All traders deal with frustration. One of my biggest frustrations recently has been my inability to open positions in the pre-market because I am preparing or running the SMB AM meeting.
I was watching setup after setup unfold in the pre-market and unable to take advantage. I’m sure more than a few people noticed me grumbling about this on our virtual trading floor when the market opened.
Today I thought PCS would be my number one focus on the market Open but because I missed the 13.70 short in the pre-market I was reluctant to short into the weakness as the market opened. I watched it trade closely for the first 15 minutes and based on my observation of the tape and its strong downtrend decided to short into a retracement.
I was able to establish a short position at an average price of 12.50 at around 9:45 and when it reversed was involved on the short side down to 11.10. The move I was involved with was just as powerful as the original opening drive and I was never risking more than 20 cents on my position. (I discussed this trade on the SMB Virtual Trading Floor).
The bottom line is as traders we have to accept the trading environment we have and figure out a way to make money under those conditions.
@sspencer_smb 
*DISCLOSURE: No positions
5 Comments on “I had to make an adjustment”
Nice. SMB Virtual trading Floor? is that a chat room yu offer?
it is a room where our traders can talk to each other via audio and chat. also shows the positions of various traders. we will make it available to those outside the firm fairly soon.
Nice I being waiting for it since I like your trading strategies!
excellent…as you well know its much harder trading alone…looking forward to it.
Dear Steve, where are you looking hot pre-market stocks like PCS? thanks!