Tuesday, December 11, 2007

Dec 11 $2,500 on 28c and 700 shares

I was short pre-FOMC announcement. And it payed off. However I lost a potential $5-10k, by having pre-set BUY limit orders. I didn't expect ER2 to move down 18pts so quickly. I should have held onto some contracts. However, I'm just glad the day is over, because I was trading like crap before the announcement, and FOMC days are tricky to trade, so I've decided to stop trading and lock in my profits.

Net P/L= $2,500 on 28c and 700 shares

I'm so dissappointed I didn't hold that trade, $10-20k opportunity thrown down the drawn from not following trade signals. Who would've thought the market was going to tank this hard. Dam it.



Anonymous said...

Great day for you. If there is anything I've learned from my trading it is to not get upset at your good trades when profit has been left on the table. I don't know of anyone who can consistently make every large move from top to bottom, let alone make some.

HPT on 6:02 PM said...

Thanks for the comment Bret,
I'll be over the missed profits tomorrow. I'm working hard on my signals, I just need to work harder on my position sizing rules. It was interesting to watch the positive volume build up in the financials the hour before the announcement, and then see the market drop 100pts in 3 minutes. In the past I've seen quick reversals on FOMC days, so I was smart to lock in profits by spreading buy limits below market, however, I should have kept trading and taken the next short signal and kept focused. Oh'well, there's always another day.

Anything-Goes on 9:11 PM said...

You made good money. I was able to make 2000 with 3 contracts. Good day overall.

HPT on 9:54 PM said...

Thanks Anything goes,(we need a nickname for you, or maybe you can change it to something cooler, or trading related),

I suck at trading,

My system is way better than me.

I just need to work on sticking to my signals and I would be richer.

Things to do: work on audible alerts!

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