That didn't last long...

Yesterday's TNA trade long had a longer timeframe in mind. But this morning when as I watched the charts and saw it was up more, I decided to exit with my 18% gain in just over one trading day. Pigs get slaughtered. I exited $33.55 at about 10:25 am, after the 10:20 volume rise coupled with a nice up candle touch of a trendliine. TNA ran up a bit more to $34.26 then faded to $32.47 about an hour and 45 mins later. Looks like my exit was a common one among traders, given that it is the approx. center line of the consolidation in TNA for most of the day since my exit. As I write this, we're getting a run up on volume (317 pm) which for the moment is double topping from the 11:00 am high and failing. Let's see what the future brings. I'm always watching this big mover for exceptionally low risk entries. I've made about four trades in this account this year, that's it. It's a small account; under $5,000. But I'm up over 44% this year by being choosy about entries, then going all-in when the time seems right.

New Stock Entry

A while back I outlined the fact that I had made my first Live Trade in two years. While I am still not back into the market in my trading account, I have taken a longer timeframe position in TNA in my Roth IRA account at TD Ameritrade. This is a fairly inactive account, with only three trades thus far in 2011; gains of 25% on those three TNA trades. My current entry price is long at $28.41. I am prepared to ride some serious volatility with this 3x small-cap mover... in fact, it was up $5 in the last 35 minutes of the day! I was tempted to take my gains, but I decided to stick to my game plan on this account and hold, even in the face of a down trending market.

Good trading to all!

Saw It, Liked It, Reposting Here...

I have been AWOL from the blog for a while, and not posting much for longer than that. But, I saw this recent post from Joe Fahmy and thought someone else could benefit from it. You be the judge:

http://joefahmy.com/2011/09/15/5-signs-youve-matured-as-a-trader/

5 Signs You’ve Matured as a Trader

Posted by Joe Fahmy on September 15th, 2011

1) When you don’t need to rely on anyone else’s opinion and you stop asking others: “What do you think of the market?” Have conviction in your ideas and don’t be easily influenced by others. You shouldn’t have to rely on other opinions because YOU should know yourself.

2) When you stop feeling the need to pound your chest every time you make 30 cents on a stock. “Act like you’ve been there before!” Don’t act like you’ve never had success trading before.

3) When you stop feeling the need to trade every day and you get over the “fear of missing out.” This “fear” is the downfall of most traders.

4) When you make a good trade or a good call on the market and don’t feel the need to remind everyone. If you are doing a good job, people will notice.

5) When you learn to cut losses without hesitation. No one likes to lose, but cutting losses is part of the game. Accept it and move on!


Good trading to all.