Yes, Please...

It was a lovely day for my portfolio as unemployment claims declined and the trade deficit narrowed. Not much seemed to happen with the broader market, but my portfolio sizzled - which is just the way I like it.

Still, I know that in order to be a successful trader, I need to push myself to systematically take profit. Here are my bimbo thoughts...

This year, I noticed a few different scenarios when profit taking is suitable for all investors (LOL):

1.When the broader market has reached a critical resistance level… like this recent touch of 1200 on the S&P.
2.When earnings season is about to end. Wow, that lull could be very painful. After BCS earnings season earlier in the year, I was holding onto a downtrend for the longest time.
3.When no other news is due out for a while – no economic data, etc. Data drives volatility. In the absence of data, other market forces take over price action and it’s usually not pretty.

4.When I’m feeling really smug… or when I feel like, yeah I could definitely day trade... that’s usually the time to take profit. LOL.
5.When a profit objective has been met… CENX was one good example. I kept watching the $14 to $16 level and when it hit $14, tried for $15, but failed, I should have taken profit. Failure of key psychological levels is a big sign to take profit.

These are just some of my ideas. I'm deliberately withholding some of my bimbo trading insight since I think this could give me a strategic competitive advantage and allow me to leverage my core competencies to drive my long term profitability. LOL.

+0.65% on the SBA
+1.55% on the Roth IRA


P.S. LOL.