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To: The Ox who wrote (12432)4/24/2012 9:10:00 PM
From: Return to Sender
   of 12968
 
OT: Nice trade but I bet you wish you had held until tomorrow morning or at least after hours. <VBG>

Of course you could be short KLIC and down almost $10K. Wait that's me! LOL

RtS

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To: Return to Sender who wrote (12434)4/25/2012 2:21:44 PM
From: The Ox
2 Recommendations   of 12968
 
OT
Hindsight is wonderful but I was making a day trade, no more. In after hours, had I held both positions, I would have been hammered on BIDU and making a bundle on AAPL. As of now, I would have made out handsomely holding both but...and its a big but...what if AAPL hadn't beat? Then I'd have been down huge on 2, $100K positions. No, when day trading, I stick to the short term setups and was happy to squeeze out nearly $1k. Since I had expected a larger bounce in BIDU, I failed to pull the trigger on a $500 or $600 quick gain (in nearly 10 minutes into the trade). That was foolish of me to let it end up a loser and truly should have had a stop in place to trigger a cash out once the gain had deteriorated to $300 to $250.

I'm getting much better at these types of moves but I failed yesterday with BIDU. To be honest, being away from the market for a week is enough for me to lose some of my trading "rhythm". Probably should have let AAPL have more rope and quite possibly would have had another $500 in the same trade. Truly not second guessing but adding roughly $500 to $700 in yesterdays trades was "on the table" and I feel I simply left it there.

I rarely hold day trades overnight. But I don't mind taking a trade after hours with the intention of selling the next day. I would have done that with BIDU last night but I knew I wouldn't be free to check the market until this afternoon, so I stayed away.

I think many people who trade put themselves into trouble by not sticking to these types of simple disciplines. Keep the day trade as a day trade. Step aside during earnings. Yes, there will be times like yesterday where you can "nail" an AAPL but there are way too many other times where a company's earnings will be met with "sell-the-news" first. No matter how good the earnings were, sometimes the good news gets lost in either a "poor" headline or simply the traders smelling blood. Looking at BIDU, I thought earnings were decent at a glance but the stock was off $17 after hours. It's gained back $12 of those dollars by this afternoon!!

No, better safe than sorry and live to trade another day. The more I stick to this principle, the better I trade and I sleep very soundly knowing that no matter what the world brings overnight, I won't have to wake up with a massive loss.

Good trading, all!

jmo

TO

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To: zax who wrote (12428)4/25/2012 3:18:20 PM
From: Lahcim Leinad
   of 12968
 
RENN bo 1600 @6.87
StockCharts.com - Free Charts - Text P&F Chart

$6.30 now.

Not yet time to buy back in, as far as my PF is concerned.

I need to see the resumption of stage two uptrend first, as Stan Weinstein might say.

If/when it bounces up off the 50 and 200 MA, I definitely will go long here again:


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To: The Ox who wrote (12435)4/25/2012 5:30:12 PM
From: Return to Sender
   of 12968
 
OT: You are too totally right. And don't I know it. I have been very much admiring your use of tight stops.

I think you know most of my joke was at myself as I had numerous opportunities to get out of the KLIC with a smaller loss rather than holding it. But no I did not do that. Because I am stubborn and still expect to see it become a gain some day.

That stubborn, stupidity, is keeping me from making more profitable short term trades because I have that cash tied up in a loss. Oh I could trade around it but I'm stuck in the mud it seems.

Anyway, you are doing great!

RtS

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To: Lahcim Leinad who wrote (12436)4/25/2012 6:31:33 PM
From: Gottfried
1 Recommendation   of 12968
 
LL, we just report trades here in general and do not second guess those who do so.
There was nothing objectionable in your posts about RENN - in fact they were interesting.

This is just outside the charter of this thread.

Gottfried

Subject 52720

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To: Gottfried who wrote (12438)4/25/2012 6:34:10 PM
From: Lahcim Leinad
   of 12968
 
Good to know. Thanks!

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To: The Ox who wrote (12433)4/26/2012 10:38:56 AM
From: The Ox
   of 12968
 
BIDU bo 700 @ 133.93 avg DT

retry... stop out will be just below the day's low.

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To: The Ox who wrote (12440)4/26/2012 10:51:04 AM
From: The Ox
   of 12968
 
BIDU sc 700 @ 134.14 (gain $.21)

May reload...may just go out in the garden ....

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To: Return to Sender who wrote (12437)4/26/2012 11:15:17 AM
From: The Ox
1 Recommendation   of 12968
 
OT
Keep in mind that taking a loss isn't always a bad thing, as they (can) offset gains to reduce tax liability. I have found that I am often better off taking losses and taking different opportunities than stubbornly waiting for a position that's gone against me. Of course, its more important that future trades are watch carefully and not allowed to turn into major losses. Having a limit on the downside for each trade is helpful, imo. Yes, there will be times that soon after you exit a position it will reverse but I'd rather limit my losses and let my winners run.

I know a number of traders who are very successful but who actually have more losing trades than winning ones. They keep the losses small and take the approach that if they setup wasn't right (for whatever reason, timing, news, etc...), the best thing to do is move on and wait for a new setup. It helps if you can separate the negative emotions associated with losing trades. Having a positive mindset at the end of the day, whether having daily gains or losses is critical to long term success. This is similar to the theory that you leave work for work and not bring it home with you.

TO

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To: The Ox who wrote (12441)4/26/2012 11:47:00 AM
From: The Ox
   of 12968
 
BIDU bo 700 @ 133.02 avg DT

Stop in the 132.70ish area.

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