I got confirmation today from my new discount broker that I was all set and ready to begin trading. Luckily, I had the day off today so I’d be able to concentrate my efforts and have CNBC on the TV all day long – now I feel like a Pro Trader!!
There I was, at the opening bell, glued to my screen, with visions of dollar bills filling my account.
I knew to stay away from the first hour or so of trading — that’s when wild whipsawing occurs quite unpredictably. I held back. Then, I saw a doji, and a dark cloud formation – whipee! a possible entry for a short on SPY.
I carefully entered my order… 80 shares, short, SPY. ERROR!! it said – no permissions to short. What? Now I missed my entry! WTF!
I hit the link for a live chat with my brokerage firm. It seems my account type precludes me from selling short. Crap. That takes out half of my opportunities. It seems I need a margin account to take short positions, and that is not going to happen – not at this time at least. A margin account is where the brokerage loans you lots of money so you can leverage your trades. Way too risky. That’s the heroin that all the Wall Street firms did that got them where we are today.
I spent the rest of the day looking for any kind of a decent trend, and while the market did rise, my technicals were not showing me a decent enough trade. So, there went day 1. No trades whatsoever.
I’m telling myself that this is fear trumping greed – in a good way. I’m ok with that.