Few mistakes today:
1. Went short RMBS even though I was planning to play it LONG. I went SHORT because Muddy in the chatroom said he is going to short it. I couldn’t go LONG after that and I got confused about the price action after that. Mind you, I am not blaming Muddy for this. He shared what trade he was doing, it was my fault that I didn’t trade as per my plan.
2. Getting spooked out of WFC too soon. I was long at 11.80 but couldn’t handle the little dip to 11.50. WFC closed at 13$!
3. Waiting on the sidelines instead of going LONG on FAS. After Bernake’s speech market was ripping but for somehow I am very bearish and couldn’t get myself to go LONG on FAS. Again, I need to work on myself and ride the momentum as I see it.
Status as of end of Feb 24th:
Positions closed for Gain: CAB (29$), FAZ (44.51$)
Positions closed for Loss: WFC (-75.75$)
Open Positions: PALM (1000 @ 7.52), RMBS (800 @ 8.72)
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