This post was contributed by a guest author, and does not necessarily reflect the views of Richard or MovetheMarkets.com
Warning: The following trades were some of the poorest setups I have chosen in a long while. Save for BCSI, which was a valid setup. I am trying to trade more and took trades I should have NEVER taken. I still made money, but it wasn’t pretty. Oh, and I passed on DRYS to add insult to injury.
BYI:
KLAC:
VMW:
BCSI:
This post was contributed by a guest author, and does not necessarily reflect the views of Richard or MovetheMarkets.com
August 22nd, 2007 at 8:55 pm
The markets didn’t offer much that was tradeable in the morning… it’s always hard to pass up the questionable ones on days like this. Don’t give up! Trading more is a good goal to have, I’m sure of it!
August 22nd, 2007 at 9:22 pm
Right you are. I just need not to pick the best of the worst.
August 22nd, 2007 at 10:06 pm
richard: a couple of weeks ago, u stated something along the lines that traders are blaming a changing market for their inability to make money…it seems that u are doing the same thing…so is it the market, or an excuse…not trying to bust your balls, but it sounds like the same thing u were telling others not to do
i know u are making money, but it appears that u are blaming the market for not making more…isn’t that the same thing
August 22nd, 2007 at 11:07 pm
I think of it like the weather. We say the weather’s always changing, but there’s really only a handful of flavors… a hot rainy day, a snowy day, a cool dry day. So, today in the markets we had a narrow-range choppy day. In the summer we tend to have a lot of those. I think it’s our job as traders to either switch gears with the markets, or step aside. So, when traders are hemorraging money and saying “everything’s different this month” it bothers me. Maybe most days aren’t fitting their style recently, but at worst that should mean they are on the sidelines. There’s really nothing “new” going on!
Zoomie says himself that most of his trades were poor setups. That means it’s his fault for taking them. It’s never the market’s fault.
I don’t think all traders should be able to make the same amount of money every day. Especially if they only trade in one style. Not all days will have the same amount of gappers that follow through, you know? That said, Dave trades gappers and had a record $$ day today. So maybe I’m wrong about that, and there’s always ample opportunity in every market. I just think that’s a really lofty standard to hold yourself up to!
August 23rd, 2007 at 12:52 am
richard: thanks for the clarification