Mar 212012
 

It was a tough day today.  A few friends lost money so I feel lucky to have escaped with a few points.

Just a thought here:  My goal is 2 pts/day but I didn’t plan on taking 1 pts on winners.  I wanted to average 2 pts/day.  To do that I’d need some winners bigger than 2 pts to make up for some losses that are 2-3 pts.  But this market is a bit tough in my opinion.  I’m just not able to find the bigger trades and when I do I take myself out of them.  It’s a work in progress and I’m updating my plan.  So I want that to be clear.  I know what I’m doing I know what mistakes I’m making and just being aware of them is the first part of the solution.

Regarding the signals.. I think they have been working well.  Sure there are a few failures but many of them can be avoided with a good read of the market & context and trading in key areas.  I took 4 trades today and every one of them was on a signal.  They keep me out of trouble more than anything else.  I find that when entering on a signal there is time to let the trade work or scratch.

I hope you did OK today.  If not and you’d like to discuss it, feel free to leave a comment here or send me an email via the contact page.

I have some things planned for the blog in the near future so stay tuned and let me know if there’s anything you’d like to see.

 

  One Response to “Review of Wednesday 3/21/2012”

  1. Why is this market tough for you? It has done the same thing just about everyday for the past 4 months….morning weakness is bought up. This is about as easy as it gets, don’t over analyze it. Someday this will stop working. There’s no point in worrying about that now. Just take the easy money while it’s available. Use the NYSE advance/decline ratio to keep you out of trouble. If its a 90% down day, don’t buy the morning weakness. Trading is simple…not easy.

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