I Have Had Better Trading DaysNov 9th, 2010 | By Bella | Category: Mike Bellafiore's (Bella's) Blogs
Well I have had better trading days. I traded RIG on a breakout to the longside. Drop out, stopped out, ripper. I gotshort AKAM on the breakdown. Buy the new low program, squeeze, stops triggered, ripper. RIG broke to the upside again, I got real long, reversal, ripper. I got long AKAM after a reversal, very long, reversal, then ripper. Into the close I got short SPG with the real estate weakness. Nice, good, in the money, and then reversal in the last 15 minutes, ripper. Did I mention I have had better trading days?
Should it be a bottle of red, a pizza, and a rental movie tonight to forget the wreck that was today? Nah but it felt that way watching my scoreboard, getting stopped out, getting reversed not once, not twice, not three times, not four times, but five times. Ok so what was going on here?
I have been trading best after the Open. I have been struggling on the open. Stocks In Play are not really trending until after the open, so I have been caught in numerous reversals pre end of the open. Into the close you have to respect the cover into the close move with a sector down so much.
So on the open it will be don’t trust the trend until the end of the open. It will be save your bullets for the time period most profitable of late. It will be no stupid nonsense in the last 15 minutes of the close.
The point here is that I made mistakes. My losses are a result of controllable adjustments by me. Stupid. I know better. But now what? Look in the mirror. Make adjustments. Find solutions. Move forward. Great thing about today was the weakness in the real estate sector across the board. Maybe tomorrow or later in the week will offer some more opportunities here.
Author, One Good Trade