Yep. I feel your pain. I sometimes say that I'll take a day off, but I never do it. This is a tough way to make a easy living. I think the toughest part of this business is the psychological toll during difficult periods. We gotta keep pushing!
Today's Results: +$593.40 Finally that multiple day losing streak is over. Not too much to say about the day except I made most of my money earlier in the day. I did a good job taking quality trades and making sure I didn't let any losers get beyond what generally makes sense for my style of trading and the strategies that I trade. Biggest winners today: SBUX +700.02 TIBX +229.80 DNDN +206.80 Biggest losers today: CBI -124.52 BHI -111.96 WMG - 107.20
Biggest winners today: SBUX +700.02 TIBX +229.80 DNDN +206.80 Biggest losers today: CBI -124.52 BHI -111.96 WMG - 107.20 As far as you are posting the results like this, i think you got it WHY,too
Sounds like you have a personal problem with the way I post my results in my journal? Be that as it may, those are the facts of my trading today and if it bothers you, & you don't like my format, check out one of the other many journals here on ET or you could start your own. If you have any constructive suggestions on how I could post my results more effectively, I welcome those too -- although I may not implement them. Anyway, I'm happy to have had a positive day today after 6 down days in a row, and I'd rather not waste time with negativity and implied/cryptic messages. Good luck to you sir.
TT the first thing that I learned how to do was fade. SBUX was a classic fade play for me. There was news. The Starbucks CFO said that Japan, Borders will hurt Q2 profit by .01-.02. I saw the price spike down once to around 36.56 and it jumped back up to 36.72. Immediately after I saw it jump back up I thought it could spike back down again so I hung orders out at .21/.41/.61 cents away from the NBBO (the only reason I know where it was trading when I threw my orders out is b/c this particular key combo is setup to throw orders out based off of the NBBO and I know where I was filled). I was actually filled at 36.41 -- the lows of the day (probably won't get the top or the bottom for the rest of the year for a fade play...but if there was ever a day that I needed it, it was today). My reasoning behind this trade was that SBUX is a liquid stock that averages around 8.6mm shares/day and for it to make such a large move so fast without dramatic news is usually an aberration. I've included my blotter for the trade for any detractors that don't believe my entry. My exit could've been better but it is what it is. The strategy of fading isn't a great secret. Learning how to do it, capitalize, maintain your psyche when you hit a bad trade, and not blowing up is the tough part. That's the more reason why I believe trading is an art.
Nothing much really went my way today. I guess yesterday was a brief reprieve from my losing streak. The day's not over, but if the action from the past few days is any indication, there won't be much of anything in the way of opportunity for the rest of the day. Down -3154.30 so far for the day with a bunch of losers. I've had a few small irrelevant winners hopefully that will change before the day ends.