I was able to recover all of what I lost yesterday on XTXI, plus made a few bucks to boot! As I'm writing this post now it keeps making new lows... good. I thought about holding longer, but why when there are so many other plays... I'm not married to any stock... unless she takes me money...arrrrrrr!
As for LIZ, I'm still holding my long position from $3.18. I have to say if this were some fly-by-night POS pumper, I would have covered a long time ago, but LIZ was/is a blue-chip and a very well known clothing name brand.
Manhack PM'd today and gave me a heads up that if LIZ drops to $2.35 that I should sell, and try again later... I cordially agreed. As it stands right now though, LIZ admidst such a dreary day on the market (red ~ 3%) has been holding strong, err created a channel, between $2.45 and $2.50. I'm going to hold in hopes that over the next week or so I'm able to recover what is/was rightfully mine...
We shall see...
BottomFeederMillionaire (can someone tell me how to center this??? THANKS!)
Showing posts with label XTXI. Show all posts
Showing posts with label XTXI. Show all posts
Wednesday, January 14, 2009
Tuesday, January 13, 2009
It pains me to write this...
Trade #5 - short XTXI - 500 shares @ $4.67; holding overnight.
What I did right - nothing. I did everything wrong on this trade that one can do wrong and my position speaks volumes to that point.
What I did wrong - everything. I shorted within the first five minutes of opening bell (which I know and have written several times NOT to do already); my short position was the intraday low and now I'm not going to cover because I "think" it will come back down over the next week... I hope I'm right.
Area of improvement - If this trade doesn't sink my feeble ship, I vow to myself NEVER to trade in the first five minutes after the opening bell! (For the 1000th time NOOB!!!) DUH DUDE!!
Trade #6 - long LIZ - 500 @ $3.18; holding overnight.
What I did right - so far, I don't think I've done anything right. This is a "bluechip" stock (over $23 a year ago), so if I wanted to play as a fundamentalist trader I think it will go up over time... I just have to bite my lip and hope it doens't go lower before it goes higher.
What I did wrong - didn't cut my losses quickly. Again... 1000 times I've written about this... I even have it laminated on my monitor... stubborn Noob! Dumb noob!
Area of improvement - Say it 1000 times out loud... CUT YOUR LOSSES QUICKLY!!!
These kinds of posts truly are humbling and are a reminder that as a human I am really am my own worst enemy... because the ONLY reason I'm in this mess... down $500 intraday, which my small account can not afford, is becaues I broke two cardinal rules that I set for myself!!!
I wrote on the Darkside blog to Muddy, a battle cry for help, however really there is nothing he can do for me... especially if I'm trading against myself. I love trading, but when you trade like a drunk driver... you're commiting trading suicide. Nuff said.
Good luck tomorrow!
What I did right - nothing. I did everything wrong on this trade that one can do wrong and my position speaks volumes to that point.
What I did wrong - everything. I shorted within the first five minutes of opening bell (which I know and have written several times NOT to do already); my short position was the intraday low and now I'm not going to cover because I "think" it will come back down over the next week... I hope I'm right.
Area of improvement - If this trade doesn't sink my feeble ship, I vow to myself NEVER to trade in the first five minutes after the opening bell! (For the 1000th time NOOB!!!) DUH DUDE!!
Trade #6 - long LIZ - 500 @ $3.18; holding overnight.
What I did right - so far, I don't think I've done anything right. This is a "bluechip" stock (over $23 a year ago), so if I wanted to play as a fundamentalist trader I think it will go up over time... I just have to bite my lip and hope it doens't go lower before it goes higher.
What I did wrong - didn't cut my losses quickly. Again... 1000 times I've written about this... I even have it laminated on my monitor... stubborn Noob! Dumb noob!
Area of improvement - Say it 1000 times out loud... CUT YOUR LOSSES QUICKLY!!!
These kinds of posts truly are humbling and are a reminder that as a human I am really am my own worst enemy... because the ONLY reason I'm in this mess... down $500 intraday, which my small account can not afford, is becaues I broke two cardinal rules that I set for myself!!!
I wrote on the Darkside blog to Muddy, a battle cry for help, however really there is nothing he can do for me... especially if I'm trading against myself. I love trading, but when you trade like a drunk driver... you're commiting trading suicide. Nuff said.
Good luck tomorrow!
Monday, January 12, 2009
Recent trades
What I'm going to do to keep this simple, for myself and those reading, is track each trade I make, what I think I did right/wrong in that trade, and jot down an area I'd like to improve for my next trade...
I've already written about my first trade of 2009 in a post below, so I'll start this from trade #2... NOTE: all figures are gross and not including commissions.
Trade #2 - short XTXI - 500 shares @ $5.25; covered 500 shares @ $5.55 for a $150 loss.
What I did right - didn't get scared out of my position... covered my losses quickly (~5%).
What I did wrong - on at the .50 mark I should have tuned in to the breakout, and flipped my short to a long... this is something I really want to work on this year.
Area of improvement - Don't take myself out of a position just because it didn't go how I initially wanted it to. If you short a stock and it starts to breakout, flip it... and vice-versa.
Don't be afraid to make money trading stocks!
Trade #3 - short PALM - 500 shares @ $6.18; covered 500 shares @ $6.24 for a $30 loss.
What I did right - didn't get faked out (initially) on the fake-0ut/break-out
What I did wrong - Got scared out of my position on a fake-out... regretting covering my position, especially because technically, this stock did exactly what it's supposed to do.
Area of improvement - When entering a trade, ideally my R/R should give me confidence so I'm not trading with scared money. Do not psychic yourself out of a trade (ie: don't trade scared).
Trade #4 - short XTXI - 500 shares @ $4.96; covered 500 shares @ $4.89 for a $35 gain.
What I did right - got a good position
What I did wrong - got scared out of my position... not wanting to hold overnight, even though all the technical indicators were in my favor.
Area of improvement - don't trade scared.
My confidence isn't all there right now. I was chatting with a friend last night after reading back some of blog posts from last year and I still stand by several posts where I wrote about being able to realistically make min. $300-$500 per day.
There are conditions though - you can't trade with scared money (per Muddy from his interview), you have to do your homework every night and you have to have confidence. See how they all tie together? I have to find my rhythm again... and I will.
Good luck.
I've already written about my first trade of 2009 in a post below, so I'll start this from trade #2... NOTE: all figures are gross and not including commissions.
Trade #2 - short XTXI - 500 shares @ $5.25; covered 500 shares @ $5.55 for a $150 loss.
What I did right - didn't get scared out of my position... covered my losses quickly (~5%).
What I did wrong - on at the .50 mark I should have tuned in to the breakout, and flipped my short to a long... this is something I really want to work on this year.
Area of improvement - Don't take myself out of a position just because it didn't go how I initially wanted it to. If you short a stock and it starts to breakout, flip it... and vice-versa.
Don't be afraid to make money trading stocks!
Trade #3 - short PALM - 500 shares @ $6.18; covered 500 shares @ $6.24 for a $30 loss.
What I did right - didn't get faked out (initially) on the fake-0ut/break-out
What I did wrong - Got scared out of my position on a fake-out... regretting covering my position, especially because technically, this stock did exactly what it's supposed to do.
Area of improvement - When entering a trade, ideally my R/R should give me confidence so I'm not trading with scared money. Do not psychic yourself out of a trade (ie: don't trade scared).
Trade #4 - short XTXI - 500 shares @ $4.96; covered 500 shares @ $4.89 for a $35 gain.
What I did right - got a good position
What I did wrong - got scared out of my position... not wanting to hold overnight, even though all the technical indicators were in my favor.
Area of improvement - don't trade scared.
My confidence isn't all there right now. I was chatting with a friend last night after reading back some of blog posts from last year and I still stand by several posts where I wrote about being able to realistically make min. $300-$500 per day.
There are conditions though - you can't trade with scared money (per Muddy from his interview), you have to do your homework every night and you have to have confidence. See how they all tie together? I have to find my rhythm again... and I will.
Good luck.
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