Monday morning:
Just one trade so far today. Bought POTash on the late morning pullback and was in the trade exactly 21 minutes for an avg profit around $1/share. Although I see many long candidates, the indexes are not confirming, and as such, I expect to be relatively inactive today. I cannot stress enough how important it is to not chase your expected moves. The markets have plenty of movement and will offer the trade again at some point in the future. Chasing and "bottom fishing" have destroyed more accounts in the last couple weeks than I've seen in my whole career. It is not necessary to be involved in every move, as there is another bus coming right around the corner. Your head (and accounts) must be straight in order to take advantage of the better opportunity setups.Accounts hit new all time highs again today, but just barely. My focus for longs will remain the agriculture names, and I'll look to short the techs on a signal, via the NQ futures (or QLD etf short).Trading accounts equity less than 0% from all time highs set on 10/20/08. (includes open positions)
