Is The Market Topping? Guerrilla Trading.

Tuesday, October 13, 2009

It was a very stressful day, holding a big short S&P position. I got scared a few times with the several rally attempts but the S&P`s ended the day flat. Bull forces were still at work for the most part of the trading session.

I did some guerrilla trades like buying EUR/USD for a 30 ticks profit and some Nasdaq`s for a quick scalp after 2pm in the afternoon NY time, the "institutional prime time hour for buying". So the trading day was OK, slightly profitable.

I have reduced my S&P`s by a third taking some profits on those I had sold at 944 yesterday. The remaning shorts are still well off the money.

Changing subjects, I was thinking about the traits of sucessful traders. While most trading books refer discipline as the best quality of a trader, I think the best traders are agressive, fearless and flexible. I rank high on the first two and low on flexibility. I like to keep trading on the same side of the market for extended periods of time. I would like to know your thoughts on this subject.

I will try to post my guerrilla trades in real time tomorrow if I can spot any market opportunities.

I did not even mentioned oil because it was flat today. I am still short with a very moderate line. I may add to this short position on market weakness. I sense good days ahead.

Petroleum Oil Gas info Blog is a website for active online futures and stock traders. I will provide my real time trading decisions and my market thoughts on this webpage. Trading is not as hard as some think and definitely not as easy as some wanted it to be.

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