Thursday, May 12, 2005
Pm trades
What the hell am I doing! I am so stupid that I almost put a profitable day at risk this afternoon. After having a great morning, and almost doubling my daily goal, I try to add to it this afternoon. Nothing wrong with that, I should try to make more on those days that are working for me to offset those days that aren't. But I should do it in a conservative manner. I pushed it to hard this afternoon. I was trying to catch falling knives! Yes, that's exactly it, FALLING KNIVES!!!!
The market starts it's decline right at 12:30, takes a breather at 1:00 and then continues until 1:30, and it takes another breather before it gradually continues it's selloff again at 2:00. I tried twice to buy as the market stopped it's declines and tried to rally. Both times I lost a little... not enough to ruin my whole day but enough to piss me off. Here's the kicker. I KNOW BETTER!! Yes I do know better. NEVER, EVER, EVER should I try to buy into a decline or sell into a rally, especially when the trend has been intact all day AND it was late in the day, my worst time to trade. In fact, I should just not trade after lunch! Period!
Like I said I still made money and the only reason why is because I knew what I was doing was wrong and I stopped before I could do any real damage. I hope to learn something from this.
Trader Pissed Off!
The market starts it's decline right at 12:30, takes a breather at 1:00 and then continues until 1:30, and it takes another breather before it gradually continues it's selloff again at 2:00. I tried twice to buy as the market stopped it's declines and tried to rally. Both times I lost a little... not enough to ruin my whole day but enough to piss me off. Here's the kicker. I KNOW BETTER!! Yes I do know better. NEVER, EVER, EVER should I try to buy into a decline or sell into a rally, especially when the trend has been intact all day AND it was late in the day, my worst time to trade. In fact, I should just not trade after lunch! Period!
Like I said I still made money and the only reason why is because I knew what I was doing was wrong and I stopped before I could do any real damage. I hope to learn something from this.
Trader Pissed Off!
