Day 2 following Bernanke left me questioning my trading strategy and what I did wrong other than not selling even when the profits were so tiny. But that's just it - not selling was what I did wrong. I confess, HSFTs... there were profits before these losses and I'm pondering aloud now how it is that Professor Schlossberg keeps to his rule of never giving back any gains. I'm going to try on my next winning trade - whenever it may be. It's a lesson learned now and I'll mark it down in my notebook - or iPad 2 - as a case of classic resistance. In fact, I've made the same mistake twice here.
Flash back to a little more than a year back when I was going through the HP Incident. If my memory of it is correct, a similar phenomenon occurred where I didn't take profit when I could have, then ended up being the bears' dessert.
Speaking of dessert, other than taking a market beating, I'm having a grand old time in Hong Kong. Instead of shopping, I'm trying out different restaurants everyday. I'm going to post my delectable experience when I get back...
Looking at my portfolio, though, I've nearly lost my appetite and I'll need to focus on gaining more business in Q4. I finally met 9FM in person! Quiet but powerful and definitely quite young, albeit with a solid and commanding presence already... I feel he's got a soft spot for ForexDiva underneath a cool demeanour - or he's going to develop one anyway! I already have one for him - sort of. I've decided I like him enough to want him to fill my wallet again.
I met with a few other industry professionals and have a good feeling that things will turn out well in spite of it all. There may be a few projects here and there, but I'm not attached in any way. I'll be OK for some time even with my portfolio the way it is. I've set aside cash for expenses and took measures to minimise negative cashflow.
Sell me bears, but I'm going to fight back and arbitrage you at bargain basement prices! If a $400 billion Twist can't appease you, nothing will...
JPM broke below $30 and though I said I would eye $24.99 or thereabouts for my Machiavellian comeback, it already closed above its daily 50% Fib level of $29.08 today, fighting back from its $28.53 daily low. Could this be a positive sign amidst the clouds?
I pose the question: what do the best traders do when faced with a portfolio with losses of my magnitude? How do they fight back and turn a losing trade into a winning one?
I have more questions than answers, but I'm going to do everything to make sure that I turn this around so that I can reign as Queen of Green in Divaland once again.
First thing I'm going to look at is when Nasdaq starts to turn bullish again. Then, I'm going to buy one of the worst losing trades on Nasdaq over the past 10 days - which may or may not turn out to be one of my holdings. I'm going to continue using my daily 50% Fib level as a gauge. This indicator has been right; I failed to execute and trade it. Now I'm going to do it.
We ticked up on Nasdaq on the close, but it fell 2.27 points short of broaching its daily 50% Fib level of 2457.27. Similarly, CENX also failed the daily 50% Fib test by 4 cents. It took some effort not to use my Swiss jokes here, but a fail is a fail.
The waiting continues for the tides to turn in the bulls' favour. Get your surf boards ready... we're going to continue trading and riding the waves!
-6.06% SBA (losses are already less than yesterday, which I feel is a sign of slowing selling pressure)
-4.39% Roth IRA
-3.51% DJIA
-3.25% Nasdaq
-3.19% S&P
-4.66% Eurofirst 300
-4.67% FTSE (GOLs... naughty, naughty!)
For now, I'm off to see more prospects... wish me luck - or the pluck to face the world with losses like mine!
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