Gap down hard at the open. Crazy Market. How does a trader play it?
What is your objective in your trading? Making money, excitement, fun, discipline, thinking/analysis, hardship? I have found that traders get what they want from the market. How is your trading going? You are attracting your results.
Sometimes I feel this way. Kinda…
I ask these questions of myself. It used to be fun, excitement, and making money. That led to wild swings in my P/L. Big gainers as well as big losses. Up $5500 in the morning, only to have losses in the pm. Well, that was fun and exciting, and indeed during the course of the day I did make money. The problem was, I was not consistently moving ahead. I had to reevaluate my goals, I don’t want to have to work a job, I want my own time, I want to think of very low risk strategies that offer exception returns, systematic and non-emotional trading, and I want to earn money sooner than later.
These underlying goals are helping me create my style. And so far it is working. I believe I will continue to improve as I maintain and adjust my goals to fit my need as a trader, father, husband, skier, and lover of fun.
I am getting a new car stereo and GPS today. I will now be able to listen to podcasts on my car stereo. And I won’t need mapquest anymore. The deals are too good. I finally redeemed bonus points from my CC which cut the cost by more than half. I say that to say this:
I am using a very small portion of my profits to buy something I have wanted for a long time. It has been an exceptionally good month for all of my accts. This is a reward to satisfy the consumer/gadget boy inside me.
My trades in the order they happened:
SPLS – sold final unit of 25p calendar – exited for .10.
AMED – sold 1 unit 40p calendar for .20
AIG – 2 units sold for 4.70. This market is goo hard to figure. I will exit this trade, and regroup at a different price point. I made .20 on the trade, it was enough to exit with a profit after commissions.
UNM – Sold 3 units of th 22.5p calendar for .15. Very nice. I still have the 25p calendar on.
ADBE – Sold 1 unit of 40p calendar @ .40. I still have 1 unit on. The price pushed above a swing level, so I decided to take some risk off the table with a very small after commission profit.
A book I am reading right now, which is very good… The Black Swan by Nassim Taleb
Currently my style of trading reflect Black Swan Events, over and over again. They are not supposed to happen, well… they obviously do.