Day Trading – The Bullz And Bearz

Protecting Six Figure Profits Can Be Tricky

March 13th, 2009

We are all human. Fear and greed as such critical pieces of a person’s trading style these days that sometimes its hard to ignore them however hard we might try. I have to admit, I am battling those same emotions right now given what has happened in the past 3 days. But, as all good traders do, I have placed my stops very tight and will not let my emotions take control of my trading strategy. Believe me, I have a six figure profit right now on my longs from 3 days ago. I would love nothing more than to close these positions out, take my money and run. Still, I go back to an old trading quote, “Let your winners run and cut your losses short.” Regardless, of where the markets go today I will keep all the profits that I have currently locked in with my stop orders. As for my overall opinion, I think intra-day we head higher but sell off before the weekend. To see last night’s Trading Video, just click here.

 

As always, here are my S&P support and resistance targets for today.

 

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