Friday, December 09, 2005
The Dow was up 23 points on light volume. Advance/declines were positive. I dumped the OEX calls for a heavy 70% loss. Not the way I'd like to end the year but it's possible that I won't make another trade this year. Doubtful but possible. I could have sold out at a 60% loss but held on and then just decided to get out and start fresh on Monday. Sometimes it's better that way. This trade was a winner and I turned it into a loser and that is unacceptable. My trading has been horrible this year but it's not time for the recap just yet. I think there will be an opportunity next week but I don't know if I'll be good enough to take it. GE was up early but then sold off some. I almost bought some calls there but my order did not get filled immediately so I canceled it. I am going to get some January calls there next week. Maybe. Gold was up another $5 today but the XAU was down. This market needs a rest and I will try and wait there before getting long. I missed this move and it my own fault. When I could have been making some good money there I was busy taking a 70% hit in the OEX. Stupid. Mentally I'm not feeling all that confident after todays loss. I will have to forget about it and move on. That is the only way to do it. I will try not to dwell on it and let it affect the next trade. I have an idea and I will see if it works out next week. I am not feeling good about what happened today but what can you do. The volume has dried up and it doesn't look like the market can get any traction to the upside. That said, I'm going to try and relax this weekend and get back at it on Monday. It is a tough game, a humbling game and it certainly can take a toll on you mentally. I'm trying my best and I need to get better. That is the truth...
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