Sunday, May 31, 2009

Where do we stand


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I've read more than a couple of traders that have been calling for a continuation of Friday's last minute short squeeze into a potential multi-day rally in the coming days. That could very well turn out to be a correct prediction.
However, we really haven't worked off the overbought conditions created by the 2month rally that started back in early Mar/09. Also, the $NYSI is still over 1000, another sign of overbought conditions. If we do rally from these levels, I will watch the $NYSI still to see how that all gets resolved, who knows, maybe it is not as reliable an indicator as I make it out to be.


I've been following Don Miller's blog a lot lately. I've noticed that I don't blog about my losing trades as often. Part of the reason has to do with laziness on my part, and there are those times where I just don't have the desire to talk about my screwups. But slowly I am realizing that there are still many parts of the "process" that I need to work on in order to attain the goal of consistency. Don Miller's technique of grading his trading performance at the end of each session was something I was trying to do, but just did not have the capacity to keep it up after a while.
I've also been using Twitter more, and that took away from the time used to blog here.
The solution as I see it is to be more disciplined with my time. My trading session ends when I go to work, but now in order to everything that I want to do (and to write about it on this blog), I need to enforce a definitive end to the trading session, even if it means missing out on some trading opportunities, and especially if I just came off a losing trade.
There are two simple things that I want to do: grade my trading performance each day, and write about it (even if I don't feel like talking about it), and start documenting some "set and forget" trades. Simple tasks, but tasks which require a committment on my part, hence the need to organize my time by enforcing an end time to my trading session.

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