Wednesday, April 9, 2014

Hello My name is


This picture has nothing to do with today's blog Just thought it was funny!
Good morning folks, 

 I am a recovering over trader!
When I first started day trading I was not very successful, I had to take a painful look at myself and evaluate my trades trying to determine where I was going wrong. Its funny how when you evaluate yourself you seem to be able to come up with all kinds of excuses that justify your poor performance. This is also why its a good idea to have a peer or mentor review your trades. It wasn't until I was honest with myself that I recognized a couple of things about my trading. 

 One was that I lacked  self confidence and tried to rely on other people to give me my trading ideas or confirm the ideas that I was considering. The other was I was over trading especially in choppy markets. I was following people in and out of trades without any clue as to why I was taking the trade other than the fact that someone I respected was taking the trade. Fast forward to today and there is a huge difference. I no longer trade just to trade and I very rarely follow anyone into a trade. That doesn't mean I never take a trade in a stock I see someone mention. It means I will take a look at it, find my ideal entry and exit and if its too late then I have to wait until another entry presents itself. Yesterday I took 2 trades one worked the other didn't and because I didn't hesitate to bail when the one went against me I ended the day with a nice little profit. 

 The hunger for the next trade can be very addicting, like gambling it can give you a rush, the adrenaline is flowing whether you are winning or losing. This is a business, not gambling and we need to treat it that way. Patience should be your best friend, wait for your setups, don't chase and protect your capital. 

 Morning movers and other stocks that caught my eye

 CTCT earnings beat gapper, SNMX pr 20 day bounce, VSTM thin one pr may be ready for a bounce, MNI like the daily had some pr last night, BV pr looking for trendline break, SYMX daily kinda hot, MNGA pr daily not bad, AVEO may be ready for a bounce, AMPE not bad lookingfor 6 dolla holla , GALE bounce play, ASTM nice daily active premarket off pr, 

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Today's Markets:
In Asia, Japan -2.1% to 14300. Hong Kong +1.1% to 22843. China +0.3% to 2105. India +1.6% to 22702.
In Europe, at midday, London +0.8%. Paris +0.4%. Frankfurt +0.4%.
Futures at 6:20: Dow +0.2%. S&P flat. Nasdaq +0.3%. Crude -0.1% to $102.43. Gold +0.9% to $1310.40.
Ten-year Treasury Yield +2 bps to 2.71%.
Notable earnings before today's open: MSM, PGR, STZ
Notable earnings after today's close: ANGO, BBBY, RT, SIGM
Best Of Success!!
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