Tuesday, March 27, 2007

Low volume sell-off

Good for the bulls, I guess... there's a lot of eco-data coming out later in the week and BB talks tomorrow, so I assume lots of traders were watching today instead of trading a lot. They were the smart ones. I lost some money.

P&L: -$217

Best: MTW, $94
Worst: CF, -$189

So you see, I was planning on having a post called "CF Part II, The Upside" but things just didn't work out that way. I did indeed make some nice trades in CF and for a short while was my best stock of the day. But simply put, I over-traded today. I churned and I was burned.

I broke a cardinal rule of mine which is to not trade at all or trade very, very lightly between 12 and 2pm. That's when I went from green to red. More importantly, I lost confidence during that time and I was unable to pull together to make a single good trade during the last hour of the day.

Very frustrating. It will be difficult for me to meet my goal by the end of the week.

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