With the $SPY up .90 this morning and my list green across the board buying was the trade the first hour of the day.
I went long several stocks and didn’t make a dime.
As you can see here from this chart of $MS (Morgan Stanley), it took out the last two days highs and the market was strong, the trade was long. It traded in a tight consolidation for about half hour and the risk/reward looked good. Never followed through and I took a few small losses.
It is VERY important for you to remember that a trade that does not make money isn’t necessarily a bad trade. We tell our traders to ask themselves immediately “was it a good decision?” If it was simply move on to the next opportunity and consider it a business expense.
We control when we get involved but we can’t control follow through.
A good buy that didn’t make money.
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