Not Quick Enough
Yesterday, I noted I would be taking some positions off the table as we ran into resistance. I decided to keep things on and wait to see today’s action. Well, waking up down 30 handles on the SPX is not what I wanted to see.
$DANG ended up getting me yet again, as I failed to take quick profits. I’m close to cutting the cord on $GSVC, another position I failed to take quick profits. The problem I’m having is not taking profits quick enough. I’m entering the right stocks, but have the urge to hold a bit longer, thinking I’ve caught a great entry.
There’s nothing worse than turning a winner into a loser, but I’ve done just that, as I booked losses today.
Going forward, my long exposure is reduced, I am building cash levels, and I remain to have on an inverse ETF, such as SDS, for downside protection.
With copper breaking down below 3.50, I am a little more risk-averse.
6 Responses to Not Quick Enough
it at least makes us pikers feel better that our heroes do sometimes succumb to the power of greed and temptation also at times and it’s not always horseshoes and unicorns…
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The truth is everyone must be day trader in this market. Sucks. Just have a strong soap handy.
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Take the high of October 27th, the low of November 1st, the high of November 8th and WE HAVE OUR SELVES A CHANNEL!
KISS
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Bravo for honesty. This market acts worse than anything I have traded in the last 15 years.It is making a buffoon of me on regular intervals.
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what the fuck is a buffoon …
all I know is any position that I left for longer than 1 day almost always turn into a loser …
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735 proved to be an important resistance level on the $RUT on 8/31 and again on 10/24. The $RUT then gapped above that level on 10/29 turing into support. Since then the $RUT has been see-sawing back and forth across that level.
I will be entering a limit order tomorrow morning to buy TZA at $30.50, the level on TZA which corresponds roughly to $RUT 735. Hoping for a test of $RUT 735 from below before any move down begins in earnest.
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