Thursday, October 16, 2008

Buying for the IRA - SSO



Buying some SSO for the IRA again, in at 28 for a longer term play. Looking for a target of 33 (20% or 10% jump in the S&P sometime in the future). Will buy more if we drop lower. This is a 10 year monthly chart of the S&P futures. I am making this buy because I have the stomach for a drop, have a longer time frame and dont need the cash anytime soon. Much like I did last week

This is not a day trade by no means.

Learn to trade gaps


3 comments:

Anonymous said...

You are looking pretty smart about now :-)

Unknown said...

I am up 10% and will move stop to even - will sell if we gap up in the AM or ride it up with a trail stop - pigs get slaughtered, 10% in a day and hoping for more is piggish.

cl said...

cool site bro, just found it... I've been studying the market for a year now.. lot to learn but I've learned alot.. trade options, short, and daytraded for the first time on friday...fell in love with the process, but wathcing the 1 minute charts throws me too many fakes... just read about u watching the 5 minute charts... also like how u scale in if the trade goes your way...looking to pick up tips from educated and experienced day traders like yourself....glad i found ur blog.. keep it up , and look forward to your posts..

Disclaimer

I DO NOT MAKE RECOMMENDATIONS TO BUY OR SELL SECURITIES - I JUST POST TRADES I MAKE OR FIT THE RULES OF MY TRADING PLAN ON A DAILY BASIS. DO YOUR OWN DUE DILIGENCE - YOU ARE RESPONSIBLE FOR YOUR TRADES, INVESTMENTS, AND DECISIONS! ALL CHARTS COURTESY OF TRADESTATION, SCHWAb & TD AMERITRADE