Friday, June 06, 2008

After weeks of losing money because I was puting my money where my mouth is, I finally made it... I finally made money on a trade going short QLD, but my timing was not quite right.

At least I made a winning trade. I am being honest about this. I have lost money, but I saw this one coming, the only problem (as every traders problem) was my timing.

Hopefully we get another down day on Monday before the classic PPT bounce or maybe I will have the guts to ride the short position to the March lows.

You never know, I was strarting to think that I did not know anything about the market (Which I dont), but for once in my trading, I was right and made a little money.

I know this sound horrible for the people who were long the "worst is behind us" trade, but think about it: Oil at 138 and going up, inexistent energy saving policies, rising unemployment rate, rising foreclosures, and the financials in the doldrums....
But perhaps, once again I am wrong and we see a super bounce next week. However, based on the little confidence that the 3% drop gave me, I would say we will slowly trade to the March lows.

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