mistake No 1 tonight
shorting rimm
its a tech stock, tech have been strong since google results
if google is doing well rimm is likely to be doing well also (or at least people will be thinking this)
shorting amzn i don't see as a mistake as it spiked up alot more than rimm on Friday and therefore was more likely to pull back or go nowhere today
shorting rimm
its a tech stock, tech have been strong since google results
if google is doing well rimm is likely to be doing well also (or at least people will be thinking this)
shorting amzn i don't see as a mistake as it spiked up alot more than rimm on Friday and therefore was more likely to pull back or go nowhere today
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mistake No 3 tonight (and the biggest)
changing the time frame i was trading off to try and justify a lossing trade
was trading of 10min macci (entered short twice off it).
one of the shorts (rimm) started running against me.
should have exited for a loss at 10min macci low (thought about it, but didn't)
seen a low level turn down on the 30min macci and used this to justify staying short (D1ckhead) and then sat and watched rimm run against me almost until close
NOT TECHNICAL
changing the time frame i was trading off to try and justify a lossing trade
was trading of 10min macci (entered short twice off it).
one of the shorts (rimm) started running against me.
should have exited for a loss at 10min macci low (thought about it, but didn't)
seen a low level turn down on the 30min macci and used this to justify staying short (D1ckhead) and then sat and watched rimm run against me almost until close
NOT TECHNICAL
Attachments
Hi Belfan,
Perhaps one of the biggest things to 'learn' in trading exercise is to cut the loss making trade at the first instance when the doubt appears- the mental ability to 'get out' imho differentiates a professional from a novice - the month when I can honestly say that I have done this 100% of the times-I'll know I am ready to say goodbye to my Boss
Raj
Hi Belfan,
Perhaps one of the biggest things to 'learn' in trading exercise is to cut the loss making trade at the first instance when the doubt appears- the mental ability to 'get out' imho differentiates a professional from a novice - the month when I can honestly say that I have done this 100% of the times-I'll know I am ready to say goodbye to my Boss
Raj
hi Raj,
yes, very much a work in progress this scalping thing, i will get there, just not sure how long it will take, and then if I'll actually bother to scalp on an ongoing basis once i do get there? (just want to gain the skill, as it is useful for entry/exits for longer term swings also).. I'll be saying good by to my current boss soon (but unfortunately not to full time trade, I've a new job)
cheers
belflan
ok, my thoughts at that mo
Gap down seems at be still selling,
I think the tech stocks will (if the indu continues down) sell off today because of Higher TF's, and Texas report.
I will be looking to short with the 10min indu macci at o/b
I won't go long when 10min macci go o/s (unless the 30min is on my side also)
Gap down seems at be still selling,
I think the tech stocks will (if the indu continues down) sell off today because of Higher TF's, and Texas report.
I will be looking to short with the 10min indu macci at o/b
I won't go long when 10min macci go o/s (unless the 30min is on my side also)
Attachments
my thinking on 1st entry was as follows;
gap up at open closed
selling continues into open for 30min
10min macci head down heading down from o/b level
beflan
