Jun 27, 2008

OObreakeven

That's my new name. And it's not because I'm picking the wrong entries... it's because I'm trading like a putz. Calling it a day before I do any damage trying to pound my 'trading chest' to redeem myself.
 
AUY, BRL, GG, ABX. Entered all long. Settled all for breakeven. Again, just traded like a putz. With AUY and GG the trades started going against me and the trigger finger came alive. ABX started well then retraced to my BE point... sold. And BRL, well... I was hungry and decided to exit. Ridiculous.
However, I don't look at this negatively as I'm reassured that the trades I entered did well. I'm just peeved the way my knees buckled at the first sign of weakness in the stocks. Pathetic.
 
I'm heading back to the States on Sunday for a 3 week vacation. Not sure what my trading schedule will be but it might be non-exisistent next week with the holiday.
 

14 comments:

Anonymous said...

Looks like you can use some vacation! Enjoy your break and post some good results once you are back.

anarco said...

Let me know if you want to meet up around San Francisco!
Have a great vacation ...
anarco

OONR7 said...

anarco: goin' East coast this time :) Thanks... I'm totally looking forward to it.

wolverine said...

I took the AUY trade in the exact same place and bailed at about the same place too! There were so many reasons...came within a few pennies of my stop anyway, made a star / evening star on 5' charts, printed more volume on down bars than up bars, second day gapper...it felt like the right thing to do at the time, dammit!

I've also had a bad month. I just finished re-reading Trading in the Zone (good airplane reading, perhaps?), which helped me refocus somewhat, despite a slip up on this trade. It reminded me its all a probability game, so slumps have to end sooner or later if we keep trading our edges.

Have a great vacation...

OONR7 said...

wolverine: may get that book while on vacation. I've actually done pretty well over the last two weeks. But I could've done much, much better which bothers me on one hand but keeps me completely motivated. Sticking to the :15 and widening my watchlist candidates has worked out well. The 5-min charts were just too stressful.

wolverine said...

Oops -- sorry to mis-infer. Congrats on the last few weeks!

I hear you about the "coulda done better" part. I seem to have a trade every few days where I just barely get stopped out, often on a tightened stop. I've given up 5' setups too, and my lapse with AUY was frustrating b/c I mixed up my timeframes, entered on the 15' but reacted to bearish signs on the 5'. I would love to have King Jamie's skill at managing exits, but when I try it usually does more harm than good. Instead I'm thinking of trying a set it and forget it approach -- place my stop and target orders and then ignore the trade until it hits one or the other.

RZ said...

Hey Anarco, are you from the SF Bay Area?

PRD trader said...

Hi,I Think diversifing the watchlist will give better out come. As AUY,GG,ABX from gold sector they will play very similar pattern.Have a nice holiday.

bl said...

nr7,
try 30 charts. have a swell vacation

OONR7 said...

wolverine: it seems my trigger finger stems from the fact that I may be treating the :15 with the speed of the :05 charts. So, I'm thinking of not moving my original stop for an hour to let the stock settle down and 'make its move'. After that, I'll look to exit at my normal spot.

OONR7 said...

bl: I'm sticking to the :15 for now. Nothing else.

anarco said...

hey RZ, yes I am in the bay area (Marin)

LP said...

Hey long time no comment...but I am expected to be in Paris for 2 or 3 days around the 18th i think...but it seems like you are gonna be here...let me know if you have any tips on good restaurant etc....hope all is well...don't sweat the break even...but i hope you do better...

OONR7 said...

lp: how are you??? I'll be back in Paris on the 21st. Think your plans will have you there at that time. If so, we will definitely meet up and do lunch.

Let me know and, if not, I'll tell you of a few places to eat and/or check out.