Friday, September 20, 2013

T.J. 9-20-13 Reversal?

I exited out my last losing position pre market at 2700 this AM. It would have been a wash if it wasn't quarter end options. ES came back to retest Wednesday's break out area. It was a slow grinding down in the morning and accelerated in the afternoon. The later drop may have something to do with the congress passed a bill that de-funding Obama Health Care plan. It looks like the debt ceiling battle is on in the next two weeks.

I entered some put options to fill next two weeks positions. I still was not patience enough on couple of entries. I lowered my entries a notch lower. A bad habit takes a lot to change. I will obey my rules to take stop if they come down to 1.5-2x against me. It actually will work out to reduce loss, b/o or profit when I take stop and enter new positions further out of money.  A lesson of three months profit should be strong enough to change my bad habit. Otherwise I won't be able to make it in this business.

No comments: