Nothing to get excited about with todays up move. 115 pt up move in the Dow but nothing more than a light volume pullback. If you were slow to execute a trailing stop on a long position from the last 6 months, I think this is a good opportunity to do so.
HD gave us a great 4 candle pullback last week and set up a sell short coming into monday good for $2. We are flat and looking for our next trade.
Green on the screen is the first priority for new traders. Too many traders come to the trading floor thinking they will pay their rent immediatley with trading profits. If you truly want to be in this business as a career, learn what you are doing first. Learn how to be a gross profitable trader, then you will learn how to net money. Learn how to take a loss without emotion. Learn to book a profit when it is clear the move is over and don’t beat yourself up if the stock continues in that direction. Learn to do little on a slow day. Learn to “push it” on a busy day. Your first goal should be to get experience and get good. Money comes from being good. You can repeat being good, you can’t repeat being lucky.
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