Well, more of the same from yesterday, although things didn't get so out of control before I shut it down for the day. Lots of nice moves in the SKF to play today but I again chose to "buy and sell" so much that I was down about $4.50 per share on a leg down that turned out to be all red candles!! That is really frustrating...knowing all you had to do is short, hold, then sell for a substantial gain. The hard part to take is that I called this particular move, waited for it to break support, then shorted it. I made a quick gain and SOLD IT. When the move kept on going, I tried to get more of it but it would shake me out for a dollar per share loss on some intra-candle action, then continue down even more!
I seem to recognize some of the real opportunities... I've studied tech analysis enough to identify them. I need to think about why I cannot stick with my winners, why I can't ride the MOMO.
It's back to the drawing board. I reset my practice account even though I had much more fake $ reamaining. I want a clean start. The trading from now on will be focusing on trying to find a few moves based on sound technicals, sticking with them, and really trying to identify the real changes in direction... not just the little back and forth "noise" that goes on inside each 5-minute candle timeframe.
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unknown trades; loss of -$4.50 per share
That's the hard part about those ETFs...they move $1 both ways so fast it can be tough to know whether to hold or not
ReplyDeleteAnd you aren't kidding!!!
ReplyDeleteWhen we see committed moves in these high-ADR issues, we can't help but drool. But, it can be difficult to tame the beast. If it can be done, as Scott at Fear&Greed showed us, there are terrific rewards.