Wednesday trades
Posted on September 26, 2007
Tags: Day Trading |
Choppy day with hardly anything working out. Would have been nice to be on the sidelines, but then sometimes you only know that when you’re down 3R on the day. I also made a couple of mistakes and forced some trades trying to find something that will work but overall it was also just one of those days when you give back some money. I traded RECN, XFML, CPSL and CBAK, late entry on this last one with some “creative” stop but I was lucky and it worked enough to dig me half way up the hole. End result is -1.5R.
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I'm a stocks day trader trading for a living in Thailand (Bangkok). This blog serves as an outlet for myself to record my trades, musings and ramblings.
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This month has been tough–extreme choppiness. The one good thing that has come out of it is I’ve developed new rules for choppy/sideways markets. Every now and then you find a stock that doesn’t seem to be affected by the overall market, but those are rare. It seems like when a sector is on fire, it doesn’t get dragged down by a flat market much. So I’ve been looking at sector stocks during these choppy periods. Just 2 cents from a noobie. You were probably fortunate that your Internet was acting up earlier to keep you out of this market :)
Rick, I know what you mean. This typically happens when the market is shifting into a different trend, volume or volatility mode. Good on you for making a good use of this environment, careful not to make too many changes, this choppiness doesn’t last forever.
Right. My methods that were working a month ago stopped working. But I think in this case it isn’t the methods, it really is the market. It would be nice to have a method that worked during choppy markets, but I don’t think anybody really has that. Trading stocks that are stuck in a range might work ok I suppose. It looks like the enthusiasm for anything China is drying up now, might be some good shorting opportunities coming up. CTDC, CPSL…
Well those C stocks certainly sold off today. But I’m just a day trader, I look for whatever is moving and I’ll trade either up or down regardless of nationality, age, sex, colour or number of letters :-)