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    IMPORTANT : Below is what we're looking at currently, but pay attention to our UPDATES on the side of each page for actual entry/exit times and prices. Refresh pages often! You will witness our winners AND losers; something that is rare in our business.    TO VERIFY ACTUAL PRICES AND TIMES, PLEASE CLICK ON  A TICKER ENTRY TO THE RIGHT.  ALL TRADES, WHEN THEY OCCURED, ARE VIEWABLE.  Whenever possible, we have included the ETF symbol for those who are not experienced trading futures, etc.

    Monday, April 21, 2008

    Morning plan


    My plan this morning is essentially the same as the last few days. I expect to get a short side entry in stocks (short IYR, or long SRS and SKF) at some point before 11:30 am on Tuesday. It's important to be patient until then, as chasing rarely pays. The goal is to get involved where we trade from a position of strength. It's much easier to push winners for significant gains, if we've acted according to plan and not emotions.

    Regarding current positions, the WEAT etf might get stopped out, although we are not there yet. Pay attention and honor stops, but I won't exit on a whim. It's either stop out, or remain long WEAT, but nothing else. I'll inform of actions taken, at the moment I place the trade. The COTN etf is a candidate to "add", but has yet to signal.

    This morning on Bloomberg I read a quick article regarding Dennis Gartman, a high profile commodity bull. Strangely, he has reversed his long standing bullish outlook on gold. They did not mention if he is now outright bearish, but he's sold his long position. I bring this to your attention to illustrate how important it is to follow your own system. If a trader reacts to what others say and do, the "whipsaw" effect will be hard to tolerate. I work hard to keep my own thoughts on track and not be swayed every other day. It all comes back to consistency. Even a newbie can come away with the same conclusion of a chart, it's HOW we trade that determines success. In short, don't put too much emphasis on the analysis, instead focus on properly executing your own plan.

     

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