Current Positions 10/14/2011

nice gapper this morning. I plan on unloading 1/2 my size in these at the open as the market will test the 1220 resistance right off the bat. I have a bit more positions then ideally would like but we just got these yesterday so they arent big hold times. It gets hard to manage too many stocks and look for new trades. But when market is in uptrend daytrading is just not very profitable as the big gains are usually made on the gap ups on ovenright holds. Usually when you get a real hot run in the market i will load up on stocks and overwhelm myself as i try to milk out every gain i can. I know most of you guys like just selling for nickels and dimes and not holding much but its hard to get rich when everything you take is ten cents. Thats why scaling out is so important. Sell 1/2 or 1/3 then let things go for a bit see what happens. Obviously this only works when the market is gapping to the upside on a regular basis. When we get downside risk then you get wiped out on overnight hols.

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