Keep Watching Your Online Stock Trading Plans

No one says online stock trading is easy. It sure frustrates a trader though, when he plans a move in a stock based on technical analysis, and is out of the trade when it occurs. That happened to me this week in the homebuilder stocks.

Two weeks ago, I pointed out the strength in XHB, the Homebuilders SPDR. I was also trading RYL - Ryland Group Inc., and DHI - DR Horton Inc., in the group. The trades worked out ok, but I failed to do one thing. I should have kept my eye on the sector, for a pullback trading pattern, after the breakout. The stocks in the group made a sweet move higher on Thursday, with RYL extending the move on Friday.

I guess the lesson learned is to keep the stock picks in the watchlist at a level I can easily monitor. I also needed some patience trading this set of stocks.

My advice. Stay with the plan when the online trading Gods are talking to you.