Q8, great job of day trading! I think you've done a good job of showing the naysayers you can make money day trading if you know what you are doing. It's a great strategy to enhance longer term positions which always suffer the roller coaster price syndrome.
As I mentioned when we spoke live, I prefer to swing trade when I see specific set ups and then buy large positions to take advantage of that set up, as opposed to a lot of intraday trading.
Recently, the day trade has been the better strategy from the long side. I've had some decent swing trades from the short side, but I haven't traded that much.
In response to your question about the market set up 3 days ago, I did enter my trades with a swing trade mentality. I bought overweighted positions in OIH, RIG and BTU.
OIH and RIG are up over 7% in 3 days, BTU up over 8%.
I pared back those positions into the close by selling 1/2 of each. I now have full positions in each instead of double sized positions. (When swing trading, a full position represents 10% of my portfolio capital, an overweight position represents 20% of capital.)
I have moved my stops up to the entry point to insure there isn't a loss on these positions and have already locked in profits on the other 1/2 of those overweighted positions.
Will look to sell even more tomorrow, depending on the open. If the energy sector looks strong in the AM, I won't sell, I'll simply move my stops up on another 1/2 of my holdings and keep the other 1/2 to see what it can do.
Again, thanks for sharing your strategies with us. I'm sure there are quite a few here that have appreciated it and learned from it. |
