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    Friday, October 24, 2008

    The Plan

    I come in flat today, and ready to trade either side. I do not make directional calls, but instead have a plan for each possibility, always respecting risk. Nobody knows what will occur, and I'd suggest traders turn off TV's, the Blackberry, and their phones. You already know what to do, so you won't need advice.

    These are unprecedented times for most traders, so I don't want to hear what is going to happen. Instead, I will shrink size back again, and trade my signals. Keep it simple and leave emotions/opinions at the door.

    My plan is to let many spikes play out before I get a grip on what direction I'll take. I can say for sure I will not be long stocks overnight, the same as I've done for 6+weeks. I am not attracted by "deals", as these "bargains" have mauled investors. Traders that are long overnight have their own problems, and I cannot tell them what I would do, other than that I would not add as you're probably already at your max loss level. I'll have plenty of time to get long for the easy trade after things are going higher, but now is not the time to "invest". If I am force to take a long signal, it will be a day trade only. I much prefer to see longs add to losers, and drive stocks higher the first hour, so that I can sell short with both hands. That would be the easiest trade, but life isn't always that simple, and I might need to be a buyer. If markets end UP today, then longs got lucky, but they didn't get any smarter.

    Good luck, and play tight. The best way to make money is to keep it in the first place.

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