It was 9:30 AM when I started writing this post and I am already done trading for the day. If you read my previous post I noted that I had started a new account and am already down a significant amount of money. You’d would have also read that my goal is to simply break even or get close to it by the end of the month. I figure if I can break even or get close I can refocus my mind and start fresh in May. With that said I am not going to let anything ride too far this week and take profits quickly. This morning I played MTW and EK and made $265 which is a good hunk of my losses. If I can make a daily average of $216 for the rest of the week I will reach my goal. I hate to focus on the money because I could probably reach my goal quicker if I let my winners run.  However, letting them run means a bigger time frame for risk and I’d rather lock in profits to hopefully get my account back on track.

Anyway, here are the trades for today…

EK (Eastman Kodak)

Let’s start off with the title of this post! I found EK on a scan last night and drew in a breakout/buy point of $8.49. The stock had an initial run-up and then set up nicely sideways, so I got in right before it broke that sideways action at $8.35. The trade worked immediately which is a good sign according to one of my trading mentors – “Good trades are the ones that work right away”. As discussed above my goal this week is to break even and not be greedy so I took profits at $8.55 with a nice little gain.

Here is where the title of this post comes into play. After the run-up and where I took profits, EK took a break and repeated what it did right before my first entry. I saw this coming, wanted to get in at $8.60 so I had my order ready and it started to move quickly so I sent it out. I was filled…but I accidentally hit the short sell button on Sterling Trader Pro! So I was playing an intra-day breakup and went short by accident. Luckily I had taken a smaller position and was able to get out before it actually took off. The sad part is it DID take off and shot up, so I did miss the move. Frustrated, knowing I was making a mistake, I took another small position on the long side and it was done moving for the time being so I got out. Eastman Kodak continues to be strong today, but mentally I cannot enter it again.  As I am writing this I see EK isn’t stopping!  It sucks that I missed the move, but for my trading psychology I need to accept it and look for the next play.

MTW (Manitowoc Co., Inc)

On MTW I had a breakout/buy point at $15.77 from my analysis last night.  The stock gapped up and was above my target so I was looking for a pull back.  It did pull back right to the $15.77 mark and I entered at $15.92.  It had a nice little run and I exited at $16.25 when the market took a big swing like it has been lately.  I took profits on another sweet little gain.

So that was my day today.  After my mistake of short selling a breakup and taking profits quickly I ended the day positive.  I don’t think I will play anything else today, but if I see a good setup I might take it.

Daily Profit: $249 - before commissions