Finally it happened

At a time when a lot of people were expecting a correction in the market, it finally came and who knows how much further down we are going. It came during a time while I was long three stocks and i got almost immediately stopped out of all of my positions. But because I am pretty convinced that we are not going straight down from here, I later went long RIMM for a swing.

***

It is kind of a gamble, because if the downtrend of Friday continues I will be stopped out with a loss again.B ut I took only a small position and the risk reward was good in my opinion. I will watch the news and the market’s reaction to it. You have to have the right mindset during the day,because time and time again the market looks like it is going to crash (at least to me,when it takes  a few hours to climb 2 points in the ES futures and then looses them in a minute). But every time something like that happened it only went back up instead of further down. It was a “buy the dips” market so far and I hope it will continue at least for now,so I can get out of my RIMM position with a profit.

***

I always tell myself that it doesn’t matter if the market goes up or down,but I always feel better if I can take along instead of a short.Perhaps I should make a list of companies I really hate,so i can enjoy shorting more,when the market finally breaks down (if that ever happens).

Advertisements

About Schwarzdaytrades

I am a full time day trader. I like to share my opinion about stocks and the psychology of trading.
This entry was posted in 1. Bookmark the permalink.

2 Responses to Finally it happened

  1. Delighted to see you have a blog…it will make you a better trader

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s