Tuesday, April 19, 2011

Update and watch list for tomorrow...

As I am currently in the process of moving my funds from my ThinkorSwim account over to my new Speedtrader account I did not trade today and will likely not be trading until the start of May. There were a few triggers from last night's watch list but the only real stand out was $TRGL which hit its target with in two hours of triggering an entry.

Although I hate being on the side lines, observing the markets with no trading involved always gives me a great opportunity to reflect on your recent trading and to think deeply about improvements. Once again, my own observations have lead me to the same conclusion that I have been coming to over the past few weeks or so. I have become to caught up in the tick by tick action of the stocks I am trading! I need to get focus on swing trading which means ignoring the intra-day action for the most part unless one of my alerts/stops/targets are triggered.

Although some of the stocks that I have sold prematurely have gone on to sell off further, some have gone on to become outstanding winners. So after playing great defense on the losing trades these handful of outstanding winning trades are the trades that push your equity to new highs. This is the reason why after two months of trading my net gains are zero! Good defense but very poor offense. That is, I have been very good at cutting losers short but I need to let the winners run and stop being fearful of losing small profits after every little tick against me.

Now on to my watches for tomorrow:

Good luck and good trading!

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