Wow,

That’s all I can say about today because for the most part, I missed the boat. Here’s how my day went.

I was up a couple quick scalps in the morning and then took a Trend playLong for some reason. Looking back at the trade, i can’t find a single reason why I entered long. What happened was that I was paying close attention to the Gold Futures when I heard an audio alert going off signaling that a Index Arbitrage Buy Program was being initiated. I glance at the chart quickly and almost immediately pulled the trigger without looking at the whole picture.

That uncharacteristic error was what we’ll call Error #1. Being that I had labeled it a trend play, I adjusted the stop farther away, which my rules do allow for if a powerful enough potential trend play develops and I need to give the trade more leeway. Despite the fact that this trade was not in fact strong enough to qualify, I treated it as if it did. This was Error #2.

But it was Error #3 that told me that something deep within myself was off and warranted stopping trading for the day. For I made a grave mistake that I haven’t made in months. I doubled down and added to a losing position to lower my break-even point. In the trading world, this is as close you get to an unforgivable sin.

In my trading plan I do have a protocol which allows for doing this but only during very choppy narrow range days such as NR7 days where it may make sense to do this kind of a fad play. But again, this morning hardly qualified. After rightfully being punished for Error #3, I closed out the entire position disgusted with my actions and vowed not to trade for the rest of the day as something was obviously not right within myself.

The only bright spot in today’s trading was the performance of my swing trade stock picks. For those of you who are already subscribing, you know that I finally started posting Swing Trade Picks on my TradersCue Portfolio. For those of you who are not subscribing, I’d highly recommend it as that is the only place I’m posting my swing trades anymore.

I’m up 11% on 4 trades so far this year and had taken a many week hiatus from posting as I was focusing 100% of my efforts on learning, tweaking, and mastering this new scalping technique. But I am finally at a point where I will be able to resume my weekly stock picks on a swing trade basis.

Each weekend I will do in-depth market and sector analysis. From those sectors that are looking strongest & weakest, I will then analyze the 00′s of charts within each sector and pick the 2 stocks that I think have the best chance of breaking away that week. Included are the entry & exit criteria which subscribers get in an email as soon as I post them. I’ll try to post here that new picks have been made for those of you who don’t check your emails often. I will never have more than 2 open orders or active positions at a time so people of all portfolio sizes should be able to participate if they so choose.

But as always. Do your own research and due dilligence before taking any positions based on my recommendations. And never risk more than 2% of your capital on any given loss.