Profitable Close, then the Market Slid
The stock market slowed down with news about the Iran war.
Successful Trade
I closed some positions yesterday for a profit of $273.67 on the Upcomers Challenge. This helps recover from a couple early losses when the challenge reset, but does not qualify for one of the 1% trading days. That’s still just over 0.5% gain in one day. I’m happy with that. Slow and steady gains will pass the challenge and get funded.
Maybe not that slow…
After closing the profitable positions yesterday, I opened some long positions showing the beginning of momentum. Things looked bright after the market opened, and I was up around $150. Afterward, the market started to slide with escalating news around the war in Iran. As the market moved to close, the positions started to recover and now I’m up $19.54 on the day. For context, the Dow lost 1% today, so finishing nearly flat is better than a loss. Hopefully the positions don’t gap down during the after hours session and have time to recover more tomorrow. For my swing trading strategy, if the momentum reverses for two trading days, I usually cut my losses and move into another position. So far, these positions have not steadily reversed or crossed RSI of 50, which is when I start to look for my exit. There is plenty of room for these positions to be more profitable and stop losses are still far away.