The market moved higher today, which I sort of expected since it was somewhat oversold. That is why I stopped trading(shorting) in the afternoon. When the market rips higher and higher like that, we should stop shorting. Yes, trend does not matter that much for day trading. But you need to wait for some signs of weakness at least.
The first 2 shorts were OK. But the 3rd one (CNW) was very contrived since I took that trade when the market was still moving higher. That is I did not wait for signs of weakness. Considering I have been day trading full time for so long, I should not make this type of low level (stupid) mistakes. LOL @ myself…I do, and still will in the future.
Of course, what I did well today is that I stopped trading (shorting) in the afternoon. Like I said on Twitter, this month will be all shorts. I would love to go long on a strong day and go short on a weak day. But reality is that it is extremely hard to flip flop like that. You might get slapped hard by both sides.
Look at the 5 min SPY chart below. It was just too hard for the bears. But the least we could do was to avoid a market like this.
I hope you did well today.
15 consecutive profitable months is hard to believe,right? Check out "My Portfolio".
Do you like my consistency? Would you like to receive the latest trading ideas or other updates from my blog?
Then join hundreds of others on my mailing list below. It is totally free and easy to opt-out.
Loading ...