Good Evening Traders,
I had to get at least one blog post in this week! I have been super busy studying for licensing exams, not to mention my normal course load, and my 5 year old daughter! I still take classes at University of Pittsburgh twice a week at night. That's one of the great things about trading; You have the free time to do what you want! I don't want to get too confident sounding so lets get to the trades.
The first long hit the target almost within 5 minutes. I was feeling confident and shorted initial resistance and gave a point back immediately. that's when I realized it's going to be a trend day and shorts are counter trend only. I like to lighten up the counter trend positions and look for shorter price targets. You can see I only traded one contract on my next two short positions. I also closed them out for one point. So then you are asking why did I trade 4 cars on the final trade?! Here I'll tell you; It was the weekly high and I had been waiting all morning to short it! After that big winner I was feeling pretty pleased with my performance. I took home $512.50 before commissions and junk.
Just to critique myself on a few things. First, I should have taken more trades with the trend today, and second I feel like I over-traded. If you have any other critiques please feel free to post a comment. Also take a look at my twitter posts (bottom right corner of the blog). I usually tweet my trades before I make them, however sometimes I'm too focused on the charts to play that game. Twitter makes me more cautious. It makes you think twice. I ask myself "Is this a trade I want to tweet?" and if I'm not feeling it, then I usually pass.
I'm off to see Wall Street 2 tonight. I hope you guys enjoy your weekend. Please follow me on Twitter, Facebook or where ever it is you choose to express your narcissism! And as always, thanks for reading!
-Nate
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