1) Morning haze.
Waking up and turning on your trade monitor at 7am in the morning can be hazardous. Impaired vision and sitting in darkness can really affect how you see things. This morning, i totally misread an article on Marketwatch only to gasp at myself after i returned from brushing my teeth and turning on the lights.
Lesson: Turn it on sure, but MAKE NO DICISIONS until you’re fully awake with the lights on. Or 15 minutes after you’ve ‘started your engine’.
2) Pyramiding blues
Pyramiding blues again. USB is going in my favour. Great! However, i’m still having trouble trying to figure out a way to pyramid the position.
It closed the 3/3 at about 12.50ish in my favour, but opened 4/3 gapping upward at 13.37 past my opening price of 13.15. So, if i add another position now (11.30), my stop would still be above my initial position, turning my total risk into an unreasonable level.
Moving my stop closer doesn’t really seem like a smart technical move either, as i won’t be making a decision based on technical analysis, but purely from my own position’s perspective.
(on a separate and brighter note, as i write this, the SPX is up close to 5%, but both the stocks i was eyeing are down; USB and JPM)
3) Morphing trades
As per the previous posts, i’m in a short position with USB, entered at 13.15. Looking at this chart, i noticed that i feel like morphing this trade into another one.
CAUTION
Look at the descending triangle that seems to be forming on the extreme right. I’m wondering if it’ll breakout
on the downside.
However, regardless whether it does or not, my original trade objective does not encompass this. Now, i’m a believer that trading is like a sport, where great skill honed through repeated practice lets you react and change your play on a dime. So, when i believe this is possible, the question becomes, am i that skilled a sportsman yet?
It’s still too soon. Only after 1 year of consistent gains will i let myself do this.
No comments:
Post a Comment