Monday, August 23, 2010
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Active trading (or Day Trading) is not a game, it has a very high level of risk. It is possible to lose all of the funds that you invest in your trades. It is not recommended for inexperienced traders or for persons who do not have sufficient resources and time to devote to their trading activities. Active trading is a serious commitment that should not be undertaken unless you are able to handle high risk and high stress well, and are willing to consistently adhere to objective and disciplined trading strategies and approaches.
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Well, I exited the trade for a scratch
ReplyDeleteThe reason I exited is because we got an uptick after my entry. When I said I could get out if it ticked against me, it is because there was solid chance that I would be able to. We had already fallen 10 points and found some buying at 1070.75. We then ticked down again, to flush out the weaker longs. After moving back up, I knew the odds were good I should see some up-tick. Since I got the up-tick right away, it made it more negative if it ticked against me now. It was a jusgement call to not let it tick against me at that point. Now we are ticking down more... Still can consider longs in this range... I'm waiting as of this moment
ReplyDeleteWe are dancing around 1070 now. This is a major point. Market needs to confirm a move back above 1070. If not, we will be heading back down to test the low 1060s again
ReplyDeleteOverall still weak. Even if we do get back above 1070, that doesn't mean you buy the market. Any buy at that point should be considered a short term entry with a target of maybe 1 or 2 points. I can't rationalize a short here, but I will look to sell the market with an up-tick. i.e. 1072. Will all depend on market action.
ReplyDeleteI won't be thinking bullish again until we move above 1074.
ReplyDeleteShort Again at 1073
ReplyDeleteI covered my short after being very patient with the algos (which delayed and delayed what I felt would be an inevitable sell-off). Well, the algos did their job, I missed out on the larger down move. That is a little frustrating...
ReplyDelete