Day trading report Jan 31, 2008: +$590

By Paul | Published: January 31, 2008


What a day today. Volume was great and swings were huge too. I had a good day today and covered my losses from yesterday. Good days always seem to come after a bad day. I think it’s probably because I’m more calm after a losing day. So now, I just need to maintain my composure even if I’m up.

MBIA had a conference call today and told everyone everything’s still good even though they are reporting a $2.3bln loss last quarter! Go figure! Someone at BillCara is suggesting that the fund managers are proping the market because it’s the last day of the month. Just so they can have a positive January.

I traded the pre-market signal as intended and it paid off. The gap closed as expected but I exited too early again. If only I held longer, my profits would have been in the 4 figures today.

I did well today, entering trades only when the risk/reward ratio is deemed worthwhile. In addition, I am making use of resistance and support levels. I think this helped a lot.

However, I think I need to be quicker on my decision. I found that many times, I was still pondering should I enter and then the price have moved already. On the other hand, my exit trigger is a bit too fast because I’m still not letting my profit run. Thus, I think I need to automate some of my decision making process (like adding some ShowMe’s) rather than just eyeballing my indicators. One idea I’m having is tune my fast time period with an appropriate ShowMe. This should be something simple. I am thinking of implementing a ShowMe for local high/low with stochastic divergence as setup.

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