10/24/14

Know Your Competition

When trading, it can be too easy to get so drawn into the market that we forget our trading method, plan of action, and hard lessons we thought were previously learned, but seem destined to repeat.
My biggest trading mistakes occur when I forget or ignore poor market conditions that do not work well with my method and most importantly my personality.

A sideways range-bound price action can look very tempting to get into if I let my mind take me to that dark place. Also referred to as chop and sideways market, I am now convinced that this is where high frequency trading (HFT) takes my lunch money more times then when I win.

YM

SPY Closed For Profit

SPY

SPY has the potential to move a lot further, but I would rather take a good profit now and wait and see where support will hold. As I type this, SPY could move upward without me, it's the price I will have to pay for peace of mind of keeping my profit going into the weekend.

CLOSED Oct 24th 
DEC 31 '14 183 CALL
Pos: 1
P&L: 680