I closed out this long call trade today for a -$60 loss. My stated exit point was on a close below the channel uptrend. I might have jumped the gun on this as we still have 15 minutes left in the trading day, but I don't like that it's violated the channel intra-day four times since I put the trade one, was rejected at resistance since I put the trade on, and looks like it might be consolidating now. So pretty simple, I'm out.
Many of you have been reading this blog may have noticed that my blogging frequency has increased over the past few weeks as I got short the market. As you can imagine I am down money since getting short the market, this is the time when most people pull away from posting. But my goal is to stay active and involved and show you that trading is not always rainbows and butterflies. It is times like these that the things I have been sharing over the past couple of weeks are so important. You need to trade small relative to your account. I have a decent short position in the market and my portfolios are set up to make some awesome returns if we finally turn lower. But something I would like to point out is that my account is 70% Cash. I learned a long time ago how important it is to live by the rules you preach. Because of my discipline I am able to continue to hold my positions, I have time and capital on my side. I can't stress enough how important it is not to get to big....


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