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hindsight makes everyones a genius. why do we always need to find an explanation for good and bad trades? has it ever occured that it might be simply unlucky turn of events from a random happening? reading books on how-i-made-millions-buying-pullback is just self fulfilling act, very much is what infests the area of technical analysis. Ofcourse, i am assuming the person usually knows what they are doing (wheres your stops?) and doesn't get some weirdo pleasure out of self-inflicted financial scars, where you purposefully like to take wrong trades..
You convinced me. I"m not going to try and self impose stops anymore. The psychology over yourself seems to play a big part in this. YOu don't believe it untill you start trading and it bites you in the ass enough times to jolt you out of your ego imposed belief that you can handle it w/o the discipline the stop gives you. It took alot of losses to change ...thanks. YOU may be right about me enjoying "financial scaring myself" ...its just so far under my radar ...possibly that I haven't made peace with it untill now. thanks for the wisdom people. enjoy the weekend.
how do you think you screwed up? you took a shot and it failed. you were trying to use support from yesterday for the trade and it didn't work because of the earnings guidance that people weren't too happy with.
i call stocks like DRYS and YGE ,"FUCK YOU STOCKS". you just could'ntwin with them today. PCLN was the one to go with and use a stop.
I took a look at the Chart. First, the stock is a "VOLATILE STOCK" as one ET poster pointed. But those are the stocks you want to trade, if your a daytrader. I looked at the 5 minuet, 15 and hour charts. Seems that you did not pay attention to the volume that came in strong. Its been trending upwards But today seems like the volume was on the sell side. I would have tried to buy it early, the first half hour or so of trading. However keeping the volume in mind, I would have reversed after a a point or two points against Me. Based on the oder flow, and volume I would have carried the stock short into the close and over the weekend. ( I would ck news on it, which i have not.) Seems a lot of volume came in today. Which should have signaled after your attempt to go long, that sellers were stronger. But that is just part of trading. Nothing really wrong with you trying to get long. However, you may have been ignoring the sell side volume. I do not trade this stock, so I have no idea how it moves, other than the q chart I pulled up.
1. Did you study a daily of DRYS?? The only trade long in the mid 80's area would have been a VERY brief long.. There is A LOT of resistance here.. plus DRYS has traveled quite a while from $50 to get here so a lot of energy spent. Too many Longs with profits waiting to sell to late-comers.. 2. DRYS tends to do what it says.. Sticks to it's bars for the day.. Intra-day dip on White Bar? fish long.. Intra-day bounce on red bar? Short it. 3. Weak Markets today.. So combine all these and the odds were against you.. Trading is hard..