Thursday, January 8, 2009

Trades for 1-8-09

So yeah, down again which made me down 2.27% from the last trade of yesterday to today. About 2%-2.50% (or 4 down trades in a row) is where my rule tells me to stop with discretionary trading. I did stop, and looked over my trading to see if there was anything wrong. What I found was that it was a combination of little things that added up, of which 2 were big enough to note. The first was that I’ve been paying too much attention to the indexes (dow, s&p, etc.) which was influencing my stock picks. The only time I should be using the index is when I am playing an index ETF, not when I’m looking at a stock. The 2nd thing was that I need to blow up each chart (5M, 10M, daily) before my entry to spot any support/resistance levels that I missed.

Totals for the day
Discretionary trading: (-1.27%) (-$332.16)
All times on the charts are Mountain Standard Time.

UWM – Long (-1.27%) Missed the stop-loss level I should have picked @ $19.74

10k strategy: (0%)

No trades

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