{"id":8263,"date":"2010-11-08T14:55:09","date_gmt":"2010-11-08T19:55:09","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=8263"},"modified":"2023-04-10T15:46:37","modified_gmt":"2023-04-10T19:46:37","slug":"more-harm-than-good","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/more-harm-than-good","title":{"rendered":"More Harm Than Good"},"content":{"rendered":"

At 10 o’clock today I started scanning the SMB Radar<\/a> for stocks with promising setups from the Open. \u00a0WCRX immediately caught my attention. \u00a0It had had a strong opening drive to the downside and had retraced about 20% from its low. \u00a0This was a good short candidate. \u00a0But then I noticed on the tape that buyers had started to support the 21 bid. \u00a0I called it out to a few traders who sit in my area and we each got long and made a quick 25 cents. \u00a0I regret the trade and I regret having opened my mouth! \"\"<\/a><\/p>\n

Here is why. \u00a0For about a year now I have been spending most of my energy focused on sharing setups with the desk that deal with “big picture” intraday setups. \u00a0This has been where the easy money has been in the market intraday. \u00a0 We want our traders to be long stocks that bigger picture are set to trend higher intraday and short stocks that bigger picture are set to trend lower intraday. \u00a0By making this “scalp” trade long I was potentially causing damage to an important trading philosophy that we have spent a great deal of time hammering home.<\/p>\n

It doesn’t matter that I explained to the trader next to me that the long was only for a quick scalp. \u00a0He actually seemed to understand that was the trade I was making and asked me for confirmation. \u00a0It doesn’t matter that I spent the next ten minutes calling out information about WCRX that supported my belief it was about to start another significant down move. \u00a0And it doesn’t matter that I sold out of my long and got short in preparation for the move I was expecting through the low of the day (which incidentally I got stopped out of).<\/p>\n

I don’t want to give new to intermediate traders an excuse to make stupid trades. \u00a0 By spending one second long a stock that has shown great weakness on the open that is exactly what I did. \u00a0And when I checked the risk monitor right as I was set to leave the desk this morning 9\/10 ten traders had long positions in the stock. \u00a0I was pretty sure that wouldn’t end well. \u00a0As I type this blog WCRX is trading at the LOD and multi-year lows. \u00a0What was I thinking!<\/p>\n","protected":false},"excerpt":{"rendered":"

At 10 o’clock today I started scanning the SMB Radar for stocks with promising setups from the Open. \u00a0WCRX immediately caught my attention. \u00a0It had had a strong opening drive to the downside and had retraced about 20% from its low. \u00a0This was a good short candidate. \u00a0But then I noticed on the tape that buyers had started to support … Read More<\/a><\/p>\n","protected":false},"author":143,"featured_media":8274,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,3,456],"tags":[],"class_list":["post-8263","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-steven_spencer_steves_blogs","category-technical_plays","category-trader_development"],"yoast_head":"\nMore Harm Than Good | 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\/more-harm-than-good\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"More Harm Than Good | SMB Training\" \/>\n<meta property=\"og:description\" content=\"At 10 o’clock today I started scanning the SMB Radar for stocks with promising setups from the Open. \u00a0WCRX immediately caught my attention. \u00a0It had had a strong opening drive to the downside and had retraced about 20% from its low. \u00a0This was a good short candidate. \u00a0But then I noticed on the tape that buyers had started to support ... 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