Friday, June 13, 2008

TGIF!

Not sure about you, but I am glad the week is over and I came through alright and closed week all in cash. The roller-coast week ended with a draw between the bulls and bears, which means that the battle will intensify next week.

For the day, I bought puts in both POT and AAPL, exited with a tiny profit, just enough for a fancy dinner tonight with my girl, maybe at some Japanese restaurant, and do some sake-boarding.

Learned lots of old lessons this week, well, sort of, just like every other week, but will likely forget most of them and make the same old same mistakes all over again soon. However, I have made one decision: starting next week, I will no longer day-trading. I will start with small position sizes and learn how to sit tight, especially when things are moving in my direction. In other words, I must become cool and sharp, just as Razor. Being ballsy like PCAGUY but without his experiences and deep pockets, the FlyingWabbit will end up as a rabbit stew served at some raucous parties of the bulls or bears, sooner or later.

What's your lesson for this week?

7 comments:

RazoR said...

Cool? ask my wife about the trashcan I destroyed! Yes we repeat our mistakes, but you just have to accept we're all lousy detectives, the crooks are genius at deception, and have the keys to the car...
Someone did a study and said 90% of all dt's will eventually lose out, I can't imagine trying to flip fslr on a daily basis, I would have a heart attack, so I just look for plays and wait with minor flipping, less stress...buy some drys right here son 10 bagger at a minimum, have a great we.

Doug said...
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Doug said...

Rarely if ever establish a position after the first hour of trading. After that it seems like about 85% of the time the action of the stock will very often simply track the averages. Also think real hard before going long if the stock price is below the opening price or short if above. Also ,and often the previous rule will take care of this, don't go long if the stock is lower than the previous days close or short if it's higher.

Doug said...

One more thing as respects the above, it often pays to watch the action for the first 15 or 20 minutes, especially when contemplating the long side

flyingwabbit said...

razor:
May I suggest that you keep all the trashcans that you destroy, and write down the reasons for each beating, and someday we will have an exhibit titled:"Razor Sharp: How I destroy the trashcans and trash the Wall Street" :). Thanks for the comments!

Doug:
Thanks for sharing your trading setups, and I very much agree that what you have stated here are the most important trading rules for DT!

fortune8 said...

In this volatile market, take profit when you can. Turned potential $300 profit into $300 loss.

Doug said...

Your right! Seems like the market simply trades on what the price of oil is doing a lot of the time. Think a lot of people are taking your advice as hardly any stocks have legs for a sustained move. Be especially careful short as it's a double wamy as you have both the crowd playing the pop long and those covering.