Monday, October 15, 2007

Paddling Nowhere

My first trade of the day should have been my only trade of the day. I short 1200 shares of BBD between $31.85 and $31.75 because the MOFO line diverged with the MILF indicator telling me I would make 76.3 "R" on the trade.



Alas, I covered it all by $31.50. Why? Because I don't like to let my winners run. Instead, I take small winners and then slowly bleed away profits by overtrading.

Dinostyle.

Last week (after one of my bad days) my Dad called me. He said, "I don't get it. I read the blog at night and I think 'Sounds like he figured out what he's doing wrong this time. He really nailed it.' but then I see you making the same mistakes the next day."

Well, guess what... I overtraded again.

Meanwhile, to get back to the positive aspects of my day, I made some good trades in DSX.



First I got long and then I got short. All due to the trading action in DRYS which was much discussed this morning on Wallstreak. The thing about Wallstreak is that everyone was watching the only strong sector today (the shippers) and that kind of screwed with my bearishness. Had I focused on the short side today (as the AD lines were instructing) I would have been much better off.

I split midday because of some idiot named Mateo (perhaps more on Mateo if I finish the post I started today titled, "Mateo The Idiot") who called my surf buddy and told him there was surf. There was none. However, it's been weeks since we had surf here and I was desperate. In the end, it screwed me up because I came back and seeing that the market had stabilized I decided it was ready to rally.

So I began buying stock just before 3pm. I got washed out by 3:15 and almost gave away all of my profits. I more or less sold the bottom.



And, I walked away.

I pulled my wetsuit on and walked down to the bay. I strapped on my leash, pushed my board into the calm water, walked in along side of it until I was up to my waist in the water and then hoisted myself up. I began to paddle with absolutely no idea where I was paddling to. I probably paddled about a mile in the now chilly water. It was the only thing that was going to make me feel better today after giving back all my money.

Fuck Mateo. I'll get that post about him up by Wednesday. Also, I recognize that this post needs to be heavily edited, but we're heading out to a dinner soon and I don't think I'll be back in time to edit it, so I apologize for the sloppiness. It was either a fast post or nothing.

Here's the stats:

P&L, $350
Best, DSX, $611
Worst, UBB, -$479

26,000 shares traded.
14 stocks traded, 7 winners, 7 losers.
81 trades.