Friday was another decent day in the markets with quite a few plays in chat . Although Thursday late night futures pointed to a disaster for Friday… markets were somewhat stabilized by market open and ended up closing near the highs. We’ll be upgrading chat to support more than 200 users since it has been growing on a daily basis.

Inspired by this post on Alphatrends or Tim’s thoughts regarding the post I figured I’d post my own trades for last week as well available HERE. Sure, I make a lot of trades and like to lock in profits probably way to early but that’s my niche and that’s what works for me (just shy of $3800 last week). As I mentioned in chat everyone has a different way of trading their comfortable with. As a full time trader I’d rather focus less on the “big win” but more consistency. I’d rather go for $75-150 move 10 to 15 times a day than try to find the $1500 dollar move, I’m just not good at that although at times I do have the patience and let one ride out. One thing though, common among all traders is the need to cut losses. Whether you’re using

Tim’s strategy;
Muddy’s strategy;
My strategy or;
The Kirk Reports,

you’ll see cutting losses is the most important part of being a successful trader.

A few charts from Friday’s intraday plays …

DRYS over extended gap down caused by panic Monday was my first trade buying it at $7.40, near 50% retracement from the highs … unfortunately I don’t have the patience as much as Muddy otherwise would have probably scored another $2/share

RZ is the best example a HOD/LOD list is helpful towards the end of the day. RZ came up on scan arond $3.75 towards the end of the day and kept making new HODs into close providing a pretty quick 10% move into close.

I will have a scan for Monday shortly, if you haven’t already registered for chat please do so HERE.