Thursday, September 28, 2006

Need better setups

Today's trading went so-so. On the surface, I didn't think that I was breaking any of my rules.
I stuck to my stop rules. However, I am finding that the trades that I select are not of good quality. After the market closed, I reviewed some of the trades that I made today, like NITE for instance. I should have waited until NITE broke above 18.4 before taking a position.

Likewise for GNBT, I should have waited until broke above 1.84 before adding to my position. So, in a way, I was breaking rule #4, which says don't make a trade unless there is a good setup.

So, it is back to more chart reading for me.

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