Yeah, I got lotsa stories like than one. But when I write out an analysis of these trades in my trading journal, I realize that I was usually playing percentages and protecting my capital. I think it is a good thing to give oneself credit for exercising wisdom in risky situations. I was in NAVR yesterday at 19 13/16 when a big seller came out of no where via REDI and ran it down. I bailed for a -1/16 to avoid getting crushed. This is just protecting my capital. When REDI sold all his shares, NAVR recovered and eventually ran to 20 1/2. I missed the run. Do I regret it? Well, I had a rare moment of anger at REDI for shaking me out of my trade, but I'd do the same thing next time. My biggest loss in the past week was a 3/16. My biggest win was 2 points. A tough week for a lot of people.
RE: position trading: As I have told you lots of times, I am looking at all strategies all the time. I'm not a snob. I have started using charts, which I used to scoff at. The truth was, I didn't understand charts, so I made fun of them. But the charts I am using have helped me out a bunch and complemented my daytrading strategy, so I am looking at more charting techniques because I think they have merit. |
