Tuesday, March 15, 2011

Update and watch list for tomorrow...

UPDATE

Since starting back trading; I have been guilty of shifting away from my core strategy (swing trading) and have been day/over trading daily even though I only have 3 day trades/week. I have gotten caught up in the hype and fast pace of trades on twitter from the likes of @Kunal00 among others and this has some how resulted in me ignoring my well thought set ups from the night before and forcing trades in "hot stocks". The result of this has been a string of small loses and trading with 1 - 0 day trades per day.

Today, for instance, I forced a trade in $BWEN when no set up was there at all! I had to ask my self WTF were you thinking man! Although the ensuing loss was small; the trade did not fit anything in my plan and I used up precious day and wasted some of my hard earned money on commissions.

So to remedy this problem; I have decided to focus on the set ups from my nightly watch list as I had been doing in January and February and limit trades in "new breakouts" to only the most out standing break outs with excellent risk/reward. So we will see how this works out.

WATCH LIST

For tomorrow, I only see two set ups that look like they have good odds of making decent multi-day runs. Here are there charts:






I don't plan to trade tomorrow since I have no day trades left until Friday and also due to the overall marekts being in a correction. None the less, I will be keeping an eye on these set ups and will tweet when they are at or near triggering entries.

Good luck and good trading!

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