Things continue to look gloomier for the market as the bulls continue to find ways to lose control of direction. While there has been no major breach of critical support levels, the S&P and especially the DOW is getting awfully close. With that said, I’d recommend tightening your stop-losses where possible in light of recent market apathy on behalf of the bulls.
Now on to more exciting stuff…We’re working on a new feature for the site that would include adding a real trading portfolio for you to track us against and employ the services of a company to audit our results each day so that you never worry whether our results are legit or not; because lets face it, any schmo’ can say they have made 10,000% in the past year on their website and not have to actually show their results. Well, in order to provide you with greater confidence in our transparency and honesty, we are going to provide a portfolio for our day-trades with all of the transactions including the net gains after commissions and SEC fees along with the current portfolio value so that you know that our trades aren’t being altered or fabricated in any way. So stay tuned for that – we’re looking at a launch date of probably July 1, 2009 – the second half of 2009.
Speaking of our day-trades, if you jumped on board with me today on Research in Motion (RIMM) you probably didn’t fare too well, and neither did I (got knocked out within an hour on our original stop-loss) This week has indeed been a frustrating one for me and I’m looking to get back on top of my game come tomorrow morning. The main area that I have been showing some problems with is probably being too conservative with the trades – trying not to lose on any trade at all (which usually leads to more losses anyways). Instead, I need to be a little more daring with my trades, and not just take the safe trade all the time (which is usually not all that safe).
Today in RIMM was a perfect example, I didn’t want to go against the strength the market the was showing in the early going and take a short position in RIMM (which would have been a huge winner for me had I). Instead, I went long, when the market was clearly turning over. I’ve done that a few times of late this past month. So there is an area of improvement for me to do better at. Your thoughts?
Here’s the NASDAQ and S&P charts…