Well, today was going well for day trades until I watched my profits run up, and then fall all the way back down to my entry and below it. Ouch! I reviewed my trade and my conclusions... Yesterday, I caught a big move in SPG. Today, it looked like I was catching another big move like yesterday, so instead of locking in profits of 80 cents or even 50 cents, I let it come all the way down against me!!! Why???? Maybe greed, maybe stubbornness? I believed it would come back, and instead it hit my stop, and what I should have been doing is moving my stop up as I was in the money. Oops! Lesson learned. In the end, I took two trades in SPG. The first one was really good until I let it fall apart. The second trade was a reveng sort of trade where I got back in on it long believing it would pop, and it did, but only for a minute or two, and then came against me. Locked out of my day trading account. But it's fine because I am still net positive for the week $0.98 cents. Here is the chart for SPG below (15m chart):
Swing trades look great, and PCX broke the $5.00 mark today. It pulled back under $5.00 but things look good. We'll see $5.50-6.00 in no time! HW is coming back nicely, and RACK is holding up too! Overall, its a good week so far, and it's only Tuesday!
That's all for now!
No comments:
Post a Comment