Wednesday, January 27, 2010

Wednesday Wrapup (1/27) - $238 gain

Yes, I back in the green for a change.  Not many trades placed today as they market was fairly choppy overall until the 2:15 FOMC release.

Finished the day 2 for 3 and up $238.  On my first two trades I left way too much profit on the table though.  For some reason I came into today with the mindset that I'd let my profits run, instead of my usual scalping style.  With my first trade I was up as much as $300, but ultimately closed the trade for a $125 gain.  Should've had at least $250 on this one.  And my second trade was even worse.  I gave this trade way too much room to work.  After being up as much as $162, I closed the trade for a $138 loss.  I also stayed in this trade way too long (58 mins) when it was clear I no longer had an edge.

Also, at the start of the week I made it clear I'd only be trading pullbacks this week, but there was a beautiful countertrend setup today around 3:30.  Would've been good for $300 or so on 3 contracts.  Never came close to pulling the trigger, but I certainly thought about it.  At some point I'll re-add this setup to my repertoire, but I'm not quite ready yet.

Tomorrow I need to come in focused on my exit points.  Don't want to leave money on the table again.  Maybe one of these days I'll put it all together again.

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