Thursday, December 14, 2006

Thursday's Review

Today I saw a few of my picks from yesterday take off (eg. BWR, BLE), and a couple others on my watchlist run away from me (eg. STEC, ININ), but I didn't chase. was above the 24 level for a good 12 minutes this morning, but I did not close out my position until later in the afternoon. When it became clear (about 2.5 hrs later) that it will not challenge the 24 level again, I finally sold (@23.42), and for some reason, I started obsessing with that "coulda, woulda, shoulda" scenario.

I also made 4 option purchases. I'm sitting on a decent profit on my RIMM calls, but unfortunately, they have been almost cancelled out by my current loss on BIDU calls.
With BIDU, I just wasn't decisive enough to cut my losses (I think the thought of leaving so much profits on the table with the HBM trade was still agitating my mind), and after that, I was discouraged and lost my mental focus and decided not to trade for the rest of the session.
I will post charts of my option trades once I have closed them out.

A couple of continuing problems that I need to work on include:
a) how to add to my position. I haven't been vigilant during the trading session to draw out support/resistance levels. I will need to get back into the habit of doing this again, so then I will know when to add to my positions.

b) honour my stop loss. Basically I didn't obey my mental stop on BIDU, and that costed me.
In the mean time, I spruced up this blog to keep myself busy. I think I will need to go back to entering hard stops again.

Overall, a profitable day, but still plenty of room to improve upon in regards to my performance.

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