Monday, June 12, 2006
The Dow dropped another 100 points. Advance/declines were over 3 to 1 negative and the volume was average for lately. I dumped the OEX calls I bought for around a 50% loss. I just couldn't hold on to them any longer. We are really due for a big bounce. It just isn't happening. We are way oversold. There is something going on in the markets but I sure don't know what it is. The technicals are not working the way they usually do. My trading has been horrible for two months but there is not much I can do about it now. I would like to take a shot with some Gold calls here but I am going to try and stay out. Nothing is working for me. I should feel bad about the OEX loss but I blew that one when I didn't get out on Friday. And still the market should have rallied today and it didn't. Inflation data out the next two days and that will move things for sure. But I really should try and stay out. I'll try my best. Mentally it's tough. You put in the time and the results just aren't there. You can't just give up but you sure feel like it sometimes. It's just one of those things. A bad streak in the year. You gotta move on. I have taken some big losses this year already. My win % is terrible. I can't try and trade my way out of it, that's for sure. I'm going on vacation in July. I might just shut it down until I get back. But something in me wants to keep going. I'm a trader and that's what I do. So onward I will go I suppose. My neck hurts and I haven't been sleeping good. No excuses though. I just haven't been good enough. I was lucky to get out when I did today because I didn't put in the usual stop loss order in the morning. Gold is right at the uptrendline and it could rally from here this week. The technicals say buy but they haven't been working lately. Perhaps I just want to put on another trade before the end of the week. Discipline and self-control are important. Sometimes, they are hard to come by. It's also a question of where exactly do I go from here? Perhaps some time off is really what is needed. I can't go on like this, that's for sure. It's hard to step aside but I think that is what is needed and the markets will always be here when I get back. I might miss a post or two here this week since I won't be home the next couple of days. Another loss booked today and it doesn't feel good. Gotta move on...
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