Yesterday was an intersting day. Like so many times in my life I was caught with my pants down. After the silly report yesterday I was for sure we were going guns blazing……..WRONG.
Dow: -1.96%Nasdaq: -2.00%S&P 500: -2.21%Russell 2000: -2.45%
I took losses at the end of the day for the first time in 6 weeks. I almost had forgotten what it was like to lose. Not because bad stop picks though for I do not make mistakes. I took losses because of ego, bad trademanagement, and an untimely #2.
Let me take you into the mind of messed up trader:
Kunal00 buys $scln at 4.95—-scln goes to 5.35 in 10 minutes. My risk on the trade was 5 cents. So I had a 7:1 r/r ratio which is very very good. Kunal says to himself “thats only 7% i cant say boooooooooom” so I keep it and and up selling for ten cent profit. Not good trade management
Kunal00 buys $edap 4.35 for a little scalp. Goes to 4.55 in 10 minutes. Kunal says to himself “thats only 5% I cant say boooooooooooooooooooooooooom” Now Im down a couple pennies on this thing.
Dont even let me tell you the story of how I forgot to set a stop loss and went to take a piss and my number 1 turned into a number 2 and I sat around reading vogue for ten minutes.
All in all I sold some $heb $yrcw for some decent gains but took losses on $luv(-6%) and some other b.s. names. Oh well….you slam your dick in a drawer your bound to get bruised.
Im not a big buyer here at this level as I see no huge edge. At least for swingtrades. We get another big down day and I will start making moves.
Keep an eye on $uso it is very stretched traditionally when it gets this oversold the last 6 months there has been a nice snap back.
