Day Trading Post #19

Today ended quickly for me. I was up for the week gross $102, and I gave it all back this morning in ERX. For some reason I was bullish this morning, and looked for the signs to go long in ERX only to get burned twice. I gave myself 35-40 cents risk on both positions, and both times I took the hit. The second time though, ERX popped down 20 cents past my max risk and forced me out. Down $1.20 cents today for a gross loss of $120.

I guess it was bound to happen. I have been extremely consistent lately, and the past 15 trading days, I have been green 12 days and red 3 days.

Net profits for the week are $0.02 cents so far. I am taking the rest of the day off after two bad trades. No need to force anything and/or revenge trade to make it all back.
UPDATE @ 3:15pm:

Being that I am locked out of my day trading account for today, I went back to see what I did wrong, and I found that I broke my own rules. I was right about the trade I took but I was way too early. I got in because I was anticipating the stochastics to cross over, and 45 to 60 minutes later, they finally did on the 15 minute chart. Lesson learned! Wait for the trade to come to you!!! Don't Force the trade!!! I have been paper trading ERX and it has gone much better than my opening trades of the day. Too bad I can't take real profits on paper trades!

Swing trades are starting to look great! I scaled out 100 shares of eBay to lock in profits yesterday, and today it's up! So I have $0.50 cents profit locked in and I am letting the other 100 shares run! So far so good!

I doubled my position in LDK and have a total of 50 shares at an average price of $4.61. LDK is showing some good relative strength on the daily chart and the stochastics are trending up! Things are looking good!

PCX is finally popping up! I don't want to add to this position since I already have 200 shares, but wish I would have done so when PCX was hanging around the $3.00 mark. Oh well, as the saying goes "heinz eye is 20/20." It is showing good strength, and I am looking for it to break through the $4.00 mark soon. I'd like to take profits around $4.50 where there was some minor support back in February.

Finally, GGC... they say to never look back, but its hard not to when you pick a homerun and get out too early! I took a 59% gain on my investment in GGC and watched it get up to just under $2.00 today. If I would have held my position I could have been up over 500% on this trade!!! Should have, could have, would have... I had a plan and stuck to it. That's how life goes.