It was about 2:00 pm before I could get into the markets after day-job activities. I was quite non-chalant about my trading today... I couldn't get the theme song to "The Brady Bunch" out of my head and I found myself singing it all the time I was watching my trades! Very strange... really.
Anyway, with my reduced position size of 200 shares per buy-in, I continue to be undisciplined; fading big moves in anticipation of reversals and not cutting losers short with stops. I haven't resigned myself to the fact that this is how I am destined to trade but for now, I go with it.
Tried to fade that last move down in SKF at EOD looking for a last-second pop but it didn't work... I got out with only two seconds left; closing the session for my only loser of the day; a whopping $1.98 loss! Ha. There goes that Coca-Cola I was going to buy tomorrow (Not the stock, the beverage).
I still find that fading strong market emotion is a very high-probability winning trade; triggered by big price moves coupled with big volume and strong diversion from the mean. Today, I was just a bit too early on both multi-trade positions, leaving me to add to losers to keep the trades viable. Patient entries are really the difference between having to add to a loser and catching a reversal at the right time when choosing to play for reversals. They all reverse at some point... patience, patience patience.
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7 for 8, an 88% win rate. Gain of $70 in 2 hours of live trading.
