Monday, March 05, 2007

Have a good reason to enter the trade

Market up, market down, down - up?
Volatility is good for day traders, but for someone like me who looks for sustained continuous move, up or down, does not matter, what does matter - it should not require my constant attention to the ticker, so for me last week was filled with "close position" actions.
No new positions ( just few quick trades) except for 2 triggered automatically: (IONA) and (SCLN) and were closed withing two days with +8% and +5% profits.
Except for that, once again - it was "close with -4% loss", closed -2%, closed -6%.
Uneventful, boring, but I've learned not to bet your house unless...there is a good reason for it :)
And there was none.
I think market will bounce tomorrow, go up for few days, this is why I closed (QID) position today, I still hesitant to open longer term short positions in individual stock.
Boring post...boring week - unless you are a day trader...