These are the days I just want to scream. I have one about a week I figure were I take a good day that has the chance of being a great day and turn it into a nothing or bad day.
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I usually do not post all the charts of all my charts but I did today. I figure I have two main problems - when to take profits and how much pain is good in a trade. I usually pick pretty good stocks to trade. My eye has gotten better as time has gone on but the game plan sucks once it is in action.
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Here are the trades one by one. The First one was TKC (see the chart in Big Mouth Stocks). It would not good down so it must go up. I bought at a good place 25.14 but only got 300 out of 500 shares filled before it started going up. No problem, it is a thin stock to begin with. It went up and I sat on my hands and just after it start rolling over, I got out. I did not make much on the trade but I was very happy at the results.
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Trade number two is AKS. I bought as the market was recovering and the steels were moving well. I got a good entry point and I was good at sitting on my hands trying to get every cent out of it. I had 300 shares. It started going sideways and I was scared it was going to break fast. The market did not look well. I should have held for one push up because it never broke. I could have made another $50-70 out of the trade. An okay trade over all.
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Trade numbers three and four were NOV. This was after lunch now. I tried shorting on a break of 62 at 61.99. I got slipped 5 cents. Quickly, I found myself in a loss for about 10-12 minutes. I got not nearly the high tick of the counter move - Pisser. Less than 60 seconds later, it was falling again. I reacted quickly and short again at the next new LOD. It quickly ran 15 cents in my favorite and than right against me then started down. I covered at plus 10 cents. This is my old problem - getting out of a trade quickly if it shows any heat or too much spread. On the first trade of NOV, I should have made $500 if I held on or $300 on the second trade. Dummy me.
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The last trade of the day was APC. Very similar to the NOV. I freaked after taking a little heat. The stock never went against me for more than 25 cents. Crap.
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So bottom line is - I lost $14 today when I could have made about $750. I am not going to last long in this business if I f-up like this on a regular basis.
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The numbers:
Stocks: gross +1 net -14 shares 2800
Stocks Futures: none
Other Futures: none
Forex: none
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