Not sure how many time have I told myself that the market spends most of the time going up, but for some reason I keep wanting to short most of the time. I don’t think I recall ever claiming any major victory by going short. Shorting is like being defiant, going against the norm, and simply naughty. It’s the “dark side”. It’s saying the market is not only wrong, but you can catch the top, AND the sudden corrections.
Yet at times when I “repented” and reluctantly gave in and laid in a few longs here and there, they ironically got left out of the bandwagon and failed the setups.
SIFY was noted by cthruu on theinformedtrader.com. I was afraid to enter. By the time I felt more comfortable and bought on retest of breakout. It magically failed. Down 10% already!
INFN I got burned on the 1st major gap down and sold the shares, only to see it filling the gap in a hurry. Again, I didn’t chase. Then I bought it on 50% FIB retracement in front of earning. The earning disappointed and I got caught on the second gap down. Down over 19%!!
Even a conservative long as in JNJ, somehow I just have no luck with anything. Down over 4% so far but that’s over $500 in red! I am hoping 60 will hold.
Why didn’t I go short on these? Sob. I’m really the punchbag for the market.
Today was another one of those days where all of my longs are down but the market is up — thus my SDS and QID down as well. Genius 😦 My portfolio value is < $137,500 now, feeling awfully vulnerable. I’m resorting to just accumulate longs conservatively right now.
All the whining aside on my existing positions. Today I traded CME and GOOG. Greens on CME and slight red on GOOG. Netting a petty $105. But as long as I stop losing money everyday, I’d be grateful.
CME was for bullish wedge and earnings play (in 3 days) while the up trend remain intact.
GOOG was for the 50 ma play. As one can see, the 1st setup went against me again, luckily it deadcat-bounced a bit and I was able to fine tune my average costs a bit.