Recommended Reading

Google Search

Google
 
Charts courtesy of stockcharts.com

Monday, January 16, 2012

Market Watch Game Standings

We are two weeks into the Market Watch game I started. There are 4 players, I have no idea if any read the blog. I am currently in second place, mostly due to good luck rather than good trading.

Here are the current holdings I have. I have all small positions, no more than 2% of the total account, mainly due to the fact that I have little faith in the current rally. I also like to employ a strategy of starting with small positions and adding to those that are working, and if the rally proves itself stronger than it looks now, I may start adding to some of these positions. I have one short, ANF, which so far is gong nowhere, and one long, FLNC, which I am probably going to dump.

 Here is my one completed trade. I shorted BVSN Thursday morning, thinking it was due for a pullback, and my target was about 13. Minutes after shorting it, it collapsed about 5%, so I put a tight stop on it and it got hit. It bounced back Friday, and I am looking to get back into another short here.

LIZ was the first bonehead move of the game. I actually caught it pretty nicely on the breakout (I bought it a little higher past the breakout point than I wanted to), and had a very nice profit within a few days. I did not bother to check to see when it was reporting: it dumped on the report day, and damn near hit my stop, which was about 10% below my buy point. Amazingly, it has done nothing but go up since. It is running into resistance at the breakout point, and I should probably sell here and take a small loss. The lesson of these two trades: it's a whole lot better to be lucky than good. Luck, however, is a poor trading strategy.

No comments:

Google Analytics