{"id":266,"date":"2008-12-19T12:34:50","date_gmt":"2008-12-19T17:34:50","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=266"},"modified":"2009-01-03T11:34:24","modified_gmt":"2009-01-03T16:34:24","slug":"what-if-i-am-wrong","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/what-if-i-am-wrong","title":{"rendered":"What if I am Wrong?"},"content":{"rendered":"<p>I made some chops trading RIMM afterhours yesterday. More importantly I learned important levels. A ton of volume was done at 41 and 41.40 was a huge seller. Today my game plan was to aggressively buy if RIMM traded above 41.40. I was wrong.<\/p>\n<p>I had expected RIMM to fly after it held above 41.40. It didn&#8217;t. There was a ton of selling at 60c and 65c and 70c and 75c. RIMM never traded above 41.80. When I bought aggressively above 41.40 I was playing for a big move. And that was what I was expecting. Again I was wrong.<\/p>\n<p>When you are developing your game plan before the Open you must consider how to protect yourself if you are just wrong. So when RIMM was not flying above 40c I lightened up. When it went higher I would buy some more. When it was not flying at these higher prices then I lightened up again. I was very long when RIMM was ticking up. I would have been in an explosive upmove with size. But also I would have been out of RIMM if it tanked and avoided a rip. I held a core position but I sold my second and third lots when the stock did not do what I had expected.<\/p>\n<p>So as a I write I am positive for the day. I was completely wrong with my game plan but I did not take a huge rip. A good intraday trader can make money even when their bias is wrong. No one cares what I think about the correct price of a stock. What is important is price action. If the stock is flying then I am correct. If the stock is not flying, then I just might not be correct. And I must lighten up.<\/p>\n<p>I have built my trading system backwards. How do I make money without risking losing money?\u00a0 Defense first.\u00a0 After all it is my money. If my trading account is negative then I have lost MY money. And I am not interested in losing MY money. I am not interested in ever exposing myself to a huge rip. There are plenty of <a href=\"http:\/\/www.smbtraining.com\">trading opportunities<\/a> that offer me little risk and a good reward. I just wait for those plays. And I always ask: what is I am wrong?<\/p>\n<p>BTW if RIMM holds above 41.80 I will aggressively trade it from the long side. But I might be wrong.<\/p>\n<p><a href=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2008\/12\/rimm-earnings-intraday.bmp\" title=\"Intraday Chart of RIMM on Earnings\"><img decoding=\"async\" src=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2008\/12\/rimm-earnings-intraday.bmp\" alt=\"Intraday Chart of RIMM on Earnings\" \/><\/a><\/p>\n<p>Best of luck with your trading!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>I made some chops trading RIMM afterhours yesterday. More importantly I learned important levels. A ton of volume was done at 41 and 41.40 was a huge seller. Today my game plan was to aggressively buy if RIMM traded above 41.40. I was wrong. I had expected RIMM to fly after it held above 41.40. It didn&#8217;t. There was a &#8230; <a href=\"https:\/\/www.smbtraining.com\/blog\/what-if-i-am-wrong\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":144,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[4676,29,30,18,81],"class_list":["post-266","post","type-post","status-publish","format-standard","hentry","category-mike-bellafiore-bellas-blogs","tag-day-trading","tag-prop-trader","tag-prop-trading","tag-smb-capital","tag-smb-training","no-post-thumbnail"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.1.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What if I am Wrong? | 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\/what-if-i-am-wrong\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What if I am Wrong? | SMB Training\" \/>\n<meta property=\"og:description\" content=\"I made some chops trading RIMM afterhours yesterday. More importantly I learned important levels. A ton of volume was done at 41 and 41.40 was a huge seller. Today my game plan was to aggressively buy if RIMM traded above 41.40. I was wrong. I had expected RIMM to fly after it held above 41.40. It didn&#8217;t. There was a ... 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