**These are my thoughts on the SPY ETF in my Daily Trade Ideas which includes many, many more charts and setups. Subscribe to my nightly Daily Trade Ideas on the right to see the rest of this letter.**
“Don’t raise your voice, improve your argument.” –Anonymous
A strong day for stocks that forced me to cover all my short positions for losses.
No fun but sometimes it happens.
I had to take a loss in my SPY position as well as my other short positions.
It’s not fun taking losses but it is part of the game and that’s that.
I can’t get long positions here yet and my shorts haven’t worked so I may be in cash for a week or so unless we see some good action one way or another with strong volume.
While losses are part of the game, meaning you’re wrong, it’s not cool to stay wrong, so keeping losses relatively small is key to survival in this trading game.
I had a 15% weighting in my SPY short from 192.05 and covered at 195.90 today which stings a bit but could have been much worse.
Many writers and traders with a forum, such as myself, don’t talk about losses, avoid them.
I talk about losses all the time because they are simply a part of this game.
Have a nice night.