Adding to winners not to losers

Discussion in 'Journals' started by noaveragingdown, Jan 9, 2011.

  1. Welcome to my humble journal.

    In here I will detail my 2011 trading journey.

    Thank you for reading.

  2. On Friday I was looking to buy 2000 shares of BRCM around the 44.50 area for a quick long scalp until the close.

    At approximately 44.84 I got a little desperate and entered half size to enter the other half at 44.50, was mostly afraid of not getting my fills.

    Of course, the desperation proved to be an error on my part as we eventually tested the 44.50 area.

    Held the trade until the close and made some money.

    Details attached.

  3. I bought ES e-mini 59.50 in the early hours with a loose stop below 55. Don't have a fixed target in mind. If I see conviction on the upside past the opening hour, will add to the position using lesser size via incorporating SPY.

    The low 50s also look attractive, we'll see how this day goes.

  4. Well, I added to the position as we plotted morning strength, turned out to be a fake break out, and eventually they kicked me out of the position for a small win on my trailed stop.

    Now, I'm back again but lower size and it seems to be going the right way.

    Horrible choppy morning but the bulls seem to continue to have control.

    My new long in SPY continues to oscillate between green and red as I wait for for new intraday highs but a worse fill than what I had this morning, hopefully on this second attempt I do better than the previous one.

    Not a very exciting day so far, light trading from my part as I continue to test the market's intentions, just holding 400 SPY for now.

    Will report later.

  5. Saw some weakness after making a new high and decided not to gamble to obtain the gap fill, particularly on this undecisive day, so decided to closed the SPY accumulation.

    Little money was made today but some nonetheless.

  6. Saw some strength as we pulled back and decided to get back in, slowly building the position, 100 shares 1st, then 100 more as the market confirmed my suspicion that it was in fact a fake breakdown what I have experienced.

    Time will tell how this game ends today but I'm back in.

  7. That went well, kept adding SPY until the time came to fill the gap where I played defensively.

    When we got to the gap area I started unloading them, 700 shares total, and left 100 shares for an afterhours trail to close before 8PM since SPY is pretty liquid in the evening session.

    Here's an update report on the day with an open 100 share SPY position left.

  8. Just curious ... wouldn't that have been exactly what you are trying to avoid doing? I'm not sure I get the logic.
  9. That is correct, it was a mistake due to desperation. No real complex logic, just a human being making mistakes.

  10. 100 share afterhours trail was stopped out breakeven due to slightly dissapointing AA earnings.

    #10     Jan 10, 2011