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Wednesday, April 8, 2009

WOW

..I mean just wow...Been a long time since I've seen something like this...Market digested the big gap down and just powered ahead like its a new bull market..My decision to cover and go long in the morning paid off nicely..Position size was not as big as I would have liked but lol, I'll take it...Beer money :)

The markets are getting a bit ridiculous now..I still have a bad feeling this wont end well..but well thats just me..We shall go by what the market does...200pts in one day from low to high!!...well I wont complain as I caught all of this move...Still its amazing how this is going now...Looks like no one wants to miss the bull bus.

As you might have observed(lol, right), I havent been in good form lately and whenever this happens, it pays to step back a little and regroup before trading again...Bad streaks good streaks call it what you will but I believe its all in the mind...I guess I might be finding my groove again..Keeping fingers crossed.

Trading in the Zone is a good book by Mark Douglas on psychology in trading...I recommend this to everyone..More than often the enemy is within us..I want to also sincerely thank SS(Timamo) for encouraging and helping me during this time. Thanks!!! :)

Footnote: I would be very careful in the market now..Its close to euphoria now..You know what comes next..It can run some more but the last 5-10% of the rally is dangerous to catch - use extreme caution folks.

More later.

Best.

3 comments:

Abhimanyu said...

Lee,

Even i did trap today...
Finally stop loos took me out from ICICI BANK PUT

Zack said...

Hi Lee,

Good to know that you have gotten back up and are throwing punches around. Keep it up. I think 3400 (200 Ema) & 3450 (200 Sma) should be the death of this rally and then hopefully a nice dip for us to go long again. What do you think?

Lee said...

Abhi, its part of the game..got to pay the piper :)

Zack, dont know right now..I think something similar..however may be a bigger dip/downmove than we expect..the market always tends to surprise us..

For now, I am just playing it day by day instead of trying to look too far ahead..I mean to say this market is treacherous..Position trading is close to impossible..Swing itself is tough..

Best.