Just experienced a losing trade!

I entered AMZN this morning at 10:00 based on my indicators telling me- it was a trade. This is not the first time AMZN has turned on me unexpectedly. I will probably take this stock off my watchlist because it is proving that it will not run in consistence with how I trade.

I entered at 309.87 at 10:00. The next darn candle after my entry went south. I entered off the 5. I had all my indicators rolling in my direction. It turned a bit, flattened, and proceeded to drop past my loss tolerance level. I sold at 11:05 for 308.74. I lost $245. I am sick! I know it happens, but I will elect to not trade again until I am very clear on what happened. If I can not figure out why this trade was bad, I will dump AMZN because I clearly do not understand it. Again, I am a man that will give you the good along with the bad. We all have some loses, and I think it is important for the new traders to understand that I do not care who you are, you will have some losing trades-EVERYONE!

I am pretty messed up over this loss because at this point, I can not see why. This was a typical trade for me. One thing happened that I did not expect was, the DOW was heading up and reached about 36 before my trade. Shortly after entering, it turned and went down pretty quickly to less than 20. I guess that could be enough to drive a trade in the opposite direction. My crosses were not clean with clear light between the red and white, but I have made this trade a hundred times and this has not happened. If anyone can point out something to me, please feel free. I will spend a great deal of time tearing this one apart.

I have closed up shop for the day. As always, once I sell, I am finished for the day. I am not giving back more. I still made well over $4000 this week. Call my attitude greed or whatever. I just do not like losing at anything! Someone has my $245 today- lol!

Have a good weekend!

Rookie, I was looking at AMZN today as well, what kept me from entering was the resistance on the 55, the 50MA swooping down, the 200MA, and the top BB all right there... lately (except for yesterday) the market has been tired and resistance / support has been king... I've been trying to avoid them when I see them figuring at best the stock will go flat, at worst reverse. My loosing trade today was PCLN for the exact same reasons... 50MA on 55, 200MA on 34, flat top BB on 21... like a wall...



Edited 1 time(s). Last edit at 10/11/2013 10:34AM by ChairmanFaust.

Please don't be insulted by anything I have to say about the subject, but maybe just maybe wait till 10:15 to 10:30 to ensure amatuer hour has finished up.

All in all it seems you kept the loss very small. It's drop in the bucket compared to being up over 4k this week. Either way, don't be to hard on yourself, you kept to your rules for winning, and for losing. Way to go!

RichieRick and Chairmanfaust,

I totally welcome any educational statements that will make me a better trader. Honestly, I stopped going into trades before 10 because I was trying to stay away from AA. As I look at AMZN right now, I would have been ok- if I would have stayed in. I only opened my charts to take a peek, but I have no interest in going back in the market.

Team, please let me have it when you observe a major mistake I make. I do not get offended easily-especially when someone is trying to help me. Again, you will find that I do not share every positive trade, but you better believe I am going to put my losers out there- regardless how embarrassed I might be. These mindset books has me thinking I am going to be a millionaire in 6 years. Right now I am an overrated "thousandnaire" or a recovering "hundrednaire". Guys, thanks for your input.

ChairmanFaust Wrote:
-------------------------------------------------------
> Rookie, I was looking at AMZN today as well, what
> kept me from entering was the resistance on the
> 55, the 50MA swooping down, the 200MA, and the top
> BB all right there... lately (except for
> yesterday) the market has been tired and
> resistance / support has been king... I've been
> trying to avoid them when I see them figuring at
> best the stock will go flat, at worst reverse. My
> loosing trade today was PCLN for the exact same
> reasons... 50MA on 55, 200MA on 34, flat top BB on
> 21... like a wall...


Yep gotta watch those moving averages. On the E chart (for some) the moving averages are used to enter a trade by the same effect use the large charts with the larger moving averages as well as GW's HRFP or FP for entry. You may get a signal on the 10 minute E chart for a trade but the 55, 34, 0r 21 may have heavier moving averages showing you the trade could go sideways. You can lose $$ on sideways moves.

I did not trade yesterday or today. I simply did not like the charts. S/O traded yesterday. Traded VMW and sold right off the open with a $595 profit. S/O held over night. Not me buddies not in this market. As I have said S/O is a gunslinger. I'd rather run than fight!



Edited 1 time(s). Last edit at 10/13/2013 12:19PM by Darcy2.

Rookie and others,

I don't see either a FP or a HRFP On the 55, 34, 21 or 13. I saw them on Thursday afternoon... Does that count? I wouldn't think so... Too much momentum already gone? How do different folks interpret this? I'm still studying and learning.

I made a successful practice play on AAPL off the 13 chart at 1140. Had a FP, MF, DF, iffy "e" on the 13. More like a "z". Maybe nothing but luck.

I have chosen to sit on the fence today and listen to some of my book, "The Warren Buffet Way- 3rd Edition". This market has flattened out and I will not take a chance with my money in a market that is sitting stagnant.

I enjoy listening to books-opposed to reading them. I know it is better for me cognitively to read, but reading make me sleepy, so I only get about 60-70% of what the book is conveying- the other 30% of the time I am either alseep or owrking on it. I guess this is like being addicted to Hooked on Phonics for adults. I need to hear it- "T-h-e C-o-w j-u-m-p-e-d o-v-e-r............ All jokes aside, I am really enjoying the book. The narrator is really good. The size of these words that are being used are on another level. You know it is pretty bad when you cannot look a word up in the dictionary because you cannot begin to figure out how it is spelled. I just make up in my mind what I think the word means-works for me.

I listened to "The Instant Millionaire". The the old man told the young boy to repeat in his mind as many times as possible, " I will be a millionaire, I will be....." If he mentally repeated it enough times and really wanted it inside, the thought would embed in the subconscious and determination, motivation, internal strength, etc would inately take part of his life. He encouraged the readers to do the same. Well, this has obviously been embedded in my subconscious. My wife stated that I was dreaming last night and was "jibber jabbering". She said I was definately talking about a millionaire, but she could not understand much past that. As I told her, between Warren Buffet's book, all these books about growing to be a millionaire, and studying my trading stuff, my little brainis taking in about as much as it can handle. My brain feels like a person would feel who tried to drink water through a fire hydrant. My wife said, " You know, sometimes, you just say some things that make me wonder about you". What the heck does that suppose to mean?

Good luck on your trades today!

LOL,

Ya know its kinda funny. I've had friends in the past "back away" from our relationship because several of those books changed the way I looked at the world, and myself. It was like I was viewing the world from the wrong side of the glass.

These "mindset" books can be powerful.

I'll be the first to admit that at some point had a strong dis-taste for what I call "rich people", but not anymore, and not for a long time now. I guess I was just being a "hater". I'm glad that is over:-) lol.
When I started to think differently about things it somewhat changed my opinions. When I voiced those opinions they thought I was high or something. Either way, there loss:-) Hehehe....

rookie30,

I read rather than listen...that way I can highlight something I think is important. Then I go back through the book and copy off the highlighted areas on to my computer.

I noticed however when I read out loud I yawn about every 4th word.



Edited 1 time(s). Last edit at 10/17/2013 08:28AM by Darcy2.

I traded CF on yesterday. I picked up about $3-which was pretty good. I did not like the premiums, but it was still worth popping the trade. I have decided to go back to my 13 chart until some of the uncertainty and emotions settles. It appears we could be going in the right direction, but until this market solidifies a little, I am trading off my 13 again. I was starting to second guess myself a bit too much. I know I can trade off that 13 chart extremely well. I was on the 34 because I thought trades were running a bit longer, but not for me. I am in and out before my trade develops into any kind of real profit. Well, I am in a profitable position, but before I get good signals to get out, I am nearly back to where I started. I went back and studied some stocks that I trade and tested them on the 13, and my style of trading would have aided me in making about 20% on my trades over the past two weeks. That is pretty significant when your position size is about $5000. I am going back home to "momma".

If I were trading from home and loved watching the market-or loved gazing at the Christmas Tree all day, I could pop two or three trades a day off the 13. I am not quite that "In love" with the market- nor do I want to lose myself. Greed can "OWN" a trader- if not careful!

I must admit, I am a bit shocked by what I am seeing this morning regarding the futures. We are down. I guess now the Fed is concerned about the borrowing stuff that is on the horizon and others could be looking to take some profits. It never stops, but if you know how to trade both ways, you can always snipe or gunsling a trade or two or three throughout the week.