This blog is geared towards improving my trading knowledge and recording my trades. I am not licensed to give financial advice. Trade at your own risk. It is your fault for losing in this money game.
Tuesday, April 12, 2011
cleaning house today. got rid of almost all my trades. entered and then exited EWK because it was actually sitting just under a weekly 200 EMA. why am i not following my rules? exited RSX for a 3.2% loss. I think i should never have entered it since its daily trend was pretty weak. i want strong trends. exited /GC for a tiny 0.3% loss since it was not in a strong trend either, should never have gotten into it. exited /HO for a tiny 0.2% loss. I should have exited this trade for a few percentage point gain after its big up bar. The big bar closed right under my target but i didn't exit. I should have just gotten out instead of risking a sell off after getting so close. I need to make sure im getting into strong trends that have been around for a little while. I need to follow my rules. Im watching sugar futures /SB for a short trade. It would need to close down a little more and maybe ill short it. The hourly chart is currently in a solid strong downtrend. I have avoided going long in american stocks which was a good idea. the SP500 has been going nowhere. I have a little string of losses while trying to trade "other markets". What i was considering good daily trends, were actually so-so and risky. I would have done better if i had used the hourly trends. The biggest time frame with a strong trend is what i should be looking to trade in. I think my recent losses are mostly due to me not doing what im supposed to do. I printed out an improved entry/exit checklist which should help.
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