It was a flat market today. And it might go down a bit more from here. Of course, it does not really mean anything to a day trader like me. If you have been with me for a while, you know I am comfortable with either direction.
I went long on GG (A gold related stock) today. It was not because I thought it was undervalued. I was merely following the stronger side. The value of a stock is set by other traders/investors. Therefore, I never say anything like “I think this stock is over valued or under valued.” I have uttermost respect for how other traders/investors see the market.
In a flat market, it is very important to follow the strongest sector, which is what I do every day. See the picture below. And you will have no difficulty finding which one was the strongest. That is why I traded GG. The entry was impeccable. But the exit was not that great. I think a good exit could be around 2. My position was closed while it was still moving up. That was a shame. This is a trader’s psychology at work.
Click on the images to have a better view
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See can see the timestamp of this trade on StockTwits. Good luck every one. Do not lose your underwear, ^_^
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