This morning’s paper trading was sloppy. I tried to long CBAK, GPP and CNST, and short ESLR and LIZ. Only ESLR ended up with a profit, and two others even, but minus commissions. Down overall -114 today. I had small profits going in three of the five, but didn’t take them to see them later turn against me. Lessons today include being careful with market orders, had some slippage there (even in paper trading). I’m also thinking that a tactic of locking in small profits when a stock doesn’t make a major move right away is a good idea for now. Too tired to do an excel chart today, plus not in the mood to look at the numbers.
Right now I’m struggling with balancing a rigid, deliberate approach with set indicators/signals versus more of a shotgun strategy jumping in on chat alerts, with tight stops, but letting the runners ride out. I think on nights when I am too tired or not enough time to do prep work, the next day I will experiment with the shotgun strategy (many trades, chat alert triggered, tight stops, trying to catch a couple big winners or a bunch of scalps, etc.) On the nights I can do the homework, the next day I will go with a more rule-based approach based on set-ups with good potential (fewer trades, more analysis before entering, not following chat, etc.). I’m going to take tomorrow off, so Friday will be a shotgun day!
Cheers to 2009.