Quick review of this morning trades.
- INTC - 1 minute high, ran to within .03 of my target and reversed - once I am half way to my target my stop goes to break even. was taken out at break even
- MU - pre-market high passed - pulled the trigger on Intc and was close with MU but a little too extended and close to the whole # so went with INTC
- HEAR - I try to stay away from these smaller fast movers that whip around all over the place. They can make major moves and you can hit it big but they can also rip your head off. I entered the trade and my stop and was taken out in two seconds for a .17 loss or 1.7R. So instead of just calling it a day I decided to take on this mother fer again and got creamed as it turned around and lost .24! Was a good reminder - trade what your comfortable with as with these you need perfect entries and or wider stops - I had neither today as I prefer the .10 or .20 stops and .20 to .40 targets.
Stock Trading Plan: http://www.howidaytrade.com/stock-day-trading-plan.html
E-Mini Trading Plan: http://www.howidaytrade.com/e-mini-trading-plan.html
* You don't have to trade everyday. If the conditions don't feel right or if you're unsure of the current days trading environment then PASS on the trade. Missed money is better than lost money. Day trading and the stock market is not a "war" that you must win at all cost. Trading should be fun, wait for only the good setups. Follow your rules, stick to your stops, and know that everyday the market presents a new chess board.