Well for some reason the browse button to attach files wont work on this brand new laptop. FML.
pitchforks
- Thread starter racehorse
- Start date
At least you see your error. I read somewhere that if after you enter a trade, and you see "evidence" that you did not do the right thing, get out and take another look. Many times we are eager to get in so we don't miss out, then after the click we see...the whole story of what the market is really doing...then we don't want to take a small loss, so we hope, and hope and hope...
Taking the small loss, or accepting that we were wrong about something is a quality I think traders work at all the time. Make a note in your trading journal. Losing trades do not usually become losers, unless there is something that changes...they start as losers, when we don't allow the market to confirm itself to us. We just don't want to believe it because the trade's success or failure is a reflection of who we think we are as traders. If we trade with a system (a specific recipe, I don't mean software), we can blame the system.
Would like to see your charts when the browse button starts working again.
Take care. A new week begins.
Taking the small loss, or accepting that we were wrong about something is a quality I think traders work at all the time. Make a note in your trading journal. Losing trades do not usually become losers, unless there is something that changes...they start as losers, when we don't allow the market to confirm itself to us. We just don't want to believe it because the trade's success or failure is a reflection of who we think we are as traders. If we trade with a system (a specific recipe, I don't mean software), we can blame the system.
Would like to see your charts when the browse button starts working again.
Take care. A new week begins.
It's impossible to know if the trade we took was wrong or if the slide in the over-all market was the reason the trade didnt work. The multiple 100pt down moves in the dow doesnt help long positions no matter what stocks we own.
Quote from konviction:
That's true, but from your comment that you should have waited for price to test the MLH before taking the trade, is an indication to me that you may not have traded in accordance with your preferred method. Believe me, I have made that mistake. The fall in the Dow did not help at all I am sure. I'm really not dealing with why it did not work, more with filling all the squares prior to clicking. If it fails after that, nothing else we could have done differently. In this kind of business we need all the help we can get
It's impossible to know if the trade we took was wrong or if the slide in the over-all market was the reason the trade didnt work. The multiple 100pt down moves in the dow doesnt help long positions no matter what stocks we own.
Starting to get annoyed with FCX and wondering how far its gonna fall. At this point its hard to tell but 45 will be a battle for bulls to maintain should we sink that far......And i thought buying at 70 was a bargain.
Hello Konviction,
The slope of the fork you have drawn shows a downtrend. You may have bought a bounce in a downtrend. I don't know how far it will go, but I would suggest that you to think about your trading rules; your trading plan for dealing with these situations? Are any earnings or other reports due to come out? I am not a Stock Advisor of any kind, though I have traded options many years ago.
I will look at your chart again and see if I can see any technicals to help clarify the picture.
Keep a level head.
The slope of the fork you have drawn shows a downtrend. You may have bought a bounce in a downtrend. I don't know how far it will go, but I would suggest that you to think about your trading rules; your trading plan for dealing with these situations? Are any earnings or other reports due to come out? I am not a Stock Advisor of any kind, though I have traded options many years ago.
I will look at your chart again and see if I can see any technicals to help clarify the picture.
Keep a level head.
Closed out my short trade in RIMM for 10,855.00 today. But I expect GRMN to stop me out tomorrow. My stops 10 cents away from todays close, so thats 3,000 up in smoke, and LMT aint lookin much better. Still aint bad tho.
Here is an updated chart for LMT. Been holding this sinse April, and noticed a few mistakes here:
1. I don't know why I choose to use such a wide stop. My stops 9pts wide @ 74.27, when it should have been at 82. The whole point of using forks is that they allow a trader to have very low downside risk, and high upside rewards, but I screwed that all up. Can't remember what my logic was at the time.
2. I didn't take profits when I had them. My entry was 83.37, but when price reached resistance at 86, I did nothing..I think I was just letting my positions ride, being over confident and not paying attention as much as I should have. Now I'm in danger of being stopped out. Guess I deserve it.
1. I don't know why I choose to use such a wide stop. My stops 9pts wide @ 74.27, when it should have been at 82. The whole point of using forks is that they allow a trader to have very low downside risk, and high upside rewards, but I screwed that all up. Can't remember what my logic was at the time.
2. I didn't take profits when I had them. My entry was 83.37, but when price reached resistance at 86, I did nothing..I think I was just letting my positions ride, being over confident and not paying attention as much as I should have. Now I'm in danger of being stopped out. Guess I deserve it.
Got stopped out on KO for 182. This time I did a better job moving up stops and managing risk. Looks like KO might make new lows..if not I might take a small bite.