Trading Journal Thursday July 30th 2009

Well today we got another upside suprise courtesy of the sach’s trading robots.  It ran the price of the SPX so far up that it came back in the range of the July 10th uptrend.  It didn’t push yesterday’s shorts too far up and certainly didn’t break any downtrends for UNG and UBS.  UNG came in with some positive numbers in the morning which drove the price up later, but it started breaking down with the rest of the markets by the afternoon.

One lesson learned today is not to be too eager to get into a position after I found a good setup.  Entry points are very important as well.

Tomorrow should be a key point for me.  Unfortunately my account is very close to the $25,000 minimum required to day trade and if my shorts are pushed up much further tomorrow, I will get a margin call and have to deal with it or wait it out.  I might just take my one time removal of patterned day trader status and just swing trade until I have enough of a cushion for it not to be a concern.

I tried to day trade WFC for a scalp in the afternoon but only got a breakeven.  It seems I have lost my edge in day trades.  I have to concentrate on applying my new knowledge to get it back.

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