Monday, January 14, 2008

Same mistakes just a different day




I was up $900, then I lost it by holding a loser long on NQ because I saw NYSE A/d was still strong. I was long NQ and got half of my position stopped out at the LOD around 9:30am right when I left for work. I came back from work after the market closed and closed my long position in NQ to put me at just under breakeven for the day. Overall I made a stupid mistake by not reversing my position in NQ while I was still at the computer. I need to work on my trading plan because I can do much better than how I've been performing lately.

P/L= $-14 on 196c and 2200s

Problems I'm having-
1. Letting profits go red by not using proper stop placement.
2. My trading system is alerting me to reverse but I'm not hearing the audible alerts.
3. I need to identify good stocks like POT early in the morning, possibly invest into a real time stock scanner.
4. I'm forcing trades right before I leave for work that are negative and trying to get them back to break even in a short amount of time.

Solutions-
1.Don't move the stop.(I'm not, I'm getting chopped up in adding to losers on false weak reversals).
(in this case I have decided only to add to a trade when it is breaking out in my direction to a new relative high and I'm positive on the trade already, or I will add on pullbacks,,,I rarely add to trades on pullbacks because I'm out of the trade at the peak before the stock pulls back and in this case I will be re-entering a long.)
2.Make audible alerts this week for reversal signals
3,Maybe try TradeIdeas software to find good trades.
4.Don't trade size when you have an appt or work to be at, as this may add pressure to your trades.

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