Midir's Stock Market Challenge: Day 3

Results For Today

Trades: 1
Total Contracts: 1
Winners: 0
Scratch: 1
Losers: 0
Profit: $19.16 after commission
Gross: $25
Missed Profit from Taken Trades:  $0
Missed Trades: N/A Half-Day
Mistake of the day: Half-Day

Damn Ranged Day

I'm only human and occasionally I make mistakes, and today was one of those days. The key with mistakes not to allow one mistake to wipe out your account! That's why it's important to use stops, and get out of trades as soon as you know that you are wrong. 

For the life of me, I could not figure out what was going on today.  It wasn't until after I entered the trade that I realized that it was a ranged day.  I quickly scratched my trade, and not a moment too soon.  Actually, it was one of the trades that I should have reversed on.  There were two ways to look at this trade.

When I originally took the trade, I was betting that it was a breakout-pullback long.  I didn't wait for conformation, and the trade started looking not so good the moment after I entered it.  I zoomed out to see if I could get a better picture, and realized it could be a range day.  I figured this could be the new high of the day, and scratched my trade.

If I realized there was a decent change it could be a range day, I could have entered on a obvious second entry short.  It would have been an awesome day, and my runner would have been safe!

As long as you live to trade another day, it is a successful day!  If you are out-of-sync with the market, then don't try and force trades.