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FAS: Down 400+

Posted by Satuki On February - 3 - 2009

I lost 400+ on 2 long FAS trades today. I broke one of my rules on the first trade ,which I did not realize. So I took the second trade. Both of them died. After the second loser, I realised that the first trade was lost because I traded a “pattern” that I never saw before. That “pattern” was no pattern at all. In other words, it was a forced trade. The second trade was fine even if it was a loser. As a self-imposed punishment for breaking my rules, I stopped day trading for the day right after the second trade and I will not day trade tomorrow either. Only Swing trades are allowed for now.

 

As for swing trading, I am long on POT. LEAP, and HES. HES and Pot are my pets. And LEAP is new. Here is my portfolio. Let’s see how they play out.


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  • jack briscoe jacko
    Love your comments... I try to read them everyday... Tell me, what books do you recommend for your trading stragities?

    Thanks,

    Jacko
  • My favorite books are Alex Elder's
    http://www.momdaytrader.com/blog/2009/02/07/a-f...

    They are at the bottom.

    Japanese Candlestick Charting Techniques by Nison is good too.

    These books will get you started. But they are not bibles. The only true bible is your hard work.
  • Thanks trader Mom.
  • @jrlearner, 1. I only check my swing account 2-3 times during the market hours, which helps me control my emotions. 2. During the day, I need to focus on my day trading.


    In fact, I can post my swing positions between 4:00 PM and 8:00 PM, during which stocks are still traded. So It does not distract me from my day trading.
  • I mean, when you enter and exit your swing trade or maybe just your entry price.
  • @CJ Hawkes, There are so many different patterns. Here are a few good books http://search.barnesandnoble.com/booksearch/res...
    These books are recommended by David. I like them a lot.

    @jrlearner. Quite a few people asked me that too. If I need to post my swing entries in real time, I would have to check my swing account from time to time, which distracts me a lot, After all, my mission is to trade well instead of sending stock alerts. That is the most important reason, Here are other reasons I explained http://www.momdaytrader.com/blog/2009/01/21/how....
  • CJ Hawkes
    Which pattern are you talking about? Do you look at the Intraday, 5 days, or 3-6months chart for patterns? Trying to learn technical analysis and your blog is very helpful, thank you.
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