Dumb
I didn't trade my plan at all today. I made the assumption that we would have a snap-back rally based on news and comments on blogs. I opened two positions right after the open thinking the only place they could go was up. One hour later I was out of both of them for a 2R loss on the day.
There were a million opportunities to go short later in the day, but yesterday's see-saw action frightened me out of making any trades. I was pretty amazed when I looked things over after the close. Holy cow. I picked the right time to be a day trader. The market is down more than double what I am and I've had a really sucky year. Yikes.
No matter what happens tomorrow, I'm committed to my style of trading. No more shooting from the hip because I'm afraid of missing out on something big.
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1 comment:
Here's what I expect:
1. Guarantee all interbank transactions (as done in UK)
2. Guarantee all bank deposits (as done in Ireland)
3. Take over of Citi, which is the main reason banks don't trust each other in my opinion. Everyone knows about there 1Tn off-balance sheet shenanigans. They lobbied to get VIE consolidation delayed and won. No MTM makes them trust each other less not more.
4. Fed funds cut to 0%
5. Tsy buys S&P futures on open market (as done in HK years ago)
6. Close the stock market (as done in Russia, Iceland)
7. Revolution when Bernake says "Let them buy bonds"
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