{"id":11716,"date":"2011-05-21T11:47:42","date_gmt":"2011-05-21T15:47:42","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=11716"},"modified":"2023-03-31T15:58:02","modified_gmt":"2023-03-31T19:58:02","slug":"id-rather-make-money-than-be-right","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/id-rather-make-money-than-be-right","title":{"rendered":"I&#8217;d Rather Make Money Than Be Right"},"content":{"rendered":"<p>Those who follow SMB closely know that our <a href=\"https:\/\/www.smbtraining.com\/blog\/trader-90-trader-365\">AM Meeting<\/a> divides trading ideas into three sections. \u00a0Fresh, Second Day Plays, and Technical Plays. \u00a0On Friday during we discussed YUM that recently had been trending higher and was especially strong on Thursday. \u00a0With this particular scenario we highlight &#8220;prices of interest&#8221; where we would look to play YUM on the long side. \u00a056.60 and 56.30 were two prices I was prepared to get long and put on some risk.<\/p>\n<p>As you can see from the chart below YUM traded well below these price levels. \u00a0I took a loss buying YUM at 56.30 and then hitting out below 55.90. \u00a0This was a much larger loss than I intended as I forgot to place a stop order after buying YUM and returning my focus to my primary trading stock.<\/p>\n<p>After I hit out of my long position at the LOD I noticed that YUM never traded lower and it was at the bottom of the prior day&#8217;s range. \u00a0So I bid for some YUM at 55.92 with a stop below the low of the day risking about 7 cents. \u00a0YUM traded back up to 56.30 and I made back most of the loss I suffered on the way down. \u00a0This trade wasn&#8217;t one I had considered making prior to the market&#8217;s Open but presented itself after some unexpected price action.<\/p>\n<p>YUM did me a huge favor when again it traded down to 55.90 again and I bought back the stock I had sold at 56.30. \u00a0I held the position for the rest of the day selling on the way up to 56.60, which was the original &#8220;price of interest&#8221; discussed in the AM Meeting. \u00a0I finished the day very positive in YUM despite the fact that its trading pattern for the day was not something I had discussed or really even considered prior to the market&#8217;s Open.<\/p>\n<p>It is MUCH more important to identify stocks where there will be OPPORTUNITY, rather than correctly predict their trading pattern prior to the start of the day.<\/p>\n<p>*Disclosure: Long YUM<\/p>\n<p style=\"text-align: center;\"><a href=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2011\/05\/yum-may-20th.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-11720\" title=\"yum may 20th\" src=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2011\/05\/yum-may-20th.png\" alt=\"\" width=\"600\" height=\"420\" srcset=\"\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2011\/05\/yum-may-20th.png 1000w, \/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2011\/05\/yum-may-20th-300x210.png 300w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Those who follow SMB closely know that our AM Meeting divides trading ideas into three sections. \u00a0Fresh, Second Day Plays, and Technical Plays. \u00a0On Friday during we discussed YUM that recently had been trending higher and was especially strong on Thursday. \u00a0With this particular scenario we highlight &#8220;prices of interest&#8221; where we would look to play YUM on the long &#8230; <a href=\"https:\/\/www.smbtraining.com\/blog\/id-rather-make-money-than-be-right\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":143,"featured_media":11720,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,8,3],"tags":[],"class_list":["post-11716","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general-comments-2","category-steven_spencer_steves_blogs","category-technical_plays"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.1.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>I&#039;d Rather Make Money Than Be Right | SMB Training<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.smbtraining.com\/blog\/id-rather-make-money-than-be-right\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"I&#039;d Rather Make Money Than Be Right | SMB Training\" \/>\n<meta property=\"og:description\" content=\"Those who follow SMB closely know that our AM Meeting divides trading ideas into three sections. \u00a0Fresh, Second Day Plays, and Technical Plays. \u00a0On Friday during we discussed YUM that recently had been trending higher and was especially strong on Thursday. \u00a0With this particular scenario we highlight &#8220;prices of interest&#8221; where we would look to play YUM on the long ... 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