Wednesday, September 23, 2009

Laying Low on FOMC Day

Great job by the guys in our office doing less today. We were able to get into several great long plays (GIS, PWRD, ERTS, SVA) while not over trading out of play names. The latter part of that statement has been a flaw in my game. I over trade names that are not in play because I missed the 2-3 good pitches the day provided. Today was not a day to push all my chips all in. In addition to the pending FOMC meeting we saw the VIX on lows before the FOMC and lower after the FOMC. In the past we have discussed trading like a "sniper." (here and here, thanks Dr. Steenbarger). Today was one of those days - Wait like a sniper.

I witnessed several guys in our office have a day akin to a 12 pitch at bat. Foul some off, take some balls, wait for a perfect pitch to take a cut. Every pitch is not a good one. And every day is not a pedal to the floor day.

Readers can sign up for a free trial of our Trading Rm Real Time and get a feel for when our experienced traders are trading more or less. Today several of our more experienced traders had low volume days and yet were involved in some good names. Readers can benefit from this experience virtually through out Trading Rm Real Time.

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