Wednesday, March 2, 2011

Update and Watch List for tomorrow...

Currently I have no open positions. I took a really bonehead trade yesterday premarket in $MCZ. I had liked the news it announced and the way price was acting. However, I did not wait for a valid set up and trading in pre-market in addition to being distracted at work caused me to have to take a worst fill on my exit than I had planned to. None the less I am glad I got away with a reasonable loss about 4% on my account. Now I am down to only one day trade after only two days trading and my account is now down near 8% after only two trades! Further the markets seems to be on the verge of a correction and since I cannot short as yet it seems I'm gonna have to play the waiting game since precision is a must for longs during corrections and I'll have to be very selective of trades since I will only be able to trade on the long side until I get over $2,000.00.

So given that the best looking set ups are short biased ($DPTR, $ATAI) and the look of this market and my handicap of only being able to trade on the long side and only having one more day trade combined with me being very busy for the rest of the week; I will not be trading today! However, I will be in the investor' underground chat room for at least the next two weeks. So I am looking forward to that.

Good luck and good trading if you plan to!

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