"A man is not finished when he is defeated. He is finished when he quits."

Monday, March 16, 2009

March 16th



It was an up and down day for me in terms of energy and success. Luckily, my up was greater than my down! Started strong and kept up a nice success rate from the Open through 1:50 pm, going 26 for 30 winners. Should have quit there!!! I then proceeded to go 7 for 17 while dumping a bunch of my gains. I really got tired and two back-to-back losses at 3:03 and 3:04pm were inadvertant clicks on the wrong stock! First I clicked a buy on GS but meant to click SKF which gave me a loss on what should have been a gain and the next, I meant to long GS but clicked SKF. This should have been a clue to take a break. The one thing that caught my eye while prepping the screen shot and this summary was that my run of bad trades coincided quite closely with the intense run-up of SKF (and drop of GS which I was playing as it's inverse because I still couldn't short the SKF). I have noted before that I have trouble when the move is big and all one-sided over a longer intra-day timeframe. My recent gains over the past few days have been in picking reversals. The end of day move today was a very hard time to play for reversals, with the energy decidedly in one direction. I really must start thinking longer term on some of these moves. The questions is, how do I recognize a longer move before it happens!? I'll be working on trying to figure it out. Sadly, if I had placed a trade at 1:50pm on SKF and sold at close, it would have given me $17.75 per share in gains instead of the loss I incurred; $2.44 cents per share loss over the same time frame!

33 for 47 in trades, 70% win rate. Gain of $4.22 per share.

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