THESE ARE ALL MY UPDATED SWING POSITIONS BELOW THAT I HAVE OPENED AND POSTED TO THIS SITE. P&L IS UGLY. I OBVIOUSLY MADE A BAD CALL ON MARKET SENTIMENT OVER THE PAST MONTH AND I'M ON THE VERGE OF CLOSING SOME. I WENT AGAINST MY RISK MGT. PLAN ON SOME OF THESE SINCE I HAD THE BIG TRADE ON MY OLD QLGC SHORT. I DECIDED TO ACCEPT A HIGH RISK/REWARD SCENARIO THAT HAS BACKFIRED THUS FAR. I'M STILL DOING VERY WELL FOR THE YEAR WITH THIS SET BACK BUT I WILL NOT LET MYSELF GET INTO THIS POSITION AGAIN. I LEARNED THIS LESSON 3 YEARS AGO AND KEPT MY DISCIPLINE IN CHECK EVERY STEP OF THE WAY UNITL THIS PAST MONTH. I LET THAT QLGC TRADE OVERRIDE MY GAME PLAN. SHORT .FWU 180 0.45 +0.25 SHORT TXN 5000 15.90 +0.20 SHORT CYMI 5000 25.18 +0.13 SHORT DELL 5000 28.90 -0.46 LONG .QAVWU 50 1.40 -1.20 LONG .DJXWZ 40 3.30 -2.80 SHORT TYC 5000 11.50 -3.94 SHORT AOL 5000 10.45 -4.40 OPEN P&L: (54,500) *KEEP IN MIND I CLEARED $75K PROFIT ON THE QLGC TRADE WHICH IS ONE OF TWO REASONS I'VE STAYED IN SOME DEEP LOSING POSITIONS. THE OTHER REASON IS MY SENTIMENT THAT WE WILL SELL OFF HEAVY IN THE NEXT WEEK OR TWO COUPLED WITH TA AND FUNDAMENTALS THAT BACK UP MY THEORY. BOTTOM LINE: I KNOW BETTER THAN TO DO WHAT I DID WITH THESE POSITIONS AND WILL NEVER COMPROMISE MY RISK MGT AND RISK/REWARD JUST BECAUSE I MADE A LOT ON ONE TRADE. I REALLY SHOULD HAVE TAKEN HALF OF THAT TO VEGAS INSTEAD. I'LL START ANOTHER THREAD ONCE I CLEAN UP THIS JUNK ABOVE AND CONCENTRATE MORE ON TRADING AND I'LL THROW IN SOME COMMENTARY AND TA WITH REASONING BEHIND EACH TRADE. I NOW HAVE A PARTNER TRADING WITH ME SO I'LL HAVE SOME EXTRA TIME. I MENTIONED A COUPLE WEEKS AGO THAT I'M STUDYING FOR THE CHARTERED MARKET TECHNICIAN EXAM (CMT) SO IF YOU HAVE ANY QUESTIONS ON A CHART PLEASE SEND ME A MESSAGE OR POST. THE MORE DETAILED THE BETTER TO GET ME BACK INTO THE SWING OF IT ALL.
Seanote, I have exactly the same problems whenever I have a large gain. I get the idea that its "free money" so I take risks I normally wouldn't. I still haven't found a perfect way to prevent this, but now after a particuarly large gain, I wire 50% of the gains out of my account. I find that seeing a lower account balance on the screen helps keep me grounded.
Wiring out 50% is one way but I recommend leaving the money in and forcing yourself to stick to your game plan regarding risk mgt and your trading strategy. I'm too stubborn to accept the fact that I would need to wire out the money to keep myself in check with my regular game plan. I've been disciplined as a robot the last 3 years and screwed up this last month. It won't happen again. Seeing a negative P&L in the $50K range is enough for me to realize how sound my trading plan and mgt was until this debacle.
Seanote, It will be great to have you back here on a regular basis. You're not the only one lugging some losing short swing trades. What's your take on QLGC, AMGN and QCOM here? AMGN and QCOM look like they are establishing potentially bullish sideways consolidations.
Seagate we all screw up it's our nature but the point is to screw up by the least amount possible. Surely this run up has to end soon . Maybe you'll have to buy back those shorts and hopefully eat smaller losses.
By the way I reread your earlier trades and was impressed how you cut your losses but definitely some of us were dumfounded lately by some of your moves but you sure raked in the dough.
Watch that AOL . I wouldn't be surprized if those bastards start upgrading this like crazy and very soon.
QLGC: In the process of breaking resistance in the 33.00 area. If stock appears to close above $33.00 today, I would go long with a target around $34.50, then $39.50 depending on time frame. QCOM: (Daily chart) Chart pattern has formed a bullish pennant indicating a breakout to the upside once QCOM CLOSES above the top line of the pennant, then I will go long. AMGN: Testing support at $48.75 area. If support is broken look for retracement to about $46.80 (which is 50% of the gap up on 10/10/02) over the next 2-3 weeks. If AMGN bounces off support and breaks this consolidation pattern then look for a target around $52.75 - $53.50 area.