Saturday, January 15, 2011

What's working:

Finding high volume plays like CPE and SANM --  also some daytrades likes ALXA, BPAX for small easy gains.

What's not:  Selling partials on winners like SANM instead of adding even more.  Buying weak names on pullbacks like GRS (although remains to be seen if this plays out).    Still being too cautious.   Still hanging on to missed entries.  Let them go -- the market will always provide, providing you are prepared.   Focusing on strong stocks in strong sectors with strong vol. tends to lead to instant profits... very effortless once the correct thinking is in place. 

Do not be complacent.  Do not become excited.  Trading is not supposed to be entertainment.  It should be hard work that is rewarding because it's done well.  Exciting/speculative ideas are bad ideas.  I want big movers, instant movers. 

Another thing I did right was take a loss on a strong vol gainer that turned into a big vol. loser the next day.  I simply took the loss and it was small and easily wiped out with a few of the quick daytrades.  

My motto for 2011 is  "If they want it, I want it."   I feel like I have simplified a lot of my trading process as well and that's a good thing. 

Also want to remember to take it one step at a time.  I am on pace right now to be profitable and sustainable -- no need to go for homeruns if this can be replicated month after month. 

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