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Wednesday, September 20, 2006

good enough

I made just one canadian trade today, and guess what, it was my old pal RIM. I entered long on the 4th candle, and exited near the low of the 5th candle.
Sure, there were lots of things that I could have improved about this trade - for one, holding a bit longer would have gone me 4x my original profit. But since I daytraded this sucker on Friday, I noticed this morning that it hesitated around Friday's high. It wasn't clear to me that RIM would be able to push past Friday's high water mark, so why risk it? And besides, if one really wanted to make a case for holding longer, really, you should have held it since LAST Thursday !! Anyone who held it for the past 5 trading sessions would have beaten all this daytrading.....
The bottom line is that I intended this to be a scalp, and am happy with the additional bonus the market gave me. It felt like a victory and that is good enough. I can improve upon things another day......

2 comments:

Richard said...

If you intended it to be a scalp, there's no reason to worry about what it did once you took your profit. You did right, so pat yourself on the back!

Phileo said...

Thanks for the vote of confidence !