Stocks, Trades and Ideas

A Word on Discipline

Okay, 3 words: I lack it!

I’ve had this “master plan” for about 3 weeks now, but unfortunately don’t seem to have any patience and just can’t stick to the plan (more on that later).

Got mired in a lot of new trades the last couple of days. 7 active trading positions right now.

Let’s rationalize each one:

  • [[SKF]] – still have 50% of the position. It closed at the high of the day. Will keep for now.
  • [[LVS]] – low volume today, green on a red market day, but it was red on a very green Friday. Don’t understand the stock. Had a chance to get out this morning with a tiny profit, but held. Should cover this week.
  • [[VLO]] – disappointing so far, but I have no problems with the fundamentals of this company, and believe it will go higher soon. Willing to hold until it gains.
  • [[PLCE]] – 1/2 the normal volume today, end of day looks like short covering to me. I will hold this one until it fills the gap up from last week.
  • [[MOS]] – new short. I have no conviction that I’m right here, but my position is very small (50x). Target $95-100.
  • [[QLD]] – this one was scary, I bought it mid-day today, I believe close enough to the bottom of the day. Moneyflow is showing that today money’s leaving [[QID]] (ultra short QQQQ) and is coming in to QLD. The ratio of buy/sells is 107/100. Last Friday SKF was being bought on weakness with the ratio 104/100 and look where it is today. Hopefully QLD will follow suit, however I realize it’s an extremely small sample, statistically 🙂 Moneyflow is the one indicator I’ll keep track of from now on.
  • [[JCP]] – had a chance to get out for a profit today, but convinced it has more downside. Should it go up tomorrow, I will not cover, want at least 2 points on it.

Ok, so the plan.

  1. I want to exit at least 4 positions for a gain this week.
  2. Must not rush into anything as I usually do.
  3. Pick a stock (or ETF, *sigh*) and try to time an ideal entry, then go all in. I want more reward with less trading. I must be certain technically, so no this “no conviction” stuff.