I had problems with my VerizonWireless Broadband so I could not run the trading application reliably today. I kept getting disconnected.
I did a few trades in the morning. I played today with basket trading the SPY (x2), QLD and SSO. The QLD did follow suit but I felt like it was the black sheep of the basket. It does much very fast.
I did the unthinkable of averaging down this morning. The Pnl reached negative $4,000 but the market finally turned around and I was +3,000. My indicators were bear early this morning but the market took its time turning around. I kept averaging down my cost which at the end it was pure greed, and ego. Finally it did. Averaging down does not work for me. It was too much risk for my blood. I deviated from my plan and could have been a disaster for my pnl. I will not try that again in real trading. I was better off taking my short stop as usual.
That is all for today.
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Ultra SSO Trading
I created this site to initially papertrade the UltraProShare SSO ETF (2 x correlation to the SPY). SSO provides very good liquidity. I do analyze volume and place directional trades. Most trades are 10k shares, about $700,000 exposure. I am setting stops at about 10-15c from entry price. This blog is purely for entertainment and it is not financial advise. You are responsible for your own trading decissions.
