortly after the lunchtime session began. I didn't want to be caught holding this or any trade when volume thinned out. So I got out-only to watch the stock regain its upward trend and move all the way past my final target (which was 3% from my entry). I got back in, but the price action was choppy to say the least-so I got back out, only to watch the stock climb.....Drag.

So the trading day is over, now I can relax. Fear and greed (in this instance, fear won out). They can interfere with your thinking, causing you to either exit a position prematurely or exit too late. I'm still working on this, but I'm just glad that I was able to finish the day in the green, while at least trading my strategy.

We'll try this again tomorrow........ 

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