The adventures of a new Trader

8/22/06

short 100 WYNN at 74.45

9/7/06

cover 100 WYNN at 74.15

profit 16.00

What I thought was a reversal, maybe really WAS a reversal, or just a large pullback. Either way I got out with a gain, but was not worth 16 lousy dollars, especially for the length of time I held this stock. :mad:

I should NOT have held this thing through the high of 78.85. I probably should've got out at a loss, and looked elsewhere.

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chart not posted
 
9/12/06

Cover 100 RIMM 82.05

+ .98

Bought 180 AAPL 73.02 stop 72.52

Sold 180 AAPL 73.33

+ .31 gain

Sold 100 RMBS 18.25

+ 3.97

I didn't want to make the same mistake I made in RIMM by not taking my profits while I can. I still have a small position in RMBS, but sold most of it.
 
9/13/06

Bought RMBS @ 19.12

9/15/06

Sold RMBS @ 18.17

- .95

I sold based on fear. Weekly charts show it can go higher, but in the mean time, it might fall a point or more this week, especially after last weeks big rally. I still have some left incase it does beak 19.20.
 
Quote from cashmoney69:

I sold based on fear. Weekly charts show it can go higher, but in the mean time, it might fall a point or more this week, especially after last weeks big rally.
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Stocks can do many things. You acted to protect your principal and took a 5% loss. You should feel good about following your rules, not kicking yourself.
 
Quote from foible:

Stocks can do many things. You acted to protect your principal and took a 5% loss. You should feel good about following your rules, not kicking yourself.
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Something tells me that part of his rules isnt selling based on fear. Trading decisions based on emotions generally dont turn out great. Whats the point of a stop if he is just going to over ride it because he was scared???
 
Quote from Trader273:

Something tells me that part of his rules isnt selling based on fear. Trading decisions based on emotions generally dont turn out great. Whats the point of a stop if he is just going to over ride it because he was scared???
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Whatever it takes to follow your rules :)


If you take a look back at this journal, almost every loss is after a blown or non-existant stop. He has taken some gut-wrenching rides but this time, for whatever reason, he did not. He didn't let the stock go against him and when it showed him he was wrong, he exited. I think he deserves some credit for that, even if he says it came from fear.
 
Quote from foible:

Whatever it takes to follow your rules :)


If you take a look back at this journal, almost every loss is after a blown or non-existant stop. He has taken some gut-wrenching rides but this time, for whatever reason, he did not. He didn't let the stock go against him and when it showed him he was wrong, he exited. I think he deserves some credit for that, even if he says it came from fear.
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Wont this just confirm that if a position doesn't move in his favor instantly to just get out? Teaching him its ok to trade on gut feelings? He had a valid reason for getting in, but not a valid reason for exiting. I dont consider fear as a valid reason. To encourage him is good, but to encourage this type of trading behavior is more detrimental then helpful, IMHO.
 
Quote from Trader273:

To encourage him is good, but to encourage this type of trading behavior is more detrimental then helpful, IMHO.
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I'll grant you that. I reacted to the fact that the trade appeared much smoother and safer than his other trades, but you're right, discipline in following rules still seems to be an issue.

But hey, whatever the reason, he's learning to protect his stake. Not long ago, he started a thread saying that he wasn't afraid at all of trades going against him. Somewhere in there is an improvement :)
 
9/13/06

Bought 80 ISRG @ 97.57

9/14

Bought 50 ISRG @ 97.48
Bought 20 ISRG @ 99.94

9/21

Sold 150 ISRG @ 103.05

profit + 5.48

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I Sold because there was an up gap on the 18th, but it was weak, and at eod, it formed an inverted hammer. Next day, a long legged doji. I took these as signs that something may be wrong here. Not only the candles, but also the trend was rising off, what I'd consider low volume. 104.00 was my target, but if I have a feeling something is going to happen, I'm out. This trade was not taken because of fear, but rather a situation where taking money off the table was needed.
 
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