Unbelievable. When you go through bouts of fear/greed/anxiety/throw-in-the-towel emotions, followed by Troy-inspired "Is there no one left!" ecstacy- you're probaly a: trading with scared money, or b: trading without a plan and/or without technical/price action confirmations. Such was the case of my last two trading days. I don't even need to link to my post about fleeing the temptation to trade FAS, because it's RIGHT UNDER THIS ONE (written the night before my brief stint as a kamikazi). Below is the chart of my folly:
Yes, after commissions I made $20.25 from FAS. Ask me if it was worth it. I'm not even going to add the trade to my 'Missions Completed' list (not worthy). I want to thank everyone who tried to warn me- great comments. Hope your day went well, and without any deer-in-the-headlight moments we traders are all too familiar with:)
Evan
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5 comments:
One word: FAZ ;) even 50 shares and you get some nice moves ;)
Yeah, got that from Muddy's Darkside:) 24 out of 25 trades were profitable for him yesterday trading FAZ. Amazing! Thanks for the comment!
Hi,
When I first started watching/trading FAZ I started out smaller with 50 shares.
After the first week my winning trades were only about 65%.
After a few more days I began to get a pretty good feel for it and began adding more shares.
Now after about 2 months my rate of success I'd say is about 80-85% as I've begun to read it pretty well.
To practice you could even do 10 shares to see if you can get your feel.
And Bryan is right,even 50 shares can bring good moves and with a few winning trades can give you a nice day.
It's funny but you can even watch it in premarket and get a price target of what you'd like to get serious watching it:
[Wed Mar 04_08:53:10 EST 2009] Muddy yum,FAZ 73
[Wed Mar 04_08:53:21 EST 2009] Muddy love to see 70
Didn't hit exactly 70 but it's open of 70.35 was pretty darn close.
Good luck!
Day trading the ETF's have some great potential.....I need more practice. Congrats on avoiding the loss! I don't know, if FAS gets down to the buck range, I'm buying 100 shares to hope and hold.
Did you exit MAXY and PALM today? Man, you short swing trading plan of action is really working, historic drops and a long term bear market doesn't hurt.
I guess you are an old fashioned trend trader!
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