Thursday, October 28, 2010

Day Trades

Unfortunately I was unable to play with the earnings bounces that I talked about in my last post.  They are still on the radar and I hope to have a crack at them on Friday.  As for day trading the TNA and TZA.  So far this week I am up with a good trade in TNA on Tuesday.

Today has been another story.  I haven't lost any money or made any money, in fact, I haven't traded at all.  (I take that back, I closed my long CNP after a bad earnings release). 

Here is the TNA chart and how my day trade setups look like:

 At the bottom there are two green circles on the WLR(90).  Basically this is a momentum indicator based on the last 90 periods.  When the line crosses the horizontal red line I will take the trade.  In the first green circle I would have shorted the TNA (or gone long TZA), and in the second green circle I would have went long TNA.

If I would have taken the first one I would have been very profitable.  I would have also made a profit where the second one sits (at this time --we will need to see how the day plays out before making the final call). 

So why did I not trade?  I just didn't feel like it.  Today I am kinda dragging around and all around I am pretty out of it. 

Lesson here is to trade when you are into it.  You are putting yours and sometimes other peoples money on the line.  Trading is already a stressful and time consuming activity so you need to be apart of it 100%.  There is nothing in the rule books that say you need to jump on every opportunity or trade every single day.  There will be a lot more chances for me to win and lose money in the future (probably tomorrow).

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