03/04/09: Total P/L - 639.02 3 trades 3 losses The good news: I stuck to my plan, enter some long BIOS(CEPH, GENZ) and both rocked out. Also took a index long (DIA) that rocked right up before the close. The bad news: All three trades stopped me out before they went on for the gains. The GENZ trade actually never triggered an entry when I took it, but my charts were lagging and the 5 min. bar high I had on scottrade was .74 when the REAL high was .82, which it never broke before it stopped me out. Lesson to noobs: MAKE SURE YOU TRADE W/ A STABLE COMPANY! CEPH I entered w/ very light volume, and after it wiggled me out it went on to target and much more. DIA was good entry, got within .10 of tgt., then the wiggle entered the market til about 2:45 pm.(stopping me out). So even though all 3 trades went for a loss, I stuck to my trading plan, and I was on the right side of the market(and bios), just got wiggled out. Welcome to the world of trading!
03/05/09: Thurs a.m. Long set ups have been a losing proposition for me the past 2 weeks. Even though I have taken patterns that fit my trading plan. So, today I will let any long set up pass me by and wait for short setups (or longs in FAZ SRS QID SDS DXD). You can't beat the market. If it keeps beating your trades (my longs) into the ground, you have 2 choices: Keep losing or Take the info and put it to work in your favor....my shorts all did well, my longs got hammered. Yes market, I'm listening.....Putting short hat back on.