At one point I had over $100 profit, but it disappeared quickly. Shorted RF @ $4.77 and SOLR @ $5.49 around 3pmish. The entries were on 10/60 SMA crosses with weakness. Ended up with a $52 loss. I didn’t follow my exit rules with RF, otherwise I could of maintained a profit on the day.
Overnight shorted BBW at $4.76 on a 10/60 SMA cross. This price range is a resistance area, and this stock more often than not fails after an up day.
I have an idea to try to gauge my progress not so much by my paper profits, but by whether I can follow my own rules. This is inspired by Attitude Trader’s post, which he credited the concept originally coming from the book Trading in the Zone.
PS: My contest portfolio is down $3K mostly because my FAZ bet didn’t work out. I decided to cover at a big loss! I am convinced I won’t try to make stock picks with REAL money based on anticipating news rather than on technicals. I figured the recent rise in the financials was based on a “buy the rumor” dynanic and any federal rescue announcement today would have a “sell the news” effect. We will see what happens tomorrow.
