{"id":7802,"date":"2010-10-21T21:43:45","date_gmt":"2010-10-22T01:43:45","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=7802"},"modified":"2010-10-21T21:43:45","modified_gmt":"2010-10-22T01:43:45","slug":"why-i-lost-money-in-gs","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/why-i-lost-money-in-gs","title":{"rendered":"Why I Lost Money In GS"},"content":{"rendered":"

Yesterday I traded GS.\u00a0 It was a second day play following their earnings release on Tuesday.\u00a0 GS has been showing signs of life recently, and after observing Tuesday’s price action I was fairly confident it could trade up to 160.\u00a0 And perhaps over the next two weeks up to 170.\u00a0 We discussed GS in the AM Meeting and I clearly outlined the my initial buy area of 156.50 based on prior afternoon support.\u00a0 One of our traders who had been trading it the prior day pointed out that it had an explosive move from 155 and it would be a great potential pick up at that level as well.<\/p>\n

Here is an outline of the trades I made and how I lost money.\u00a0 You will see some of the traders were actually missed trades.\u00a0 It is always easy to find excuses for missing trades but the reality is that if you are at your trading station there are no excuses.<\/p>\n

    \n
  1. Initial buy at 156.52 with nice bids in the mid 40s.\u00a0 Popped up a quick 75 cents so sold some but eventually stopped out of position below 156.25<\/li>\n
  2. Watched it trade all the way down to 155 where there was an identifiable buyer at 154.97.\u00a0 Quickly moved away from this level and I was not aggressive enough to get long at higher prices.<\/li>\n
  3. Selling pressure at 156 and stock was still in a downtrend from prior afternoon so hesitated to buy on the break above this level<\/li>\n
  4. After seeing confirmation that the momentum was back to the upside I bought on a pullback from 157.75 to 157.\u00a0 Placed my stop at 156.89 and left the desk.\u00a0 Stop should have been below 156.80 but I bought a bit too much above 157 so gave it less than the appropriate risk.<\/li>\n
  5. During the next 30 minute 156.90 established itself as clear support but was not at my trading station<\/li>\n
  6. Returned to my trading station at 12:15pm to prepare for Stocktwits.tv.\u00a0 Right as I began to broadcast GS breaks above premarket resistance of 158 \ud83d\ude42<\/li>\n<\/ol>\n

    \"\"<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

    Yesterday I traded GS.\u00a0 It was a second day play following their earnings release on Tuesday.\u00a0 GS has been showing signs of life recently, and after observing Tuesday’s price action I was fairly confident it could trade up to 160.\u00a0 And perhaps over the next two weeks up to 170.\u00a0 We discussed GS in the AM Meeting and I clearly … Read More<\/a><\/p>\n","protected":false},"author":143,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,8,456],"tags":[1377],"class_list":["post-7802","post","type-post","status-publish","format-standard","hentry","category-general-comments-2","category-steven_spencer_steves_blogs","category-trader_development","tag-l","no-post-thumbnail"],"yoast_head":"\nWhy I Lost Money In GS | 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\/why-i-lost-money-in-gs\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Why I Lost Money In GS | SMB Training\" \/>\n<meta property=\"og:description\" content=\"Yesterday I traded GS.\u00a0 It was a second day play following their earnings release on Tuesday.\u00a0 GS has been showing signs of life recently, and after observing Tuesday’s price action I was fairly confident it could trade up to 160.\u00a0 And perhaps over the next two weeks up to 170.\u00a0 We discussed GS in the AM Meeting and I clearly ... 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