I started a nice work project yesterday and had to meet an employee at noon. This didn't leave much time for me to practice-trade. I logged on from approx 10:00 am and was getting whiplash watching the 5-min candles toss and turn. After the short push up that didn't follow-through at 10:45 am, I had the feeling that the markets were going to drop... I took a paper-trade short just before the beginning of the 11:00 candle, knowing that I would have only a couple candles of face time on the computer before having to go to work. I covered a few minutes later. As it turns out, I had a nice spot to enter... price continued to fall away from my entry and if I were using a stop loss over 7 cents, the trade would have held. It was a one dollar gainer before the consolidation area at 12:15 - 12:30 pm.
Based on my past performance, it is unlikely that I would have held it long enough to reap that reward, but based on my entry point, it certainly was within my grasp.
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It has been frustrating to not be able to commit any meaningful amount of time to my market practice over the past months. My day-job has a seasonal component to it and the fall is often a slower time for me. I am hoping that I will be able to do more paper-trading going forward. In my last post I indicated that my computer time will be limited over the next couple weeks, based on the work activity I am experiencing. I still think that will be the case.
No market time today, Friday the 17th, as I am with a customer all day and wrapping it up sometime Monday.
We do what we must until we can do what we want. A little practice is better than no practice and quitting is never an option.
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Good trading to all.
