i thnk the chart explains it all. i didn't want to take a silly .20 loss. unreal. i need to come to terms with the fact that its not right/wrong and accept the fact that i may lose $20.
i put this chart up to compare with eev and edz. you can see those other two made great hammers around 1130 and VXX didn't. even though VXX should be the easier hold because there is less volatility, sometimes that drives me nuts because price doesn't move away right away whereas edz and eev were off to the races.
SPY
SDS
i'm going to have to start watching this one alongside VXX. 2x etf, better than 1x or 3x etf, for right now.
QLD
i got into this move because before my first trade i now look back and say "which way would i be trading this currently, if i had a position". it would be short around 1030. so, i pretend i am short, and where i would cover and go long, is where i go long for the first trade. that is the idea at least.
Q
EEV
nice hammer, no trade, just absorbing
EDZ
no trade, just absorbing and comparing to VXX
CVC
wow, i saw this one earlier, then dtf and i chatted on skype around lunch time. he brought the stock back to my attention, i couldn't believe the run. again, i need to remember these early morning movers.
CF
again, was watching this one crash in the earl morning. retrace and boom
APOL
fell free to abuse me. i shorted on new lows. stop above the hole at .03. it would have never hit. but i got ancy because the market was moving up and i had already lost money on FCX and an imaginary trade in X. i need to let my stops work. don't cover early. let the trade ride. i didn't want to lose $20. one of my trading friends used to tell me that education stocks trade against the market. i am going to have to check that one tonight with the correlation calculator.
this is the one i use, pretty neat http://ramtajogi.in/co-relation-calculator/
and i found this one for the indices against the etfs
http://www.etfscreen.com/etfchart.php?s=qqqq&t=2
AEM
i don't remember the trade but i see why i got in it. down move, retrace, doji, down, retraces back to doji area, not much risk, take a chance
i think i saw everything correctly. even some moves this afternoon in the q's but i wasn't focused so i wasn't going to trade. today could have been a great day. now tomorrow, i will try again, but because each situation is unique, maybe it won't go as well. then i will be bummed and not trade normal on wednesday. viscous cycle...read market correctly,like today, but trade very litte, next day read market wrong but trade more because of confidence from previous day, following day, trade less but see things right again...viscous cycle
J- try and be less emotional. you and every other trader will have losing and winning trades. It is part of the game. Your reaction to both should be the same. The more important issue to think about and be critical of is "did I follow my plan?" If yes, congratulate yourself, if not examine the reasons why and the emotions that caused you to sway. Examine in great detail and implement steps to neuter those negative feeling so that all you are left with is a rigid step by step plan that takes you through the trade and looks for the next one.
ReplyDeleteIf you know your system/plan/edge works, you don't have to be right every time. But the results over time are what matter.
Whats the old saying " be flexible in your expectations and rigid in your plan"?, unfortunately most traders are the opposite.
i followed the entry plan but not the exit plan. i just need to be move past the fear. today i actually whipped out the old resistance bands. when i am starting to get nervous, i am just going to stretch them and hold still in order to try to release the anxious feelings.
ReplyDeleteall the trades i close out early before it comes back to the stop, and then run through the stop, re-enforce the idea that i should get out early. instead, i can't be closing stocks early. i either close them at a proper exit signal or the stop, no questions asked. there was no reason to exit APOL or AIG today. just fear.
You had some great entries today bro.
ReplyDeleteI just noticed our Q charts are different. Go figure.