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

Wednesday, May 19, 2010

May 18 - Tuesday


I did have a chance to sit in front of the computer after completing my bids and sending them to customers. Still, I didn't spend very long with the markets. As I did yesterday, I played some practice trades in RIG around 3:00pm. I went long, looking for the pop that comes after a protracted down move. It hadn't retraced with any significance since 1:00-1:30. The long was premature and I held it as it dropped. (Poor choice #1)

10-12 mins later, I felt momo start to wane on increasing volume so I found what would be a high probability reversal spot. I took four trades long at this spot, and the move paid off. I went long within 2-3 cents of the LOD. This brought my average price way down, allowing me to scale out four of the five parts of my long position. I kept the last position and sold it at the 7 EMA. (poor choice #2). Price continued rising and I left a lot on the table. Hindsight tells me I should have kept this final part of my position until breakeven before selling.


Again, poor execution by holding a losing trade then averaging down in price. This is a suckers' play and is not the pure, clean method of trading I am seeking. I will continue to fight my "demons" as the weeks and months progress.

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