Tuesday, December 18, 2007

Went Short While Sick :(

I felt myself getting sick about 4 days ago. The day after I felt ok and thought I might of been a false alarm but it came back it hit me hard yesterday and then harder today. I guess it's some kind of head cold that's been going around here in Southern Cali. It's all of the place..


I woke up about 30 minutes after the opening bell which I've never done. I'm usually up around 6:15 or so ready to watch the flood gates open. When I wake up late I'm usually pissed but this time I didn't care, I was sick and probably shouldn't of traded anyway. I came over to my PC just to see what the market was doing and I noticed QT lost Internet connection and wasn't recording any of the data for this morning. So that kind of bummed me out but not enough for me to get pissed. I shut it down and restarted and then starting getting data. Watched it for about 20 minutes or so and saw QID running up during that time. All my other data was pointing to go short, so I went short. I got in on QID at 40.76 (green arrow).


One thing I didn't realize though was that when I fired up my position size calculator, I set my risk to 1% instead of 0.5% so I put on a bigger trade than normal. Didn't realize that until I started seeing QID fall right after I got in and saw how much I was losing and wondered why it was so much haha. Anyway, once it flattened slightly right above my stop. I set my audio alerts to let me know if it was close to my exit point or if I got stopped out. Did that, and went to bed and flipped to CNBC to watch the ticker every 15 minutes or so to see how the Q's were doing. Oh yeah, stop was at 40.30 and then moved it up to 40.80 when I sold my first lot.


Finally came back to my PC to see what QID was doing and it was making higher lows. I was stoked and that when I sat down because QID was taking off like a rocket and I had to be their to bail on my first lot of shares. Sold my first lot at 41.45 which is 10 cents lower than my target but since it was around resistance I got a little worried and lock in some profits early. It did hit my target and then some, saw it ride back down, bouncing around and all of the sudden, it stopped. The price just froze for about 2 seconds and I was like, "Shit, here we go, were gonna decline" So I sold the rest of my shares and went back to bed. Came back right now and see that QID went on a nice down trend since then.


The feeling that I felt the most throughout all of these was that I really didn't care what happened. It's like I put on my objective glasses when I don't care and I almost got caught going long but thought, "no, I missed it, do something else" Went short and thought I blew it because it declined right away but I didn't get stopped out and just reinforced myself, "either get stopped out, or hit 2%" and walked away.


qid trade chart 4

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