{"id":4173,"date":"2010-03-18T07:24:30","date_gmt":"2010-03-18T12:24:30","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=4173"},"modified":"2010-04-07T11:57:24","modified_gmt":"2010-04-07T15:57:24","slug":"wrong-or-right-i-still-win-fuqi","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/wrong-or-right-i-still-win-fuqi","title":{"rendered":"WRONG OR RIGHT I STILL WIN (FUQI)"},"content":{"rendered":"<p>Developing traders overvalue being &#8220;right&#8221; with their trades. \u00a0 Many mistakenly believe that you have to be right with your thesis to make money in a trade. \u00a0Oh so young, so naive \ud83d\ude42  Consistently profitable, experienced traders can make money when they are right and when they are wrong. \u00a0Heads I win. \u00a0Tails I win.<\/p>\n<p>A spot on example of this principle is FUQI. \u00a0I found a play where I was going to probably win if my trading thesis was wrong or right. \u00a0 As I mentioned in a <a href=\"http:\/\/www.smbtraining.com\/blog\/long-or-short-fuqi\"><strong>previous blog<\/strong><\/a> I was shorting FUQI based on Intraday Fundamentals. \u00a0The news was so bad that usually a stock with such news closes near the low. \u00a0 Also the steady downtrend on the open increased the odds of FUQI closing near the low. \u00a0This was the pattern that I anticipated for this trade.<\/p>\n<p>FUQI broke the intraday downtrend at 12. \u00a0Quickly traded up towards 12.60. \u00a0And then I saw the tape change. \u00a0The offers stopped getting taken at 63c. \u00a0Bids dropped like they had not into the upmove (squeeze?). \u00a0 And offers reoffered at 60c a place where there had already been a battle. \u00a0Game on!<\/p>\n<p>A little after 10 AM I put some out at 59c.  Filled, short one lot. \u00a0I offered for some more. \u00a0Filled, short two lots. \u00a0 I whacked the 58c bid, short three lots. \u00a0 My intraday technicals told me not to short. \u00a0 I ignored them. \u00a0The tape gave me some evidence the next move was down. \u00a0And my intraday fundamentals screamed, &#8220;Bella if you ever want a Trade2Hold short in FUQI this is your chance Bud.&#8221;<\/p>\n<p>Now most developing traders would need to be right with this trade. \u00a0 FUQI would need to find a new intraday low to profit. \u00a0Not me. \u00a0The odds were overwhelming that FUQI would at least find 46c even if it was going to trade higher. \u00a0 So I took off half of my position there. \u00a0I locked in a profit of $200 and I held the option on 1.5 lots of finding the new intraday low.<\/p>\n<p>If my theory was correct about FUQI finishing near the low I would win. \u00a0 If I was wrong I was still going to be net positive with this trade, closing out at 66c. \u00a0If you are interested in becoming more consistent with your trading results consider this trading technique.<\/p>\n<p>For those interested, FUQI did finish near the low and I made a chop! \u00a0For those not interested, now you are starting to learn to think like a trader!<\/p>\n<p><a href=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/03\/FUQI-3-17-10.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-4179\" title=\"FUQI 3-17-10\" src=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/03\/FUQI-3-17-10.png\" alt=\"\" width=\"570\" height=\"390\" srcset=\"\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/03\/FUQI-3-17-10.png 570w, \/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/03\/FUQI-3-17-10-300x205.png 300w\" sizes=\"auto, (max-width: 570px) 100vw, 570px\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Developing traders overvalue being &#8220;right&#8221; with their trades. \u00a0 Many mistakenly believe that you have to be right with your thesis to make money in a trade. \u00a0Oh so young, so naive \ud83d\ude42 Consistently profitable, experienced traders can make money when they are right and when they are wrong. \u00a0Heads I win. \u00a0Tails I win. A spot on example of &#8230; <a href=\"https:\/\/www.smbtraining.com\/blog\/wrong-or-right-i-still-win-fuqi\" 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":[10,15],"tags":[786,781,785,784,30,50,18],"class_list":["post-4173","post","type-post","status-publish","format-standard","hentry","category-mike-bellafiore-bellas-blogs","category-trading_theory","tag-finish-near-the-low-patter","tag-fuqi","tag-near-the-low","tag-pattern","tag-prop-trading","tag-proprietary-trading","tag-smb-capital","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>WRONG OR RIGHT I STILL WIN (FUQI) | 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\/wrong-or-right-i-still-win-fuqi\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"WRONG OR RIGHT I STILL WIN (FUQI) | SMB Training\" \/>\n<meta property=\"og:description\" content=\"Developing traders overvalue being &#8220;right&#8221; with their trades. \u00a0 Many mistakenly believe that you have to be right with your thesis to make money in a trade. \u00a0Oh so young, so naive \ud83d\ude42 Consistently profitable, experienced traders can make money when they are right and when they are wrong. \u00a0Heads I win. \u00a0Tails I win. 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