October 2009

Keeping Your Eye On The Ball – Trading Different Time-frames

October 30, 2009

This makes the third day that I’m in the same position. So far, it’s paid off. However, today serves as a good example of keeping our eyes on the ball. I really wanted to sell the position when it was in the money by more than it has been since I bought it but on the 30-min chart which chart I’m following it’s not even close.

I’m aware that there is going to be larger swings and more temptations to sell early than on the 5-min chart I normally trade. If I’d sold yesterday I’d made a little money and not suffered the unbooked drawdown that yesterday provided.

It’s a trade-off. I don’t want to over-trade but it sure was tempting. This is why, if we buy on one time-frame we want to sell on that same time-frame. It saves us from constantly second-guessing our own trading rules.

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TraderFeed: If You’re Fighting a Trend, You’re Defending Your View

October 30, 2009

This is an excellent point made by one of my favorite writers. Everyone should have this in mind when they trade. Check it out.

TraderFeed: If You’re Fighting a Trend, You’re Defending Your View

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Coupons: Free Groceries Outweigh Coupon Shame

October 27, 2009

Hey! There’s no shame in couponing. In fact, recent studies elude to the fact that the wealthiest among us do it more often that the middle-class does. We all need to eat, right?

Coupons: Free Groceries Outweigh Coupon Shame

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smart fortwo BRABUS coupe

October 27, 2009

: Image via Wikipedia

smartCars are a fascination for me. I’ve always had a high-mileage, low cost per mile car to drive around. The smallest one was the MGB circa 1969 that I had when I was young.

These cars are even smaller but I still own a small car. I always will. My current one is a Chevy Aveo bought before these puppies were available here in the United States.

Even though one would think that these smartCars are smaller they still are as more comfortable to drive and even safer.

Check this new model offered.

smart fortwo BRABUS coupe

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Budget Bytes

October 27, 2009

I’m kind of a foodie in my own right. Not only do I like eating food but I also love to cook. What I don’t like is the fact that almost everyone spends too much for their food. I’m so adamant about this that I authored a book called “Buckets Of Food For Pennies”.

Beth of Budget Bytes strikes at the heart of this matter in her blog. She not only lists recipes but their costs. Then she breaks those down by cost per serving.

If you are as concerned or curious about how much you pay for your food as I am you should check out this fledgling blog. Smart idea, Beth.

Patrick

Budget Bytes [brought to you via Consumerist and LifeHacker]

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Trade Journal – What A Mistake!

October 26, 2009

1:23pm – Put a trade on today at 9:09am. It was a $44 put on the Q’s for Nov. @ $1.10. Well, I bailed to protect some of the profits too early. I just spaced an forgot to look at my confirming indicators before I punched out.

It only payed 34%. That is the good news. The bad news is that the trend down that I was following has resumed and currently that same option is at $1.62 which would have paid somewhere around 45%. Not a big mistake but I’m at the sidelines waiting for another trade to form and I’ll have another set of trading expenses.

Note to self: Check BB’s on a 5-min chart before ever making another trade.

1:43pm – looks like it wasn’t such a bad trade. The Q’s look to be moving up again. The confirmation for the trade I made earlier looks to be at hand. So I was just a little early. Just another case for the accuracy of my other indicators.

Patrick

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Monday Morning Blues

October 26, 2009

I normally don’t trade Monday mornings. Like a juggler just warmin up I want to make certain when I start juggling knives that I’m ready for them.

Even with the early rise of the Q’s they are still in a range that was set by last Friday’s trading. This means that I should be patient. A trade that was triggered Friday has yet to complete so I’ll wait until another opportunity presents itself.

Could be soon though.

Good luck to everyone.

Patrick

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TraderFeed: Keeping Grounded as a Trader: How to Avoid Going on Tilt

October 23, 2009

This was just too good to not pass along to my readers. I found this aspect of trading the hardest thing to overcome. It’s my observation that, more than not, other traders, especially non-professionals, share the same struggle. This is why I can’t recommend TraderFeed strongly enough. Brett is very good at what he does.

It wasn’t until well into my career that I managed to internalize this concept. Doing so really strengthened my trading.

Patrick

TraderFeed: Keeping Grounded as a Trader: How to Avoid Going on Tilt

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