Couldn't stop loss again on Friday. Lost 15 points at my NQ longs. AD all the way down from 1512 to 1491.5. Crap! At 11:30, the single bad trade wiped out all my gains for the past two months. I was dead frozen.
Lucky I was right about the rest:
1) No way bad GDP is a surprise news to big players
2) No way anyone would short on a Friday during a smooth week
3) Window dressing on the way
I decided to hold. GOOG's direction made me almost lost all the confidence. It kept dropping even NQ stayed in a narrow range. But MSO and SBUX both came back, IBM kept gap. So I hold but dare not to add more longs. And market did rebound around 3:30PM. I closed longs at little loss. If I had kept them, eventually I could have made profits, because it went all the way to 1509!
I checked my records. I generally trade better at the latter part of the day. I normally end up with cut loss in the morning. So two changes:
1) Always enter the stop into the system after building a position
2) Stop trading in the morning.
I'll test for one more week to see if day trade NQ is a right choice for me. This week gained 0.4%. Tired.
