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Friday, January 6, 2012

Back to Basics

Starting fresh in 2012.  Had to reallocate funds as i didn't do as well as I'd hoped in 2011.  Now i have 2 accounts, one for day trading that is under the minimum 25k so i can only take 3 round trips per 5 days and the other account for swing trading.  So now I'm only looking for the highest quality setups intraday as am limited but will be paper trading the rest to hone my skills and continue to tweak my tools to stay current with what is working in the market. 
All were paper trades as looking to go live, I'm finding I'm trading HEAVILY in FEAR and thus not working that well. My last several trades over the last month have all been realized losses which I've allowed to jack myself up internally. I desperately need to refocus and force my fear to take a back seat to high reward with low risk only setups i.e. Support/Resistance on multiple time frames.  Haven't figured out how to beat the psychological aspect yet as FEAR totally paralyzes me.  With that being sad, here are my days results and until i can end several weeks heavily in the green i refuse to risk my capital.

LULU - Right idea but wrong timing as stopped out on pullback.

NFLX - Daily candle broke above 50MA and intraday broke above previous day highs

OXY - Falling hard so looked for reversion, bounced off 95 for small gain

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