I had to leave my office 2 hours before the end of the US session and I was astonished when I saw the closing prices. Before I left, I placed a buy stop in half of my S&P`s around the morning`s entry price, in the 910-913 area. I placed that stop because I could not watch the market for the rest of the afternoon and with a big short position we always need to be careful.
Even though I took quite a hit on the remaining shorts and my month ended just flat after being way ahead by Wednesday. While I did a few dozen good trades in the S&P Futures in May, I took quite a hit in my oil shorts and in this last S&P Futures trade. Quite disappointing. We can`t always win, can we? But its always painful to watch profits vanishing in thin air.
I need a rest. This was a very intensive trading week.
I will leave you with one of my favourite trading quotes of all time, "But I can tell you after the market began to go my way I felt for the first time in my life that I had allies - the strongest and truest in the world; underlying conditions." Where are my allies? I expect them to be nearby.
I am a few thousand dollars lighter.
Oil went up every single day of the week. Quite exasperating, not? But I never get impatient when I know I am right.
Oil Trader`s 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.
