ORLY's trading at 36.50 in afterhours. Maybe we'll get some blood and tears afterall. 
NoDoji's Day Trading Log
- Thread starter NoDoji
- Start date
- Status
HOW TO HANDLE DISASTER:
First, have convo with the smug half who hijacked the profitable part of your ORLY trade and took $850 in profits yesterday:
NoD: "ORLY gapped up after hours on news they are being added to the S&P."
Mr. NoD: "Just hold it until it's profitable."
NoD: "But it's gapped beyond my risk management trigger, and I will scale out at the first pull back, taking a pretty hefty loss."
Mr. NoD: "Just hold it until it's profitable."
NoD: "Well, I'm gonna watch the action carefully, but I have to draw a line in the sand."
Mr. NoD: "Just hold it until it's profitable."
*********************
Next, get Oliver Velez' Tools and Tactics book (highly recommended) off the shelf, turn to the index, and look up "Disaster" (p.320-324):
"When traders find that the most unimaginable nightmare has become a hard cold reality, they must know precisely what to do. They cannot afford to freeze up, fall apart, or wimp out when stormy clouds start to hover. If there ever was a time when victory or survival goes to the swift, it is when the market has delivered you a ticking bomb. Only a well-thought out contingency plan can evoke the type of immediate action and professional handling I speak of."
I know most of you are thinking, "Fifth of bourbon, duh!" but Mr. Velez includes a few additional steps, including no action in the first 5 minutes, covering half the position if it breaks above the 5-minute high, and then waiting 30 minutes to take further action.
*********************
In trading, every day an adventure!
First, have convo with the smug half who hijacked the profitable part of your ORLY trade and took $850 in profits yesterday:
NoD: "ORLY gapped up after hours on news they are being added to the S&P."
Mr. NoD: "Just hold it until it's profitable."
NoD: "But it's gapped beyond my risk management trigger, and I will scale out at the first pull back, taking a pretty hefty loss."
Mr. NoD: "Just hold it until it's profitable."
NoD: "Well, I'm gonna watch the action carefully, but I have to draw a line in the sand."
Mr. NoD: "Just hold it until it's profitable."
*********************
Next, get Oliver Velez' Tools and Tactics book (highly recommended) off the shelf, turn to the index, and look up "Disaster" (p.320-324):
"When traders find that the most unimaginable nightmare has become a hard cold reality, they must know precisely what to do. They cannot afford to freeze up, fall apart, or wimp out when stormy clouds start to hover. If there ever was a time when victory or survival goes to the swift, it is when the market has delivered you a ticking bomb. Only a well-thought out contingency plan can evoke the type of immediate action and professional handling I speak of."
I know most of you are thinking, "Fifth of bourbon, duh!" but Mr. Velez includes a few additional steps, including no action in the first 5 minutes, covering half the position if it breaks above the 5-minute high, and then waiting 30 minutes to take further action.
*********************
In trading, every day an adventure!
Have you ever thought about joining covestor? it tracks your trades and ranks you. i'm on there but haven't traded that account in a few months, somehow im still in top 100.
at 1st thought u were a dude, then saw ur name then thought u were an old lady. Who trades better you or your husband? im guessin ur husband.
at 1st thought u were a dude, then saw ur name then thought u were an old lady. Who trades better you or your husband? im guessin ur husband.
Wow! And she said I was mean.
You know I just was joking, nod. That AH "action" was low volume anyways. It'll tank 2 bucks first candle probably.
Hi degu,
Long time, no talk to! That Covestor sounds interesting, but I think if I were "ranked", it would negatively affect my trading. I'm trading for a living, and I already have one big negative against me: I'm still very much a beginner. So I need to stay focused and keep in mind my main goals: 1) earn enough to cover living expenses and taxes, and 2) earn enough to put some $$ in savings.
Until this evening, I was on track for both goals, but I think tomorrow my savings will take a hit.
Who is the better trader?
I'm going to have to quote Mr. NoD here: "My wife's really good at this," he tells people, and I always cringe because I feel like I have sooo much to learn. (Wise old traders, do you ever reach a point where you are absolutely cocky as hell and feel that you can do anything, or do approach every day with confidence and humility?)
He only trades when I force him to, and it works like this: I put on a trade and moves a bit against me. I tell him to put on the same trade, only he gets in at a much better price, puts on a larger position (I guess it's a guy thing), and gets the better return.
P.S. I'm not a young lady :eek:
Quote from jack8031:
I am little fearful about my short of HOTT at 9.63.It is broken to new high today.Your thoughts/feed back.Lets see the price action in the AM.Hope ORLY work out in your favor.
Jack,
I always hold HOTT until it hits my target profit. It's been ranging between the mid 8's and the high 9's for a long time. Wal-Mart launches Twilight this weekend and that is HOTT's sole claim to fame over the past 6 months, so the pressure will be to the downside as everyone who bought high last time looks to unload. It's also overbought on the 30-day chart. That's my humble opinion.
- Status