S&P lost 4% today. For a die hard trader like you and me, there is no such a thing as a bad or good market. There is only the right direction and the wrong direction. The general market has been trending low since the late 2007. This is the big picture I remind myself everyday before I start trading. So I am biased toward the short side. Everyday, I try to have 70% shorts and 30% longs. I try very hard to open short positions. But sometimes, the concept of investing creeps into me. I would end up having too many longs, which is a huge mistake for now.
When I turned on my computer around 8 AM, I saw the S&P future index pointed sharply lower. I realized that we would have a very weak opening. Plus yesterdays rally was too big and too fast for no apparent reasons. But a sucker rally could continue for a few days. So I was cautiously biased toward short and vigilantly watched long. My game plan was 60% short and 40% long.
I am up 78 dollars. I am a very small trader. So it is my goal to make 50 dollars per day consistently. Here are 2 of the stocks I traded today. I had a few other small losers.
Long RIMM( one 3% winner and one 1.2% loser). Short BIDU( 2 4% winners and 3 2% losers)
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