Moose: I post this stuff to share feelings, hope someone can learn from my mistakes.
I don't buy or sell puts or calls, option trading is not for me. If it was, I would be much better at the crap tables.
My method of day trading, short term trading, is very simple.
Pick certain stocks to watch in a selected price range. My range is 18-35.
Look at the charts, plot the support areas, wait for the retraction to a support area. The support area indicates down side risk. Plan the risk before the investment.
Buy the stock immediately after a low cycle and hope for a rebound. If no rebound, hold the stock till it turns up or sell at a loss if it crashes the first level of support.
This morning I violated my basic principles re: MSFT. I will pay dearly, how much, who knows? My basic principle was violated just buying the stock yesterday, it is priced out of my range and it's moves are much greater than acceptable. It also crashed the first level of support and I rode it down.
I feel stupid, hurt, angry at myself and frightened of tomorrow, or should I say frightened of what will happen tonight when the big boys play.
Tomorrow Nextel will rebound up and I don't have the cash to invest, missed the train again.
Regards from
Al G., sometimes in the wrong place at the wrong time, learn from me. |
