Friday, October 11, 2013

Consistency is Great !

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                    I am not going to lie. From a trading perspective this week has Sucked. 

I have had some decent trades but I also had some trades I should not have gotten involved in.
After reviewing my trades for the week I am not impressed. Now, I will admit it is challenging to have a good week when you are long biased and the market is tanking.

 Yesterday was terrible for me and I actually lost money on the day which was very disappointing. I hate Gap up days and I told myself as much before the open yesterday. It started off with a bang after that, kinda like a self fulfilling prophecy. I bought some shares in $ACUR after the open and I knew it had a history of being a pop and flopper but I really thought the news that came out was substantial. Literally not 3 minutes after I took my position one of my trading mentors announced he took a short position. Now, I should have dumped it right then but you know what happened? PRIDE. Pride got in my way. I wanted to be right on the trade so bad that I held it longer than I should have and wound up having to sell it to take the loss. It was very painful for me. Not the loss its self but the way it went down. What can I say, I am human and I am extremely competitive and occasionally I let my PRIDE get the best of me. 

The key to being a great trader is consistency.

So I made myself a little reminder

Consistently 
Protect capital
Keep losses small
Take profits when they are there
Review your trades
Keep your emotions in check
Seek to learn and improve from my mistakes
Be positive 
Be humble 


Morning movers and other stocks that caught my eye

$OSIR pr , $VVUS PR,  ,$OCLR pr, $MNKD interesting day yesterday, $MPEL looking to test 52 week highs, $HTCH love the daily , $ETRM continuation, $MHR hot daily, $GST hot daily,$ANGO on fire off pr 

$SCTY earnings SOLARS gonna BE HOT
$HSOL RSOL YGE GTAT

“Carry overs” are stocks that I have featured in prior videos, have on my alert list or tagged on my morning mover lists that still have a potential setup working or developing on the chart that may be actionable. They are still on my radar and I am either already in with a swing or I am looking to enter on a breakout. I am also looking for the setup to breakdown at which point it will discard it from my hot watch list. If I am already in it with a swing I am looking for a place to scale out or exit the trade and on rare occasions I may be adding to my position. Typically I like to sell into strength

$LLEN, $APPY , $RVLT , $MGM, $KTOS, $LYV, $MY,$MEET, $QTWW, $LEE $SCMP 

Seeking Alpha
Today's Markets:
In Asia, Japan +1.5% to 14405. Hong Kong +1.2% to 23218. China+1.7% to 2228. India +1.3% to 20529.
In Europe, at midday, London +0.7%. Paris +0.1%. Frankfurt +0.4%.
Futures at 6:20: Dow +0.2%. S&P +0.1%. Nasdaq +0.2%. Crude -1.2%to $101.77. Gold +0.2% to $15059.
Ten-year Treasury Yield +1 bps to 2.69%.
Notable earnings before today's open: INFYJPMWFC
      Good luck trading today !!