Getting caught up on weekly recaps, This is from week of Sept 30th. We had a very hard week day trading because the market was so choppy and contrarian. We saw lots of fake-outs and patterns that normally work did not. Lots of news as well and the market was on edge about anything and everything. Our win percentage shows it, and while we took advantage of some great plays we also got stopped out a lot. These are the weeks when you find out if you have what it takes to be a trader, and if you truly understand trading discipline. It is the market’s job to take your money. It is your job to keep more than it takes. Managing risk, when you decide to take trading and investing in your own hands, is the part you are taking control over. That’s why most people give their money to others to manage. Managing risk takes discipline. I personally sized very small on day trades and won very large on swing trades to make up for it. Let’s look at the day trades:
Now the #spx-mwf-day-trade paid off as they typically do. We went two for two with a decent ROC for the week:
No earnings that week, but we did manage to close out some very nice swing trades on SBUX and DIS
Congratulations to those who managed their money well. If you stayed on the sidelines, that was probably a smart move. Once you get a feel for the market and you know something isn’t right or just not your cup of tea, be okay sitting on the sidelines until things get back into rhythm. This was a great week for that, and we still managed to have some nice winners so all in all not bad but definitely looking forward to when the market gets back to normal.