Friday, December 30, 2005
The Dow lost 67 points today on again, light volume. Advance/declines were negative. I bought some OEX calls. I'm getting a buy signal, both short and intermediate so I have to take it. But the market is acting very poorly. GE was down today and my calls are now losing money. We are on the trendline and any weakness will negate this trade. I'm looking for the market to rally when it opens on Tuesday and perhaps I will just bail out of everything then. I will have to look at things over the long weekend. But right now it doesn't look good. Gold was up a buck but the XAU lost some ground and is right at its uptrend line. A break there could result in a short position but I have too much going on already. So I'm already in over my head for next year so let's take a look back at this past year. I started out losing 30% of my trading capital in the first 2 months. It was a terrible beginning which I do not want to repeat this year. But who knows? It was an up and down year. I made a lot of mistakes and had a few nice trades. But it wasn't quite good enough. There is room for a lot of improvement and I know this. My win % sucked. I got in late and out early. I got in early and out late. I had some options expire worthless which should never happen. I've got to get better. My trading account ended the year up 80%. It was a very frustrating year. I would like to have a better year in 2006. I've committed to doing the work. My discipline must improve. I know it isn't easy and I also realize that it is totally up to me. There are no excuses. I'll try and relax over this weekend and then get off to a good start for the next trading year...
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