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-- So Cal Prop Trader (http://www.elitetrader.com/vb/showthread.php?threadid=217710)
So Cal Prop Trader
Hello, my name is Kurt Smetana, I have decided to start a journal on here.
I am an equities prop trader in Los Angeles, CA. I trade in an office. I do not hold overnight positions.
I am 26 years old, and I have my B.A. Anthropology from University of California, Irvine.
I went live the last week of October 2010.
I will begin the journal on Monday, March 28.
Unlike everyone else here, I have no problem posting my orders. In fact, I want to.
The goal of my journal is to help me prevent over-trading.
Knowing that my trades will be reviewed by others will put a little more pressure on my decision making. It will get me to think, "If I saw this on some other guy's journal I'd be laughing."
I do not stick with one particular strategy. I go wherever the action is.
Earnings, News, Stocks moving on volume, etc. I'll play pullbacks, breakouts, etc etc. I do not limit what I trade. I am an opportunist. I rely heavily on the level 2.
Every day I will post my trades, a short commentary on the market and my trades, my day's P&L, and my month's P&L. Every month I will update my year's P&L. If I do not post on a particular day, it will mean I did not trade that day.
I should also note, I work 7 days a week. I don't get days off. I work a second job to support my trading. I'm not some rich kid playing around. I am building what I have from the ground up. 3 out of 5 trading days I work both jobs. My life is pure stress. It is absolute hell, but that is masculine and there will be no greater feeling in the end.
Since I began trading my gross P&L is about +$2300, my net P&L is about -$1100. My mock stock and options portfolios do great. Finding the right stocks is not my problem. I live in the markets, I know all the stories, I have tons of trading ideas. I suffer in trade execution. I have a lot of psychological demons I am trying to conquer. I have the typical problems people face early in trading. I get jigged out, I take profits too quickly. Another trader takes over once I am in a position. It is absolutely remarkable what I do to myself. I let my P&L get to my head.
That all being said, it could be worse, I could be gross negative. I need to get more out of my winners and produce less small losers in order to beat my costs of trading. I am hoping that a public journal will help with my patience and selectivity.
I welcome all comments, positive or negative. I also welcome trolling. It will be fun to read everything in a year.
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
Greetings Kurt,
Your candor is truly noteworthy. But from the brief information you've provided, in addition to your trading intentions, one has a hard time determining if you are serious about professional trading, or just temporarily in it for the "rush", or entertainment value.
You have a background in Anthropology, and I think you need to apply some of your skills in that area, and study some of the "humankind characteristics" and "beliefs" of the many failed traders listed here in the archives. I believe that in no time, you will find very many similarities to what you are about to unadvisedly attempt.
You have already unwittingly stacked the deck against yourself before you have begun. You are entering into this trading arena trying to see if you can consistently win, and you've already lost. As Sun Tzu said in the Art of War:
"The battle is won before the battle has begun"
The professional trader isn't guessing as to whether he/she is going to win before they start, as you are. They already "know" that they have a proven winning strategy and plan in place. And that all they need do is to flawlessly execute that plan.
"Rinse and repeat, rinse and repeat,...rinse and repeat"
From your going in conditions, your end result is not a question of probability,... its a guarantee. You will fail on this current path. Admittedly, you have been very "lucky" thus far. However, since you're now playing for the long haul, its simply just a matter of time before the inevitable "Laws of Probability" catch up with your account balance.
Without being armed with a proven winning strategy/plan, how could you possibly replicate your wins, or understand your losses? With your stated "random" plans, you will be trading randomly! Random trading, random results! Can you not logically deduce that "A" is "A"? Therefore, how could your results be anything else? Further, how can you pay your rent with those kind of results my friend?
I seriously suggest you revise your plans and come back when you are properly prepared to win,....and not just play games with yourself, and your money. You appear to be an intelligent young man. So please, take it from a one time butthead, who is now older and wiser, you are about to make a very foolish choice. You say that you "live the markets" and you "know all the stories". If so, then why have you failed to learn the invaluable historical lessons therein? You need to redirect your youthful vision and enthusiam onto a more profitable path.
"There are none so blind as those who have eyes, yet have failed to see".
If you think your college degree was expensive,...my friend,.....you have no idea of the costs, financial and otherwise, that could be awaiting you, with the game you're about to play at.
Please, regroup, reconsider, and come back when you know you have a viable plan/strategy that places the odds in your favor to win. You appear to have the requisite necessary intelligence,...now lets put a cap on that "drug of youthful enthusiam" for the time being, and use that energy wisely and profitably.
"A dollar is a terrible thing to waste"
Just my opinion
Thank you for your comment. I am not in this for the rush. As soon as I first got a glimpse into the markets, I knew it was for me. It is the perfect arena to apply my anthropological background. This is the career I have chosen, I want to spend the rest of my life studying price behavior in the markets.
I came into this knowing there would be a cost of learning.
You are absolutely right. A tested trading plan gives a trader the confidence necessary to see their plan through. However, in order to devise a successful trading plan, I feel you need experience.
Quite frankly, if I could do it all over again, I WOULD backtest a strategy and THEN enter the markets. I am completely in your camp. However, I now have the experience to understand what REALLY makes a high probability play. I have bought my strategies through market experience. Now it is a matter of trusting myself and following through.
When I say opportunist, I mean, how many people have good market statistics on a nuclear crisis in Japan? No one. It takes a human (or an advanced computer) to read the tape and trade CCJ in the following days.
You have your playbook trades, and then your opportunist trades.
Either way, you are right, and I encourage any new traders reading this to start on a demo account and do not go live until you are profitable.
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
Greetings Again Kurt,
Kurt, I don’t believe you have a full and comprehensive grasp of the magnitude of the implications of my words to you and to your fastly approaching trading plans.
First, a true professional does not bring an unverified and non-validated plan to the market to gain valuable experience using real dollars. This is because he has already gained valuable experience on the verified and validated plan, before he brought it to the live market. That is what testing is supposed to do. You have got your cart before your horse. This is not the way the game is properly played my friend.
Now some would argue that for the discretionary trader, sim-testing is a waste of time because you don't have any emotions on the line. However, I would argue, that if you as a professional have any emotions on the line while the game is being played, you are not in the best state of mind that is required to win the game. That is a fact.
And, you have emotional issues that need to be addressed before you can realistically play to win. You are not thinking in probabilities, and therefore, not in the appropriate winning state of mind. A thorough and complete,....checkup from the neck up, therefore is required.
Second, by your own willful admission, you have a constantly changing variable mix of strategies that you will be trading at any one time during the day. In your own words; “where the action is”.
("Earnings, News, Stocks moving on volume, etc. I'll play pullbacks, breakouts, etc etc. I do not limit what I trade. I am an opportunist. I rely heavily on the level 2.")
Some of the strategies you listed are inherently random by nature. But some of these individual strategies have their own unique efficacy, expectancy, risk control, and associated money management criteria. And these things are an absolute necessity, and should be optimally set, in order for each of these individual strategies to be effective and profitable. That is a fact.
In a lightning fast dynamic market environment, and in a very sober practical sense, how could you realistically propose to maintain discretionary cognizance, over a constantly changing variable mix of strategies, and consistently estimate accurate cumulative expectancies, throughout the trading day. Remembering that each strategy in the mix is carrying its own specific set of functional criteria, critical for consistent successful implementation.
And further, how do you propose to maintain the overall positive expectancy, of your combined strategies, and yet simultaneously, change the set of variables at any given time?
In my military mind, you are attempting to hit a moving target, from a moving platform, with an ever-changing weapon, under ever changing conditions. There isn’t a discretionary computer on the planet that can accurately and consistently do this as yet. And my friend, neither can the one that sits on your shoulders.
The end result, since the "real working numbers" will be a mystery to you during the day, you will be trading randomly, you will have no choice. You will be trading randomly, and your results over time will be random. Again, "A" is "A".
Self trust and personal follow through have very little to do with playing a game that one cannot logically and mathematically be expected to win. It is just wishful and hopeful thinking. These things have no place in the professional market environment.
I repeat, please, regroup, reconsider, and come back when you know you have a viable plan/strategy that places the odds in your favor to win.
I am sorry to rain on your parade.
But again, it's just my opinion,.....and you did asked for opinions.
Kurt,
Good luck to you. I remember the days when I first started and I had a customer service night job that I had to work everyday after getting my ass handed to me in the markets. It's the worst. But it's great motivation to learn what is necessary to win. It served as even greater motivation for me to actually do those things. Congratulations on being gross positive after about 5 months...it means you're getting close!
KDASFTG has some good points that I think that you should take into account. It's great that you're open to trading anything that makes sense at the time no matter if its a news play, breakout/breakdown, fade, etc...BUT it's in your best interest at this early stage in your career to learn how to be really good at one thing --> then once you master that one strat you can move on to learning another strat while making money in your other strat. Understand? By focusing on all those different strats right now you run the risk of being mediocre at a bunch of different strategies but not great at any strategy. Just my .02. Good luck to you.
Same here ElecEquity, customer service....
How long did it take you to become profitable enough to quit your job??
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
Kurt, just curious which firm you are at?
Also, if I can give you some advice. You mentioned you are going throw everything including the kitchen sink at the market with every strategy type known to man. I also think this is a mistake, especially for newbies. At the very beginning, I think you need to pick one strategy, one setup and learn to master it. The reason being is that it will be much easier for you to grade yourself and identify what you are doing wrong. When you have too many moving parts, at the end of the day, it's going to be very difficult to identify exactly what went wrong and how to change it. When you have one strategy that you do over and over again, it will be the opposite. It will be very easy to see what you are doing wrong and how you should fix it.
If you can't master one strategy, you won't be able to master 5. Keep it simple. Trading is actually one of the easier things you can do in life. The complications come from the complexity that we add to it, not the market. Good luck Kurt.
__________________
"Of all the gin joints in all the towns in all the world, she walks into mine." Rick Blaine
Quote from ksmetana:
Same here ElecEquity, customer service....
How long did it take you to become profitable enough to quit your job??
Quote from Maverick74:
Trading is actually one of the easier things you can do in life. The complications come from the complexity that we add to it, not the market. Good luck Kurt.
Well, thanks for all your input guys. I do agree with you.
I do need to slow things down and simplify my trading. By trading all sorts of plays I have gotten to see a lot of situations, which I think is a good thing.
I was doing very well during the peak of earnings season. I back tested setups by hand involving earnings and became extremely confident. I produced my best days and weeks during that time, because I had the confidence required to see my trades through. Ever since earnings died down my trading has been weaker.
When the quake struck Japan, I spent hours and hours coming up with potential plays. I set up portfolios, watch lists, etc. I was looking at the coal names from day one. They didn't work at first. When they finally announced coal as a play on television, the next day it began working and there were finally significant intraday moves. Though, after getting beaten in the 2 days prior, I did not step up and own the trade.
It hurts when you put in the time and you know you're right, and you only have that one single intraday opportunity to get it right and you blow it, especially when you have to think about it all weekend at job #2!
I am currently trading a paper options account because I am tired of seeing all my ideas work, though presenting few intraday opportunities. After a few month I plan to go live with the options account.
The market gives you plenty of reasons to doubt yourself.
And so I know you are all right. I already have a plan I believe in for earnings, and I was telling some guys in the office, "after earnings I wonder what I'll do." I need to stop trading anything that looks good, even though the majority of the ideas do in fact end up working. I'll admit I do tend to get caught up with the trading others do in the office. They are trading all day and making a killing. We trade the same things but they have the confidence and ability to take pain that I am still developing. An office is great in that you get access to more ideas, and access to better technology and tools, but you also have other humans getting in your psyche.
I will begin doing what I should have done right after the peak of earnings: preparing for the off season. I should have had a new set of strategies all ready to go. Backtesting produces confidence and confidence is key, and I know this from experience.
My current trading stats are as follows:
R:R = over 2
% winners = about 45%
I know that this journal will help with my selectivity. I am confident that I am close to where I need to be.
And so, here are my problems:
1. I have issues with confidence
2. I have trouble getting bigger when I should.
3. I take trades that may be good for me next year, but not good for me right NOW.
The stats about show why I am gross positive. Now if I had been getting bigger on "those" plays, I would be net positive. I have fear in me, and so now begins the quest to conquer that fear.
--------------------------
Problem Example 1:
ElecEquity, I'm pretty sure I read you bought JPM on that news the other day. I'm sure you had decent size. I had piker size. I KNEW that while everyone was expecting the dividend, the share repurchase was something I hadn't yet heard. If I hadn't heard about it, others hadn't heard about it. I took that trade in an instant and got a nice move out of it.
Problem Example 2:
CDE reported earnings and had a great set of days. Gold and silver were making a run after their recent bottom. SLW showing strength. CDE had a nice level around 50 cents. I knew I was catching this at a nice time. I was absolutely convinced that this trade was going to work. I bought in. It began to work, I added. It then came back. I was alright with this. It was against me, I believed in it and added. It went further against me, I added. SLW was not pulling back this much, none of the silver stocks were. CDE went against me just enough to get me out. That trade took my day's gains away. Just moments later it bounced and went a distance. I was livid all day. I KNEW the sell off was irrational. If it screwed me, so be it. But I did not re-enter. My confidence in the trade was shattered by the irrational move. I was emotionally flushed out.
Problem Example 3:
I shorted BTU the other day, March 18 I believe. Shorting at that whole - 72. I knew the coal trade had extended a bit. I was confident a nice pullback could happen. Level 2 confirmed that others were taking my side. A buyer was keeping it in the 90s. I was in. He broke, I added. I had taken the trade earlier and covered in the low 80s. This time however, the other coals were showing weakness, and the market was turning. I believe I covered in the 70s when I KNEW this was a longer hold. Yet while in the trade, I begin rationalizing myself out of my initial idea.
These are 3 examples of the types of trades I take. I showed a news play, a correlation trade, and a reversal. Each of these in my opinion were high probability trades. I did not execute well on them. There are many other examples like these. The other guys in my room obviously made a killing. A lot of my problems come down to fear. The fear of profits escaping. The fear of getting big. The fear of letting a trade I like go against me. With CDE, I can live with it controlling my losses. But I should have re-entered. I was afraid.
------
So my initial goals in this journal will be to:
1. Limit the types of trades I take, and begin properly backtesting and tracking them. The simple end of day journal that I've been writing isn't enough. I need to know that what I'm doing can be profitable if I just play as the trade suggests to play.
2. Improve my position sizing.
I am very confident in my abilities and I believe this journal, combined with proper trade analysis and a more rational focus on position sizing can make a big difference for me.
My trading stats are proof that I am close. I am not getting my ass handed to me, I am, like many, defeating myself.
---
Thanks again.
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
i would learn to trade bigger moves and avoid scalping. you need to decide your own style but its easier to learn how to trade bigger moves when your trading small.
Quote from ksmetana:
Now if I had been getting bigger on "those" plays, I would be net positive. I have fear in me, and so now begins the quest to conquer that fear.
--------------------------
Problem Example 1:
ElecEquity, I'm pretty sure I read you bought JPM on that news the other day. I'm sure you had decent size. I had piker size. I KNEW that while everyone was expecting the dividend, the share repurchase was something I hadn't yet heard. If I hadn't heard about it, others hadn't heard about it. I took that trade in an instant and got a nice move out of it.
---------------------------
A lot of my problems come down to fear. The fear of profits escaping. The fear of getting big. The fear of letting a trade I like go against me. With CDE, I can live with it controlling my losses. But I should have re-entered. I was afraid.
Thanks again.
Well my BP is 40k, if that answers your question. I've maxed out plenty of times, but usually when in multiple positions. I have only maxed out on one position for the more expensive names.
I can up my BP if I make the request, though I haven't felt the urge to yet.
I know that 400 shares of an A+ trade is not big enough to compete with 100-200 shares of a B trade.
Since I do trade a lot of plays, I sometimes rationalize my smaller size as a means to leave some BP open. I know the better route is to trade less and get bigger on my A+ trades...
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
Don't worry about all the negative feedback... thats due to negative performances in the past/present. If you are having good performance thus far, just stick with it.
Quote from ksmetana:
Well my BP is 40k, if that answers your question. I've maxed out plenty of times, but usually when in multiple positions. I have only maxed out on one position for the more expensive names.
I can up my BP if I make the request, though I haven't felt the urge to yet.
I know that 400 shares of an A+ trade is not big enough to compete with 100-200 shares of a B trade.
Since I do trade a lot of plays, I sometimes rationalize my smaller size as a means to leave some BP open. I know the better route is to trade less and get bigger on my A+ trades...
3/28/11
Decided to begin writing this to prevent myself from touching HON again.
Monday is one of the days that I have to leave the office early. I work at 10:45a PST, so I have to leave @ around 9:30 PST.
Today there is a clear difference between my winners and losers. The difference is having reasons for a trade to work in winnings trades, and hope for a trade to work in losing trades.
Hope Trades:
1. Shorted DHR near the open, 200 shares. Market was not particularly strong. I went for a R:R play against the whole @ 52 where size was present, though not HUGE size. Obviously, this was nothing more than a pure gamble, as there was no information to take the trade in either direction. DHR broke out above the whole, giving me about 10 cents slippage. Went 30 cents and pulled back with the market, of course, 30 cents below the whole.
2. Bought 400 shares of FINL in the morning. FINL earnings were received well on Friday. It is on my watch list for continuation setups. Liquidity was holding the price at 19.13. I entered as the liquidity was taken out, with a stop below the recent range (about 6 cents). A seller was present at 15 cents. The price held above my stop for some time. People were paying the 15, though eventually that was that, I was stopped out. While the trade clearly had a R:R to it, the stock was not IN PLAY, AND it did not have great volume, nor overwhelming bullishness in the box.
3. Bought only 100 shares of BTU. Coal traded higher off the open. BTU retraced much more than its friends. I bought at 71.52 as the price stabilized, along with the down move in the other names. My hope was that coals would make a new high, helping BTU overcome its excessive down move. At the time, however, I was not aware that BTU had a downgrade slapped on it this morning. My trade did begin to work, but it was unable to reach my first potential target in the 80s. It was unable to break 75 cents. My stop was at 37 cents. I saw the coals make a lower high. I opted to honor my stop rather than tap out for a small profit. BTU was arguably in play, but on the opposite side.
4. HON - HON was strong off the open. Long term chart suggested it was in breakout mode. I knew the market was being led higher by the sharp drop in the dollar. This is why the metals and oil names were rallying off the open. I HOPED HON would be a potential buy on the dip. I expected the market to end its late morning sell off at the open, producing a range day. HON was not in play. I tried the long in HON 3 times in its down move. I tried it twice in the 58.40 area. The market was stabilizing. My first buy had no change of character in the box. Stopped out at recent low. My second buy was on a flutter above 41 cents. I HOPED it could be the beginning of the change in character. The market continued to hold. I let this second buy go against me all the way to 15 cents (below lows). My third buy came during the green bar during the bounce near the opening price. Obviously, HON's sell off was the beginning of a new trend. This is clearly my amateur trade of the day. Clearly, there is no high probability setup, but instead ONLY the HOPE for a nice R:R trade.
---I was also wrong about the market. It produced a second wave down to produce a new low.
Trades With REASONS to work:
1. Bought 200 CDE on strength in SLV and SLW. I bought as it broke its opening range. I was a bit concerned I would be catching the top of a silver wave. These metals often look stronger than they tend to be. Absorbed a smidge of pain. Soon SLW blasted and CDE came with it. I bought in the 33.75 area. Sold at about 90 cents. Obviously, too early. After I got out, CDE produced bar all the way down to my entry before breaking the whole. That is the type of action I can't stand in the metals through the morning. That is the type of action that had me selling a bit early. I DID anticipate such a flutter, and thought about rebuying. Though, I missed the opportunity while looking at something else.
Point being, the trade had reasons to work, a classic correlation trade. It was poorly executed. Yes silver did pull a reversal later on, but that is out of our control.
2. My trade of the day was in MAR. MAR got downgraded in the morning. Had a 5% down move before bouncing. I was watching MAR and HOT to see how they were behaving. HOT was trading lower in sympathy. MAR was bouncing with upside volume. HOT was stuck near lows, as sellers were jumping in at 57. I had two potential trades formulated. Either buy HOT as it breaks 57, which would signal a bounce with MAR, OR if HOT holds under 57, short MAR as the upside volume dies and the character changes in the level 2. The second worked. I shorted 200 shares. When I took the trade, I was not having a great morning. I had more losers than winners. The trade worked, even though it had to struggle through the 35.40 cent area. I covered half a few cents above lows, and covered the rest at 35.01. I let the whole break. I saw buyers holding it in the upper 90s. Sellers came in and began selling the whole. When the whole broke, I was out, as I knew 35 was long term support and the price could hold. This was perfectly executed with the exception of the light size. I let my daily performance effect my decision making.
------
I also bought the news in RIMM today, didn't get a good move.
--------------------
---------------------
So, today's results:
Gross: -43
Shares: 3400
Net: About - 65
--------------------
As I'm typing, it looks like HON is finally getting the bounce I was looking for. That is the type of shit that SUCKS about having to work two jobs. There have been so many times I have to miss out of great opportunities to go labor away at job #2 for 8 hours.
I was gross positive today before the HON mess.
And so in analyzing my trades, I did the following:
1. A metals correlation trade (CDE)
2. An earnings trend continuation play (FINL)
3. An off the open gamble (DHR)
4. A coal correlation bounce (BTU) (without knowing the stock had news)
5. A with trend downgrade play (MAR)
6. And I don't know how to describe my HON trade...
Of all the trades, I felt MOST comfortable trading DHR, MAR and FINL. Even though FINL was not "in play," it had a morning set up, defined risk, good reward. I don't feel BAD about FINL even though I included it in my hope list. DHR COULD have been a decent trade if the whole held. While it was just a pure gamble against a level, it could have just as easily held and gave me a nice trade.
I have to decide if trades like DHR are worth pursuing in the future.
My instinct says to just stick with trades that have more going for them.
---------------
Tomorrow: Focus on things with same day news. The reasons to get in should be compelling. HON had no reason other than a gut decision.
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
news in RIG not RIMM...
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
I can save you alot of time and frustration.......buy "Reading Price Charts Bar by Bar" by Al Brooks ........Learn how to trade "price action"......without any indicators.....I could have saved years wasted chasing different strats using all kinds of indicators....if I had this book back then. It's a tough read.....but once you get it down...it's incredible !
3/29/11
Gross: +131
Shares: 10400
Net: ~ +63
March:
Gross: > +200
Net: > -600
-----------------------------
Well, today was one of the better trading days we've had in a while. There were a lot of moves out there, a lot of opportunities.
That being said, I started my morning off short, and I didn't cover my shorts, planning on a weak day. The market bounce messed up my morning.
I focused on my watch lists which include last nights earnings, this morning earnings, recent notable earnings, upgrades / downgrades, and my rebuild Japan list.
My morning was without a doubt sloppy. I strayed from my lists, getting caught up in the action of the office. Today was yet another example of "Reasons vs Hope." Yet another example of letting a down morning produce timid afternoon trading.
I was able to get a few trades with nice setups, but I was way undersized. I made most of my money today via level 2 scalping.
Today should have been a big day. After the morning sell off, we trended higher all day, many stocks had major runs. A day like today needs to be much larger on the positive side to offset a day like yesterday.
Notable trades:
1. Jumped in SDS off the open due to Monday's action. When we began trading lower I began seeking shorts. I did not cover my SDS but instead aimed for a trending day lower. This was not the case today.
2. Lost money trading HOT this morning around the 57 level. There was aggressive buying of refreshing sellers. At the time, the market was trading higher, and I liked the idea itself because MAR got the downgrade, not HOT. The only factor going against the trade was MAR not trading with it, which is something I expected. I expected a bit of a squeeze as well. Target was 50 cents. It looked good, and then became choppy. Absolute slop to trade. It hit my target later, but I was stopped out.
3. OLN. OLN was upgraded this morning. It was on my watch list. It gave morning consolidation. Market began trading higher. I bought the consolidation break. Only 300 shares as I was down in the morning. Controlled by my P&L. It had a reason to work, it had a promising setup, all the charts looked great. I sold 100 at 17 cents, and the rest at 13 cents as it began to dip back down. My entry in the trade was not optimal. I wanted to buy the consolidation itself, instead I had 07s.
I traded OLN again later in the day. Size formed a level at 22 cents. I bought the break, 200 shares as it was later in the day and I didn't want to exceed more morning size because that would be irrational. Sold half at 52 week highs (39 cents), and set a stop for the other half at 29 cents as I went to lunch. This trade could have been managed much, much better with more size.
4. AMATEUR trade of the day: DGX. Again a P&L decision. Go look at a chart of DGX today. Gap up. Volume. Seller near highs at 50 cents. It came across my high/low sorter. I was instantly in. I got 300 shares as I hadn't been watching the stock. Once I began watching it, I knew this was bullish as hell. The level 2 was fantastic. My target was the whole number, 57. I told myself, I'm holding this, I have great prices, this thing isn't getting back down to 50 cents. Buyers were stepping up. Now look at that chart again. You see that little trickle down from 75 to 70? THAT was enough to panic me out. My trade plan was to hold to the high 90s. This is what I'm talking about. You enter a trade and another human takes control of you, despite everything Steenbarger has taught you. Trades like these are gifts.
5. SFLY. Shutterfly had some neat stuff going on today. It came across one of our alert systems. There was a seller at 50.20. At first I went short against the seller. The move was extended, I expected AT LEAST dip back to the whole, giving me a R:R trade. The moving averages were below the whole. This trade worked. Later, the moving averages caught up. Size came in at 10 cents. People began paying the 20 and the price began coiling. The stock was thin I knew it could blast up. I got 100 shares <---- LOL <--- 100 shares because thin stocks scare me. Now, yes, you should be careful with thin stocks, BUT you could tell this had monster potential. Anyway, I bought the 20 so I wouldn't miss the blast higher. I covered in the mid 50s. It went to the 90s. I covered in the 50s for the same reason. I was afraid the price would collapse once it met its first slow down. I was right that the stock can collapse, just wrong about the time.
6. RDC. I came upon RDC on my high low ticker as it broke 43. Another gift setup. Moving average caught up to the consolidation at the whole. Market was grilling. I got 300 shares at 6 cents as soon as I could. It hesitated at first. Eventually it got its move. I sold a third at 27 cents, and two thirds during the flutter down at 20 cents. Another trade that could be better managed with more size. I knew it had potential to go 40-50 cents, but I also knew it was late in the day and the move could exhaust at any time. The flutter that got me out seemed uncharacteristic of its previous waves up earlier in the day. I felt it COULD be the top. Not sure how I feel about my decision in this case. Overall, if I had more size I could have held some for the long haul.
7. AIZ - AIZ came up on a sorter. I really really like the chart. I found it just as it has broke 60 and approached 38.50. I knew there were two avenues for this based on the charts. Either we curve out and find support, OR this remains weak and trades to the next support 50 cents lower. I was completely fine taking this trade, especially with how it had been reacting to the moving averages. I was shorting through the 50 level with my stop above the 10 period on the 5 minute. Obviously, it didn't go, but I'll take the 10:50 ratio.
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That is all I have to discuss as far as setups go.
Again, I did a lot of level 2 trading. The sell off in DG. The size lowering GMCR finally got taken near the end of the day. Size appeared in VHC at the whole as it began to bounce.
Then there were the "the markets moving and I'm flat" trades.
While this journal has not yet prevented me from staying out of silly trades, about 10 seconds after I enter, I remember, oh shit, everyone on EliteTrader is going to laugh at this one. My mindset is shifting, though I am still not correcting my sizing problems.
My trades are decent, some obviously much better than others, but I need to get size in the A+ ones. Getting size in the better trades is something I haven't been able to do since I began. (or rather it is rare).
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Tomorrow:
I will again create a morning watch list. I am going to focus on those stocks alone, unless something else absolutely screams at me. For instance, today I had my watch list, but I strayed from it here and there to dabble in some mediocre crap, but then there were the SCREAMERS like DGX and RDC.
On Tues and Wed and Fri, I get to stay in the office all day.
***Watch List + Screamers***
Would have been a great day if I did not let my morning results effect my trades AFTER the market began to TREND higher.
1. Watch List + Screamers
2. Attack the "NoDoji Apples" when they arrive
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By the way, all my trades will be attached to each post. ok.txt is below
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
Nice job in OLN today. I traded that one pretty poorly myself.
3/30/11
Gross: +140
Shares: 8800
Net: ~ +83
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Second day in a row where I closed just near P&L highs. Of course, today is pretty much meaningless in impact to my overall P&L.
The stocks I was watching were highly uneventful. Hence, I knew today would allow me 3 options:
1. News (there wasn't any)
2. Good setups outside my lists
3. Level 2 scalping
I again made most of my money using the level 2.
I was going to have a pretty decent day actually. Keep reading
Notable trades:
1. CCI is extended on the daily chart, bouncing from its recent bottom. It was strong off the open and there was big NYS size at 99 cents just before the whole. At first, I went for the reversal. 500 shares at 97 cents. I did get a flutter down in my favor but it was very fast. I wouldn't have covered anyway as this had the potential for a nice reversal. When the size was broken I immediately flipped. 500 shares long. The trade worked with ease. Box was very bullish, not a lot of sweeping, just a lot of smooth buying. Unfortunately, I missed my outs. I got out of 100 at 24 cents. There was then a sweep up into the 30s. I did not take any off, and I paid for it. This was a trade that should have made a great day for me, though I did not take profits. Another lapse in execution. Ended up selling the rest way back down at 10 cents.
2. BIIB - BIIB was just a random trade someone called out. The market again taught me why I need to stay away from the random BS floating out there. Go look at a chart today of BIIB. It was your typical panic flush. Whole breaks, then we get a god damn 50 cent bar in the wrong direction. No chance to get out. This has happened to me twice before, both times the panic ceased and the price returned to the whole. However, I was too angry and fearful, I bailed at 60 cents.... It went back to the whole. After this I went for a walk I was angry, luckily I had no size.
Looking back, I had absolutely no reason to take this trade. It was called out, and looked at it and said, "alright whatever I'll try it." Lesson learned.
3. KV.A - KV.A offered the trade of the day. We bought in the face of the panic down at 4 bucks. Though, we had no idea if there was some major issue going down. I also had very light size due to how wild the selling had been earlier. Quite a move today. If you bought at 4 you had a fantastic day.
4. I bought the morning dip in MKC. Bought around 50 cents. My target was the 80s though I decided to exit at 75. I considered the short near the whole, though I did NOT expect the move that came next. Phew.
5. Failed breakout in ECA today. Had a nice flag pattern, strong off the open. Market turned against it just as it broke the whole. I had 500 shares.
Tried some late day imbalance plays and a bottom pick in CSX. No dice.
If you review my trade log you'll see a lot of small level 2 trades.
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I got larger size than I had the last 2 days today. One of the larger trades worked, but I missed my outs. The other failed.
I like what I did today, and I am comfortable with it.
However, I basically only have 2 tiers going. A+ trades, and everything else.
I want to get BIGGER on those trades like CCI and ECA, because there were other trades today that could have produced more profits with more shares (allowing better trade management).
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Today did not offer many great setups. Many stocks had great moves, but the setups weren't there. I was forced to take what was given to me and abuse the programs a little. They screwed with me in BIIB, well I screwed with them all day long.
Today could have been a $300+ day if I didn't miss my outs in CCI and get owned in BIIB. I can't be mad about letting CCI run, I AM mad, however, that I did not take some off when the trade changed character... (MA's were crossed, heavy bids were absent). I should have been out of at least half up in the 20s.
A guy across the desk from me was out on the sweep up to the 30s. Good for him.
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Tomorrow: I am not sure if I'll be trading tomorrow. I want to get some sleep. I have to work at my other job tomorrow and this chick I'm interested in wants me to go to the gym with her. If I trade and then work 8 hours there's no way I'll have energy for that. I know trading comes before women, but, the risk reward is too compelling. I need a girlfriend lol
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
Quote from ksmetana:
3. KV.A - KV.A offered the trade of the day. We bought in the face of the panic down at 4 bucks. Though, we had no idea if there was some major issue going down. I also had very light size due to how wild the selling had been earlier. Quite a move today. If you bought at 4 you had a fantastic day.
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I know trading comes before women, but, the risk reward is too compelling. I need a girlfriend lol
what are your commissions like? you seem to have a huge spread between your gross and net. i trade about 12000 per day and usually pay around 35$ at most. maybe try sticking with lower share size until you can reach a high level of consistency then start bumping up the share size.
__________________
Like everyone else, I just want to make money.
Quote from ElecEquity:
Unfortunately, I bought it wayyyy before that. I saw the seller(s) on on OB and on Level II. In all of my experience with aggressive sellers that constantly refresh after being taken out, then returning and stepping down, I knew the trade was wrong and I kept trying to big boy the fella and help take him out. Idiotic move and I know better. For the total amount shares that I had, if I had been more patient I would've actually made money. Being early = being wrong. I had huge size (14k shares) in that trade far too early. I actually had too many shares which was part of the problem. Wish I had bought it at 4. Nice job Kurt. Congrats on being net positive today too. Keep it up!
Having a girlfriend always helps in this business. Good to have a solid anchor in this business.
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
Quote from JM1987:
what are your commissions like? you seem to have a huge spread between your gross and net. i trade about 12000 per day and usually pay around 35$ at most. maybe try sticking with lower share size until you can reach a high level of consistency then start bumping up the share size.
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
What an ugly market, glad I didn't go in today.
Not sure how thin these are since I'm not at the desk, but they had interesting charts today, could be good to watch tomorrow.
NETL, CAVM, RBN, WOR
Looks like the agriculture trade was all over the place. Would have caused a nightmare for me. Dodged a bullet there. MON gave a sick setup to get long near the open. Probably had a lot of people getting short to follow MOS, and they all got squeeeeezzedddd.
I've been watching RHT every day, waiting for it to trade lower and then get another push back up.
I've also been waiting for ACN to make a move but this thing has been trading like absolute crap intraday, while doing exactly what I expect on a multi-day time frame.
DRI has been providing very interesting action day to day lately. Check out the setup today at 48.50. Free money.
CCI again set up today. 42.30, sick.
CSX bounced today, I waited for that thing all day yesterday. Bastards drove it down into the close. Buy the dip off the uptrend in the morning... CSX / UNP / CNI all had morning dips or flags that you could have played.
MKC set up at 47.75. Setting up at 48 as we speak, hopefully it waits for me. Just stay right there til I get in tomorrow thanks.
KV.A now at 6 dollars. LOL.
LOL @ BIIB. That is so damn typical. If anyone was shorting up at 72, this is what you deserve.
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So, while the market was a joke today, if you stuck to anything in play or anything with a running psychology, you could have found some action.
Honestly, with the setups I just showed, I would have had a great day. Now I'm upset.
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
what are your average winners like? i was in your situation where i thought adding more size was the answer, its not. Because your losers start getting a lot bigger and you get shaken out a lot easier when a trad doesnt immediately go your way. I'm not trying to criticize or bash your strategy by any means, I only started trading in sept '10 and i see you running into some of the same issues i had/have. For a while my net total was very whippy so i tightened down to 100 shares for a long time until my trading began working effortlessly, then i gradually started adding more size. What are your ideal trade setups like?
__________________
Like everyone else, I just want to make money.
Quote from JM1987:
what are your average winners like? i was in your situation where i thought adding more size was the answer, its not. Because your losers start getting a lot bigger and you get shaken out a lot easier when a trad doesnt immediately go your way. I'm not trying to criticize or bash your strategy by any means, I only started trading in sept '10 and i see you running into some of the same issues i had/have. For a while my net total was very whippy so i tightened down to 100 shares for a long time until my trading began working effortlessly, then i gradually started adding more size. What are your ideal trade setups like?
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
Quote from ksmetana:
Yeah I need a girlfriend. Gotta remember what it is to be a man so that I can load up on kv.a next time. If I lose, I'll go home and have her get me a beer and then... uhh. yeah....
Quote from Builder17:
question.
maybe its me. everyone has different methods. i make very few trades per day, but why trade 10k shares when you could trade 1000 of JPM or XYZ stock and catch a 30cent move for 300$?
find out where price is going. and why it is going there. every day. every time frame.
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
Quote from ksmetana:
Are you referring to KV.A???
The reason to get a good position in KV.A, once you felt comfortable doing so, was because it was down like 40% that day.
You got a 20%+ move on that bounce depending how you played it.
KV.A was a very rare opportunity. There is no system to follow for it. There is no probability. A trade like that requires the ability to read the tape, and read the box.
In that one trade, you can make your month, if not multiple months. That is why you get big, because of the opportunity that presented. It is like when the nuclear BS was going down. You have to know to increase size when you know you are going to get good movement.
Or are you referring to my total shares traded?
10k shares is nothing. People in my office trade hundreds of thousands / per day.
I do trade JPM, I trade whatever I can find that fits into my risk tolerance and has a reason to move.
Have you considered some type of modified anti-martingale scaling? Something like 4-2-1-1-1 or 2-2-2-1-1-1 etc? As discussed before the pure anti-martingale 1-2-4-8 etc doesn't work too well unless you have a defined exit point, which of course limits gains.
ok, now i see what you're saying about position sizing. absolutely i agree giving good trades more room. Part of the answer to that (and to holding them longer) is really being strict on yourself about the quality of trades you take. I use to cut my trades off because i never had any confidence in them and would take small profits as soon as I saw them. If you know you are taking a good trade it is easier to pony up on size and let them ride. My best days i usually make about 10 round trips total.
__________________
Like everyone else, I just want to make money.
Quote from Builder17:
Ok, i see what youre saying. and yeah $5 stock, makes sense to trade 5k shares, or whatever. get 10cents make 500.
i know it feels like youre reading the tape and the level 2 and maybe you are, maybe it can be done. not my thing. but in my world there is usually a reason (based on the chart) for why price goes to whatever extreme it does - even on days like that. 15 min, daily, weekly, etc. do you use these?
im guessing the guys trading 100k shares a day are making good money. do they share with you what theyre doing? what they look for? or are they just scalping the spread? i guess money is money.
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
Quote from jj90:
Have you considered some type of modified anti-martingale scaling? Something like 4-2-1-1-1 or 2-2-2-1-1-1 etc? As discussed before the pure anti-martingale 1-2-4-8 etc doesn't work too well unless you have a defined exit point, which of course limits gains.
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
4/1/11
Gross: -14
Shares: 14,600
Net: ~ - 108.90
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Well, great way to start April. Started off trading well, breaking my old habits. By the end of the day I was dabbling all over.
If I continue to not respect the concept of selectivity, you will see why I am gross positive and net negative.
Today for instance, I basically gave back my last two days via commissions.
It is absolutely imperative I produce larger positive days by getting size on A+ setups.
Today, I did size up on good setups, and as you will read later, I was so close to a great day.
When I left for lunch today, I felt good about how I had traded. Now, at 4pm eastern, I am very disappointed with the person that took over the controls in the afternoon.
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Notable Trades
1. HALO had coverage initiated on it this morning. I got 500 shares as it broke $7. Sold in the mid to upper teens, and 100 right at highs.
2. Bought 500 BEAV as a seller was holding it at 47 cents at around 11:20 eastern. The idea was, if the seller gets taken out, BEAV could possibly get a push to highs. Didn't happen. When I noticed the lack of energy in the low 50s, I set my stop at 47 and went to lunch for a minimal loss.
3. Lost money trading ARUN today. RVBD and FFIV were very weak, dragging the cloud with it. I went for a bounce around the 33 area. ARUN did not want to cooperate with the others. Typically I am pretty good trading these cloud names, though today it was not as easy. Probably since it is a Friday.
4. GPN
Let's talk about GPN.
GPN was an absolute shit show. I am extremely upset with how this trade developed. Go look at a chart of GPN. You will see buyers driving it up to 50. There was large NYS size at the whole. At the time, I didn't detect a lot of volume / bullishness. I shorted 200 shares at 97 cents. If they began to pay the whole, I would flip. Well that is exactly what happened. Suddenly, the thickness in the high 90s was taken out and the whole was attacked. I loaded up 600 shares. It just barely missed. There was a panic sell once it failed. I held. It came back up to the whole. I set a stop at 90 cents in case it couldn't muster the energy. The stock could not get through and stopped me out at 90 cents.
GPN then collapsed as all the day trader weak hands bailed. I was pretty upset. I knew the dip would be a good buy, but I didn't buy it.
Eventually GPN bounced back to the whole. Now that all the weak hand day traders were out, it blasted through the whole and went 80 CENTS.
I got 300 shares AFTER it broke to ensure I didn't get screwed again.
Sold 100 at 18, 100 at 38 and 100 at 45. 50 cents was my target, the 80 cent move was incredible.
I then bought 100 on the dip back near the whole.
5. DOV. Bought DOV through highs @ 67. 200 shares due to the time of day and uncertainty about what it could do. I saw a buyer step up and raise the stock price on the bid side. I felt good and held. Sold 100 at 19 cents and 100 at 35 cents. I kept watching. DOV became a bit extended. I knew exactly why the price was rising --- the stepping buyer. As soon as the buyer left, I got short 200 shares. I then covered a few cents above the 5 min 10 period. Good trading all around in DOV.
6. The latter half of the day was not good for me. I tried bottom picking FTNT. It did not hold 40. It gave a possible indication that 40 would hold. However the market began to make a sharp move lower, and other tech names sold off. FTNT had a panic sell down to 39.30, and THAT is when the selling dried out. It then made a nice 1.5 point move higher! I was too early to this one.
7. Shorted JOYG as it was making a lower high. Shorted at 102.89 as buying dried up in the 90s. I did not expect a move all the way to 102. I covered at 65 cents, a high probability, 2:1 exit.
8. Also lost some money in AVAV. Tried bottom picking, as I didn't think the news was all that bad. I did catch the bottom, however, I lost $$$ in it earlier buying near the bounce up to 31. I though 31 was going to hold. The slippage crushed me.
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GPN is the type of trade you have to completely dominate.
Obviously, if I had resized up to 600 shares when GPN finally broke, I would have had a fantastic day. However, the flush out earlier had filled me with emotion.
Looking back, I had some great trades today, but I still dabbled around too much.
I am making it a point to get size where necessary, but I simply traded a lot of mediocre crap today.
In these panic reversal trades, it is important to only take the trade when something in the level 2 makes it absolutely compelling. Normally I am much more conservative with these... though today I was just buying levels and hoping. Honestly, I never do that BS, I guess cowboy K. Smetana took control after lunch.
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That all being said, I was down gross $162.50 at 1:20 eastern. I was able to cut my losses. So, it could have been worse. I stuck with it and cut my losses.
Next week is the first real week of April, and I will continue to apply focus to my position sizing (which I feel has been improving), and I will tighten up a bit on my selectivity. Today, I was just way too loose.
EVERY DAY, bad ass opportunities present themselves. It is silly to get involved in stuff that has you worried as soon as you enter.
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P.S. I went to the gym last night, and the chick didn't show up lol.
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
I forgot to post my execution list on Friday, my bad.
Monday Gameplan:
I will be watching the following stocks for any interesting setups:
+5% on Friday:
ALEX, CBE, MDVN, OPTR, UA, VHC, TDSC, NDAQ, WPRT, WNR, VRX
-5% on Friday:
FTNT, FFIV, OCLR, RECN, RVBD, AVAV, CPX, AMED, RBN, DMAN
I'll be looking on the long side. I may pop in a 3x bull ETF near the open.
If the market makes new highs, there will be a lot of 52 week high breakout plays coming. Time to run the screens.
I am hesitant to make long term market predictions, I feel there is a lot of headline risk out there.
If I had to make one, I'd say we make a new high, via a lopsided market, we once again correct after lackluster earnings / data in the summer months. I think we begin to see the effect of oil around that time period. We then make another push up into the holidays, producing a head and shoulders, or just a sideways market. Hey you heard it here first.
I am at the point where I think the market has come far enough without jobs. It seems silly to trade anywhere near 2007 levels.
Any positive development in jobs will lead to interest rate hikes.
I don't see housing rebounding any time soon.
Dollar continues to weaken.
I am very eager to see if anyone actually buys up at 1400. I think that is huge resistance if we get there. I think the buying will absolutely dry up. Well, that is probably where wall street begins selling shares to their clients / retail.
Point being, we will soon be at levels where I feel the risk reward truly favors the short side. 1450 is as high as we get, and I'll be very shocked if enough morons actually buy up there.
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
Quote from ksmetana:
Any positive development in jobs will lead to interest rate hikes.
I don't see housing rebounding any time soon.
Dollar continues to weaken.
I am very eager to see if anyone actually buys up at 1400. I think that is huge resistance if we get there. I think the buying will absolutely dry up. Well, that is probably where wall street begins selling shares to their clients / retail.
Point being, we will soon be at levels where I feel the risk reward truly favors the short side. 1450 is as high as we get, and I'll be very shocked if enough morons actually buy up there.
you have any screen shots of charts you use? or are your entries/exits primarily based on how the L2 feels to you?
i know you said you believe L2 (bids/asks) determines what shows up on the chart - and this really SHOULD be true - but what if price were going to certain places anyway -regardless of what they might want us to perceive as "buyers"/"sellers" stepping in, holding things up/down, etc. ??
what attracts price to certain points?
Quote from Builder17:
you have any screen shots of charts you use? or are your entries/exits primarily based on how the L2 feels to you?
i know you said you believe L2 (bids/asks) determines what shows up on the chart - and this really SHOULD be true - but what if price were going to certain places anyway -regardless of what they might want us to perceive as "buyers"/"sellers" stepping in, holding things up/down, etc. ??
what attracts price to certain points?
Gross: -94
Shares: 9600
Net: ~ -156
For the month, I'm down a bit over 100 gross, a bit over 250 net.
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At job #2 right now, so I don't have the proper resources to write a good journal today.
Today I left the office down about gross 50. Went to job #2, went for a late day run in TCK via LogMeIn. Stupid idea, should have just called it a day. Stopped out of attempt #1, went for it one last time, stopped out again. Wasn't giving me the energy I wanted. Trading in the dark, dumb idea.
Monday's are historically my weakest days. Not going to be hard on myself today.
I had a good list of stocks to watch. I was in the right stocks, such as WPRT. Wow, messed that one up. Wish I had found TCK earlier in the day.
I am getting more size where I feel I should, unfortunately one just hasn't hit yet.
I was down -98 this morning, rallied back to gross positive. Then fell right back down.
I would have beat the shit out of WPRT if I wasn't down. Again, allowed my first hour results to effect the rest of my day.
Obviously not a great start to April, but in my mind April for me really begins tomorrow.
Can't get into trade specifics today since I don't have easy chart access. I'll just say, I recall saying to myself, "Why am I even in this?" I went in this morning with 2 phrases, "Stick with what is in play" and "get size." Violated both.
I see the value in focusing on only a few stocks for the day. But I feel there is opportunity cost in doing so.
Tomorrow is another day, I get 2 full days of trading coming up.
Also had a bit of drama in my life come up on Sunday. Basically had a chick who claimed she was interested in me pull the boyfriend card. Went into the office feeling down and depressed. Going to the gym on Wed.
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
Quote from ksmetana:
Gross: -94
Shares: 9600
Net: ~ -156
For the month, I'm down a bit over 100 gross, a bit over 250 net.
---------------------------
Also had a bit of drama in my life come up on Sunday. Basically had a chick who claimed she was interested in me pull the boyfriend card. Went into the office feeling down and depressed. Going to the gym on Wed.
[i]
Also had a bit of drama in my life come up on Sunday. Basically had a chick who claimed she was interested in me pull the boyfriend card. Went into the office feeling down and depressed. Going to the gym on Wed. [/B]
Quote from Builder17:
i realize youre away from trading comp, but if i may ask, about how many trades do you do per day and what is the avg size?
to me i see that number of shares traded and wonder if youre just spending commissions. i dont mean to be out of line. but where are the quality setups youre looking for and why arent they working out? or are you overtrading to cancel them out?
also - girls love to play that card. nothing to be depressed about. they all want attention. dont give it to them haha. goodluck finding the ones who are self-confident enough not to seek it outside of their boyfriends.
Quote from ElecEquity:
Never listen to what these women say. If you ask them what they want they'll tell you the usual things: polite, nice, calls her the day after the date..etc...it's all lies. Seriously. If you're talking to her on the phone, don't let her end the call and only stay on the phone to setup a date (this is for initial meetings). Don't let yourself fall into the friend zone...aka don't be the nice guy or you will lose. If she sends you a text, don't respond for a few hours. You're the catch dude. You have to communicate that to her without being arrogant. The more she thinks that you need her, the worse your chances are. Don't chase em...replace em. Just my .02 from my experience.
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
Quote from ksmetana:
thanks for the input, i definitely avoid the friend zone. im just upset w/ the mixed messages, id rather be left alone than play games, i dont need to be worrying about some chick while im trading
Quote from ElecEquity:
Never listen to what these women say. If you ask them what they want they'll tell you the usual things: polite, nice, calls her the day after the date..etc...it's all lies. Seriously. If you're talking to her on the phone, don't let her end the call and only stay on the phone to setup a date (this is for initial meetings). Don't let yourself fall into the friend zone...aka don't be the nice guy or you will lose. If she sends you a text, don't respond for a few hours. You're the catch dude. You have to communicate that to her without being arrogant. The more she thinks that you need her, the worse your chances are. Don't chase em...replace em. Just my .02 from my experience.
4/5/11
Gross: +110
Shares: 8400
Net: +55
I was hung over today. Went drinking last night with some friends to watch the NCAA game. Ended up staying much longer than I planned. I felt it actually helped me through the morning. I was LESS engaged, a bit lazy, and waited for decent plays.
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Started the day off losing repeatedly in CBST, eventually, I got the picture and left it alone. I was buying through 50 cents, going for your typical gap n go. It tried several times but met sellers in the mid 50s. Definitely a tricky stock to watch this morning.
Traded VRX today. Initially bought through 54, 200 shares. I don't like buying things that have not setup / run fast into a level. Though there was aggressive buying of the whole, it was morning, the trade had energy and time. Sold in the 30 cent area. My target was 50 cents, though the price began flattening a bit, so I took profits. I kept watching VRX. I bought its first dip. I got 300 shares in the low 50s. There was sweeping in the mid 50s, but no one was attacking the mid 40s hard. I felt there was more upside. Stock made a push to 55, my target. I sold my 300 shares at 72 cents. Not happy about that one bit. I sold because every 10 cents VRX was running into a NYS seller. It backed away from 80 and I wasn't about to let this one go. The trade was not THAT pretty. Proper way to trade this would be to sell some when I get uneasy rather than ALL of my position.
Bought JDSU on the FNSR chatter, got a little pop.
QCOR = A major missed opportunity today. It narrowed at the 18 level this morning. Moving averages caught up. I only bought 100 shares down at 18. Added 100 at 18.20. A seller appeared at 20 cents. Bids appeared in the mid teens. I was upset I added at 20 cents, I hate adding to positions. As it hit the bids, I got out at 13 cents. My average price was 10 cents. Of course, the stock went 50 cents never returning to 18 during the move. Moron. Proper way to play this was to get size at 18.
Bought the dip in SMTC, bought at 26.16 as I noticed a character change in the box. I got only 100 shares as this was not an A+ trade in my opinion. It definitely had a reason to work due to strength in the semis today. I felt that sell off was overdone. Got a nice pop out of it. Exited at 26 cents. Of course, with 200 shares I could have sold half at my first target (which is where I got out) and let the rest run a bit. As I increase size across the board, I will be able to capture more from my trades. YOU could say I got out too early, obviously the risk was about 16 cents, THOUGH, the probability of this trade made it worth it. I was very confident in getting at least a pop in my direction.
Another trade I blew today was OLN. Bought OLN as it broke 24.50. It coiled there a bit. There was no bearishness in the box. Market looked good. I had my stop at 48 cents. Stops were triggered. It never hit 47 cents. See what I mean, just terrible execution. Finding the stocks is easy, its the trade execution that kills me. OLN went to 75 cents without ever breaking below 48 cents. sigh
Traded TCK today. Bought at 57.66 through highs. Had an OK setup and box bullishness. Sold at 86. Again, more size would have allowed me to catch the monster move that followed.
Got 400 shares of POT through 61.50. At the time, the agricultural names were ticking up. AGU holding above its whole, MOS at highs. POT was lagging. There was absolutely no strength above the 50 cent level, I tapped out immediately. The REAL question is why did I get 400 shares. Completely irrational share size when compared to my other trades. I suppose the lack of action gave it the illusion of being safer.
Caught a nice pattern in WPRT. It sold off this morning, as the daily was a bit extended. The selling stopped. WPRT produced a triangle. Higher lows, lower highs. I looked to the box for direction. It was absolutely dead at first, though, the price was slightly drifting up. I bought 100. Eventually, UBSS came in with size and the move began. I added immediately as size came on the bids. Sold half at the whole, and half at 15 cents. I am happy with those outs, even though the price went further. It was determined to be a scalp from the get go due to the lack of volume. Soon after WPRT got halted for news and traded higher....
WNR. I bought WNR through 19 as the bids became heavy. The trade began to work. Had some trouble up near 10 cents. A large offer appeared at 5 cents, about the same size of the bids at the whole. I was out immediately. The trade changed, I was out. That is the important of level 2 folks. WNR collapsed afterwards and I was out before everyone. Unfortunately, I knew the dip was a buy, but I missed my entry. I did not rebuy highs or anything. I just gave up on the trade. Would have a been a sick buy on the dip as all the day traders bailed out.
At this point I was gross +150. I decided to wait patiently for a good setup, hoping to attack a good move.
News came out in WPRT, HEK and ECA. I want to strannnnnnnngle our news guys. They are absolutely terrible at their jobs. They can't get it right. JUST READ THE NEWS, AND READ IT CLEARLY. God damn. So I bought HEK up at 6.52 on the muffled news. LOL. Added at 37 cents. Got stopped out at 29 cents............ I was livid. Piker size, but it ruined my mental momentum. Yes it was my fault for buying news I didn't even hear.
Down to 120 gross.
Had a few tilt overtrades. Right now it is 3pm eastern, and I am gross 109 and pretty sure I'm done for the day unless something great happens OR there is a good imbalance play out there.
Upset I did not get involved in the metal trade. They were SO strong. It was difficult to find an entry. It felt like everything was a chase.
--------------------
In reviewing today, the stocks on my watch lists gave me action. I was not short of trading ideas. I do have a knack for finding the right stocks. I suffer in execution however. The fear of profits escaping, the fear of losing, the fear of giving my day away in one trade, etc. I am still a prisoner to this fear.
However, thanks to the journal, I am definitely improving in different ways. I definitely was able to stick to in play stuff today, with a few minor exceptions. I caught myself about to enter trades, and I was able to avoid losses and overtrades.
I have also made an effort to add more liquidity to control my ECN fees a bit.
The big problem with today, was that I did not make enough money. Another winning day. My gross beats my losing day's gross. But commissions drag everything down. I need to make more money on winning days buy getting more size on good plays.
Today's trade that should have had size: QCOR. QCOR was a solid setup.
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Tomorrow: I am definitely seeing the benefit to focusing on stocks on my own lists. I know what is going on in them, I know the psychology built into them. There is no reason to branch out to low volume BS. I can find the stocks I need to be in. I trust that much.
This confidence SHOULD be enough to convince me to get more size. Stop being a broken record. If you come back here tomorrow and right you had your worst day to date, so what. You need to do what you need to do to be profitable.
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Sent an e-mail to my broker today to inquire about custom data sets so that I can begin developing some automated ideas I have. Not looking forward to learning to program, but I am very excited about the prospects. I have a lot of unique ideas that I can't wait to fully investigate and backtest.
4/6/11
Gross: +14
Shares: 10,000
Net: ~ -51
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Today's morning action was difficult. None of the stocks I was initially watching had significant action going on. In play stocks emerged throughout the day, though I couldn't find many exciting setups. Went bottom picking too early.
I was down over 100 gross by noon. Grinded back up.
Still awaiting a big positive day...
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Notable Trades:
1. CBST began paying the 30 level this morning. The action in CBST yesterday was terrible, a lot of whippy, misleading action. Today it seemed much more calm. I bought 400 shares at 30, there was a pesky seller. Got stopped out at 86 cents. CBST worked later in the day, but there was no way to know it was ready. A real nightmare of a stock. Can't be too upset with this one though, it was a standard continuation play. Perhaps the better way to play was to wait for the break, but even then, it probably would have failed. Better to wait for the actual trigger.
2. TRV. Saw size in TRV up at 60, a multiday level. Market was weak. I went for a reversal. I shorted 300 at 92. I wanted to short 600 up near 98, though I missed my opportunity. I was not happy with my price. My target was 70 cents. I exited at 86 cents. Again, I let my morning losses effect my decision making.
3. SWKS. SWKS collapsed today. You only had one pullback to short the thing. I played the bounce there, made a little. Wasn't sure where it would trade to. One thing I did know, however, was that when this thing hit 10%, the selling would slow and a real bottom would form. I waited and waited. It finally set up a 1-2-3 pattern after breaking the 10% mark. Sell sweeping slowed. Bids began to prop the price in the 70s. I caught a great entry. Though, I was not impressed by the action following the break of 28. I wanted to see more short covering. Hence, I did not get great exit prices, I missed a huge chunk of the move.
4. HSFT. Discovered a setup in HSFT. Up big / gap in morning. New high after 10:30a, one of my favorite plays. Though, it was a little thin and it is a Chinese stock. I didn't care, I knew it had potential. I got 500 shares as it broke 75 cents. The trade began to work with very little downside sweeping. Refreshers on the bid speckled around in 90s. It broke 20, I felt very good. Sold 100 at 5 cents, 100 at 25 cents. My plan was to try and hold to 50. I had offers at 35 and 45. The price returned to 20 and began hitting a buyer at the whole. The whole broke, the price sweeped down to my stop, breaking me even on the rest of my 300 shares. All the lame day traders who bought the whole panicked out. I was quite upset, this trade would have made my day.... Honestly, I don't know how to feel about this one. I may have expected too much too fast. Of course a pull-in was due, and I did let it pull in, I tried to hold it. HSFT did eventually return back up there. erm...
5. LTD. 10 period on the 5 min was grinding this up in the afternoon. It approached 35 and retail was strong. Other strong retailers were performing well, such as ANF. I could sense a program nature to the box. I expected a continuation of the grind higher once the 10 period held on the flutter down after it failed to initially hold the whole. I entered, 300 shares, with a stop below the MA. Trade worked. Got out of a third at 24 cents. Hoped for a push to 52 week highs, my target was around 40. Didn't get it. Sold the rest at 13/14 as the MA was broken. In the afternoons, it is better exit more of your position near your first target, rather than a small portion. If this were a morning trade, you would sell less and hold more. That was where I screwed this one up.
6. Shorted HOT at around 10:40am. It had a multiday level at 57. Every day it broke it before, it produced a decent move. This trade became a victim to market chop. It began to work, I had 300 shares from 98, 95 and 88. The market ticked up, and HOT had an emotional pop to 51.10. Stopped me out, and then worked.... HOT was not in play, just had a level. I was right about it, but it didn't trade well. Very aggravating.
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So, today did not present as many exciting opportunities as the previous few. It is good that I grinded back to even, the day could have been worse.
On a day like today, it is important to boost selectivity due to the low quality action. I had trouble reading wtf was going on today. Random stocks all over sold off, yet others were strong. Look at the financials. Looks like the market is consolidating up here.
So another basically flat day gross, with commissions to drag me down.
I should have been in the agricultural names. MON earnings put the whole sector in play. They had MON earnings plus a weak market.
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Tomorrow:
Tomorrow is another half day for me. I have to leave for job #2 at 9:30. These days tend to make me angry before I even sit down. I will trust my watch lists and look to get size.
I would like to focus on trading less, but getting bigger in what I do trade.
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Wasn't in a good mood again due to girl trouble, pretty down actually. And, my dog pissed in my room this morning, made me arrive to the office late.
For April I am down less than 100 gross, down over 300 net. 34200 shares.
Any advice on HSFT is welcome if anyone reads this. Should I have taken more outs when the move became extended near the quarter? Should I have not had a stop out at my entry (80 cents)? Should I have added down there? Opinions?
As I mentioned in my last post on page 6, anti-martingale scaling as meant there was not meant to indicate exit strategy although it can be applied to it. I was talking about entry points and referencing your HSFT trade, I noticed HSFT was setting up long before your entry, although your entry had momo behind it and and had a high prob of winning.
So say your max position was to be 500 shares and somewhere say 19.35 you take 200 and risk in absolute cents 2:5x more than you do on 500 shares. Then as it goes up you add more until you get to your max position. If it goes down you get out (simple) and gives you more breathing room in chop.
Quote from jj90:
As I mentioned in my last post on page 6, anti-martingale scaling as meant there was not meant to indicate exit strategy although it can be applied to it. I was talking about entry points and referencing your HSFT trade, I noticed HSFT was setting up long before your entry, although your entry had momo behind it and and had a high prob of winning.
So say your max position was to be 500 shares and somewhere say 19.35 you take 200 and risk in absolute cents 2:5x more than you do on 500 shares. Then as it goes up you add more until you get to your max position. If it goes down you get out (simple) and gives you more breathing room in chop.
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
Re: So Cal Prop Trader
Quote from ksmetana:
It is absolutely remarkable what I do to myself. I let my P&L get to my head.
Did not go in today, decided to get a good night's rest.
maybe futures trade?
options/stocks used to mess me up big time.
4/8/11
Gross: +191
Shares: 8526
Net: ~ +136
----------------------
Today was my best day of the week, and all you have to do is take a look at the SPY to see that we just had a gentle down trend. I didn't experience heavy chop anywhere really. Had a little trouble finding setups beyond midday. I wish I was still short going into that late down move. Should have seen that coming. I would love to see this market fail right here. I want to get my 401k money back in the market.
I had a very mentally down week due to non-trading issues that were described in other posts. Today was a good way to go into the weekend. Today not only gave my best results for the week, but my stats were also up.
Positive Trades: 20
Negative Trades: 13
3:1 reward vs losses
I traded a bit less than previous days as well.
However, it could have been a better day.
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Notable Trades:
1. HOT - I am done with this stock for some time. I had a good run in these hotel names, but lately they are just pains. Market trading lower, HOT weak off the open. I was hoping for a bear flag play. A seller was selling at 60 cents. I shorted in front of him. I got stopped out of my first attempt due to orders printing through the seller. I hate that BS. Tried again, eventually they broke the guy and I got legitimately stopped out. This trade marked my morning lows at gross -40. It tried to work. HOT was not in play, not worth my time off the open. I had no actual reason to expect more downside. The seller preventing a bounce got me excited.
2. BBBY was one of my money makers today. BBBY was on my watch list for the morning, after they gapped up yesterday on earnings. Typical buyer at the whole and sellers hitting him. It was a great setup. I shorted 500 shares as the buyer flashed. Bastard got me. I was afraid of a bounce. I tapped out of my 500. Soon after he broke, and BBBY gapped down like 20 cents. I was pissed. $100 right there. I knew the box was bearish. Low risk.... The play was to hit the whole and let him break. Anyway, I shorted 300 as it gapped to the 80s, added 200 shares as it bounced against me. The whole held easily, and the trade was on. This one had potential. Market was trading lower, and I tend to have a negative bias toward retail names that gap like this. It made lower highs and new lows. I held my full position down to 50 cents. I really wanted to give it a chance to break. I set my stops above the 10 period 5 min as it began to narrow into the level. I eventually got stopped out in the mid 60s. I think my average price on entry was around 85 cents. I am content with how I traded this, except I should have been in the trade from the whole, for at least SMALL size. I could have added once it broke.
3. SSRI - Another one of my money makers today. Obviously, the metals were strong today. SSRI seemed to be lagging CDE and SLW. I bought 100 shares at the top of a silver wave. Woops. Anyway, it was still early in the day, so I added 163 shares on the dip. Original entry was 35.37. Added at 35.20. Silver went to highs and took the miners with it. SSRI made a nice move. Sold at 48 and the mid 50s. I missed about an extra 10 cents. Though, I'm not concerned, I got what I wanted. Size was at 60 cents, I secured profits, I did not expect much more room for silver.
4. EXK - EXK was another silver stock that set up at 12.50. I got 400 shares (this definitely called for more). Made a nice 12 cent push as silver went to highs. I did not take any outs, YET, at the same time, I DID take my outs in SSRI. Figure that one out. EXK retraced and stopped me out. Should have taken at least half off.
5. MON - Shorted MON today for continued weakness. The stock has been weak and I knew the market weakness could only help. Shorted 100 as it popped back up near 67. It held the whole. I added as I detected a weak moment approaching in the mid 70s. I covered at 66 cents. MON failed to break the 50 cent level as I had hoped. Market downside slowed. I held as long as I could to push for that 50 cent break.
6. CCI - Nothing spectacular, but it helped me close at P&L highs. Had a buyer at 42.75. Market made its big move down and they broke him. I got 300 shares, this trade definitely could have allowed for more. Could have had small size at the level itself and then added. Anyway, it did not have much energy at first, but I know that I had been watching it for like 30 minutes and people WERE selling to that buyer. I gave it time. Finally, it got a sweep down and pushed it 10 cents. My max target was 55 cents. Ended up covered 200 at 60 and 100 at 63. Just a simply late day scalp via a low risk level.
-----------------------------------
Nothing spectacular today. But I was selective and I made sure I took outs when I felt the trade was changing.
Today definitely had potential though. If that BBBY broke that 50 it would have been a great day. If MON broke that 50 cent level earlier in the day, it would have been great.
----------------------------------------
Next week:
I really want to try and string together a few good positive days. I am tired of the inconsistency. Don't get caught up in the need to trade.
Quote from Builder17:
...if i may ask, about how many trades do you do per day and what is the avg size?
to me i see that number of shares traded and wonder if youre just spending commissions. i dont mean to be out of line. but where are the quality setups youre looking for and why arent they working out? or are you overtrading to cancel them out?
Quote from ScalperJoe:
ksmetana,
Since you're profitable in April in terms of gross (I believe the amount is around $207 or so), I agree with Builder17's comments, if you can focus on building size with just the best quality set ups, rather than quantity of trades, then I'm sure you are bound to be successful over time.
Just my 2 cents...
Re: So Cal Prop Trader
Ok sounds good. After all, you did write the following statement in your opening post in the journal. Best of luck.
Quote from ksmetana:
The goal of my journal is to help me prevent over-trading.
Knowing that my trades will be reviewed by others will put a little more pressure on my decision making.
Kurt,
Are you originally from SoCal? How do you like trading those hours out there?
Quote from ElecEquity:
Kurt,
Are you originally from SoCal? How do you like trading those hours out there?
Thoughts for Week of 4/11/11
1. I want to trade less. Even though I feel I do have a talent for grinding, I want to just get as big as possible on quality setups. I'm going to try really hard to be patient and wait for them.
**You can expect either big up days, OR big down days this week**
2. I want to stick to stocks that have a psychology I'm aware of woven into them. I won't ignore some badass looking callout, though I really want to stick to stocks that have movement I entirely understand.
3. End goal. It is good to have an end goal. Why are you trading? The WHY is supposed to make you ask yourself, "Is this action worthy of risking my route to my end goal?" For a long time my end goal has been your typical, "Make money, get independence, get weekends off, etc." Clearly, none of that has seeped in enough to make me trade how I know I SHOULD be trading. I'll just go ahead and say it, I've really begun to fall for this chick even though she has a BF and I think I'm slowly sinking into the friend zone. This brings fresh emotion and desire into my end goal. It will be interesting to see how this effects my trading.
4. The Los Angeles Lakers. Even your back to back NBA champions lose once in a while. The best in the world crumble. Maybe they get legitimately beaten, or maybe they slack off, forget about their drive. Just like sports, trading is competitive and not perfectly repetitious. Every trading day or basketball game is different. Main point here, even the NBA champions can lose to crappy teams. Winning doesn't come without losing. Have faith in your abilities, and through time, your talent will shine.
5. Market has been snagged below highs. Perhaps its consolidation, or the beginning of a pullback before we make new highs, or perhaps we get a double top / lower high. The market was oversold when we bounced off lows. There will come a point where we are overbought relative to the economy's actual condition. Question is, why should the market trade higher than our last high? Oil prices going up. Commodities going up. Dollar down. QE3 is out of the question IMO. I think the upcoming earnings season is going to be great for trading. I think we hear interesting comments about guidance. I am not nearly as bullish as I once was. I think things have changed, and people expecting a clean bull higher are wrong. Maybe we make new highs, but it will be due to different reasons than before. Such reasons imo are mid-long term questionable. The market has new conditions. Be careful out there.
Quote from ksmetana:
Thoughts for Week of 4/11/11
1. I want to trade less. Even though I feel I do have a talent for grinding, I want to just get as big as possible on quality setups. I'm going to try really hard to be patient and wait for them.
**You can expect either big up days, OR big down days this week**
2. I want to stick to stocks that have a psychology I'm aware of woven into them. I won't ignore some badass looking callout, though I really want to stick to stocks that have movement I entirely understand.
3. End goal. It is good to have an end goal. Why are you trading? The WHY is supposed to make you ask yourself, "Is this action worthy of risking my route to my end goal?" For a long time my end goal has been your typical, "Make money, get independence, get weekends off, etc." Clearly, none of that has seeped in enough to make me trade how I know I SHOULD be trading. I'll just go ahead and say it, I've really begun to fall for this chick even though she has a BF and I think I'm slowly sinking into the friend zone. This brings fresh emotion and desire into my end goal. It will be interesting to see how this effects my trading.
4. The Los Angeles Lakers. Even your back to back NBA champions lose once in a while. The best in the world crumble. Maybe they get legitimately beaten, or maybe they slack off, forget about their drive. Just like sports, trading is competitive and not perfectly repetitious. Every trading day or basketball game is different. Main point here, even the NBA champions can lose to crappy teams. Winning doesn't come without losing. Have faith in your abilities, and through time, your talent will shine.
5. Market has been snagged below highs. Perhaps its consolidation, or the beginning of a pullback before we make new highs, or perhaps we get a double top / lower high. The market was oversold when we bounced off lows. There will come a point where we are overbought relative to the economy's actual condition. Question is, why should the market trade higher than our last high? Oil prices going up. Commodities going up. Dollar down. QE3 is out of the question IMO. I think the upcoming earnings season is going to be great for trading. I think we hear interesting comments about guidance. I am not nearly as bullish as I once was. I think things have changed, and people expecting a clean bull higher are wrong. Maybe we make new highs, but it will be due to different reasons than before. Such reasons imo are mid-long term questionable. The market has new conditions. Be careful out there.
4/11/11
Gross: -70
Shares: 4000
Net: ~ -96
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Fantastic god damn beginning to a week I had high prospects for.
Notable Trades:
1. MON - MON has had a series of down days. Expected a bounce soon. Bought through 67.50. Didn't love the setup though I knew it had potential, hence I only got 200 shares. Blew it on the sell side. Sold half at 73, and the other half in the low 50s as it retraced. Absolutely pathetic of me. It held 50 cents lol.
2. TPX - sigh. I caught this about 15 cents after it broke 57 this morning. I had a chance to enter as it pulled into the low 90s. Opted out. Made a point move from there. It held 56.50 as it trended down. I still did not enter. Finally, I entered as some decent offers came in in the low 20s / high teens. I had 200 shares. I added 100 as it broke 56. TPX made it to 70 cents. My target was 50 cents. Didn't take any outs. Lowered my stop above the 5 min 10 period. Green volume bars came in @ the 70s. Decided to leave it alone. I was stopped out. Average price was 56.09.
Flipped after it broke the MAs and held the 90s. Expected a bounce. Didn't get one, stopped out on my 100 share flip.
Kept watching it. Finally it got a push above 56. I irrationally ended up with 500 shares at the average price of 56.10. It was just a trap. Stopped out below the whole. I say irrational because that was simply too much size relative to my previous sizing.
Once I was initially stopped out, I was wondering if I should have just kept my initial stop at 14 cents. That was triggered on the flutter up that I bought. I bought my previous stop basically.
TPX.... A trade where I was up over $120, ended up screwing my day.
3. Bought some stupid news flutter in CCJ.
4. NVLS. Shorted this near the open. Was not as weak as I expected. I had 200 shares. The charts were ugly, I liked it. Sold half at 88 and the rest at my entry (95 cents). Yeah....
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Traded less today, just got screwed in TPX. I had a great trade in TPX and I blew it. Then I got trapped on the bounce. Now I'm off to job #2 to think about it all day.
From now on, if conditions change, I'm taking some off. No reason to miss outs like that. I went against my instincts and just held.
This could have all been avoided if I took the trade up near 57.
Just absolutely shitty trading today. I deserve my losses.
While I was typing this, I missed my LTD short off the 38 level.
------------------------
Tomorrow is another day, I get to trade the entire day.
I was able to restrict myself today, however my in-trade decisions were off. Tomorrow I will continue to look to get big, remain selective, and I will NOT ignore signs of change in the trade. The trade TELLS you when to take some off.
Avoid hesitation. TPX held that 57 whole, absorb the risk. It gave you a chance to add down at 50 cents.
So my manager at job #2 has suddenly gone on "unexpected sick leave," for 3 months. They want me to work more in the coming weeks. It LOOKS like I will have much less trading time ahead of me this month. It is also possible they give me the promotion entirely, which would basically temporarily end my DAY trading career, as I would start at 8:30 a.m. PST instead of 10:45 a.m. PST. I could still trade the open remotely of course.
Normally they would just bring an experienced person of a similar position over to cover temporarily. However, they already short personnel of that position type in the region. Hence, there is a real possibility they might offer me the job.
If they offer me the job I have quite the decision to make...
More money = more trading capital = better trading
It is a shame this is coming 6 months into my trading career. I've already worked here over 2+ years. Decisions decisions. I suppose my upcoming week or two of trading will make the decision for me. BUT, first I need to get offered the job, so I shouldn't get ahead of myself.
I already know everyone's recommendation here would be to take the job. I COULD trade off the open still remotely. Trading off the open would make me hone in on only "off the open" strategies, if I were to continue day trading. That, combined with the increased pay check, could be quite beneficial.
I'm torn.
But anyway, they have me working some 8:30 a.m. shifts next week, so I will have less entries here for a while.
Any comments about this are welcome. Trading is my dream career...
congrats if you get it. steady money is great. i couldnt have afforded the time/$ it took to learn the markets without it personally. plus, good to build up a "grub stake" and continue to watch the markets and how they act. the market isnt going anywhere. there will always be opportunities. 1 month,1 year, 5 years from now, etc.
could try learning to swing small account in the mean time?
4/12/11
Gross: +191
Shares: 5600
Net: ~ +155
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Sorry I'm in a rush, can't talk much today. Basically had a decent morning, a rough midday, and that news in TYC made my day.
Not proud of today's trading, got bailed out.
I won't be able to trade Wed, Thurs, or Fri this week so I'll see you all next week.
Trade file attached.
4/19/11
Gross: +51
Shares: 7600
Net: +2
First day of trading since the 12th. Decided to take it easy as I am a bit disconnected from the market. My other job has taken control of my running memory, etc.
Anyway, I started the morning off well, with a line of winning trades. Up $102 gross by 10:50 eastern. Made money in AL (the IPO), RBN, OCZ, and WDC.
Lost a bit in PAAS. Silver was making a move, and PAAS was being an absolute pain. The miner / metal trade was not there today.
Made money back in a DNDN bounce play and got a little revenge in PAAS once silver kept going. Gross highs for the day was $132.
I lost all my winnings due to the same stupid trade, that I repeated twice.
BBBB had news in it. Thin stock, went for the 50 break earlier in the day. Lost like 60 cents. Tried it again later in the day, lost another 60 cents. Later I bought a dip and made like 20 cents back.
P&L low for the day was -$25.
I shorted 500 NTRS at 49.55, looking for a 50 break and a push to 49. The trade broke 50 and made it to the low 30s. I didn't take any outs. I let it pull in, and unfortunately, it pushed all the way back to the 60s. Gdamn HFT bastards. Well, I am not upset about holding my position. The market was quiet, it was the afternoon, you SHOULD take outs, but I felt it could grind lower.
Go look at NTRS now!!!! If only my stop were out another 4 or 5 cents. NTRS made a late day move down to my target. NTRS had $250 written all over it, I didn't get it the room the charts told me to.
Had a late day chop in SWSH. Bottom picked around 10, average price at 11 cents. Sold two thirds in the high 30s. The last third I bailed at the whole. The whole held, I bought 300 at four cents. Sold all 300 at 14. I'll take it.
I had absolutely no stress today, unlike other days. Turns out that chick is changing her mind. I get to wear my designer clothes to my other job now. Got a xanax scrip. There is a chance I get a promotion, so there is that "plan B" feeling in the back of my mind. I am in no rush to trade. I look forward to seeing how all these factors work into my psychology.
I had absolutely no stress or fear today.
I plan on trading Wednesday and Friday this week.
I'll stick with earnings, and try again.
Today, I made a huge mistake in BBBB. Buying highs TWICE. The news itself was sketchy. The ass selling at 50 was probably
-------------
Today was more of a "welcome back to the market" sort of day. Tomorrow I'll have a running psychology going.
***
Good news, my commissions are being lowered
4/20/11
Gross: +296
Shares: 10000
Net (w/ new rate): +241
------------------
My pseudo-date last night went terribly, haha oh I suck. Anyway...
It is earnings season, so there are a lot of potential opportunities out there. I had forgotten how much action is out there. Friday and next week I plan on getting bigger. Earnings season is my bread and butter. The more stocks that report, the higher my chances are of finding good plays.
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Notable Trades:
1. Bought VMW at 95 this morning. OUCH. Lost 70 bucks in a minute. Silly of me.
2. Bought DLB which gapped up. I bought a pullback at around 47 as the MA's caught up. Worked well. Reached my targets. I liked the setup.
3. AJG - Bought 600 shares at 29.50. Gapped up, pulled in, then a seller held it down. Box had no down sweeps. Trade worked and reached my target.
4. Shorted TXT after it broke 25 at around 11 AM. It began to work. I wanted to let it try to run to lows. Got a wicked move against me. I had 300 shares.
5. DST Round 1 - Shorted at 49 as an earnings plays. I knew I had to get in before the whole broke, as it was a fairly thin stock. Gave 50 cents or so then pulled back. I added on the pullback. Stock broke the whole and stopped me out. Did not take outs. Target was 48.
DST Round 2 - Stayed with the stock. It formed an ascending triangle into 49. A refresher was holding it. I joined the seller. I was convicted. I got 300 shares in the 90s. Finally the trade turned in my favor. Sold a third at 50, held the rest. Wanted to get down to the next whole, that is what the charts told me. Got out in the low 20 cents. Wasn't enough time left in the day. This trade was my trade of the day. I had conviction and I held. My only regret was not adding as a seller prevented a pullback at 60 cents. I was going to add on the next sweep, but the next sweep gapped the stock down like 15-20 cents and I wasn't going to chase.
6. URI - URI is a backtested play of mine. Though, it was not an ideal setup. Anyway, shorted through lows after 10:30 a.m. I had 200 shares. Covered near 29 for about 40 cents or so. I did want to short the bounce. I do not remember why I didn't stay with it. These backtested plays usually present setups later. Gotta stick with em.
7. Did some correlation trading in the rails after UNP reported.
8. Got owned in CHK news. Also got owned on that TIVO news... I bought DISH.
9. Shorted RHT up at 48. Set my stop below highs. Agh!!!! I had that.
----------------------------
So, a good day today, patience brings the trades you need. Give trades proper stops. It is earnings season time to step it up.
Drove to the office today to trade, and the door was locked. Market closed for Good Friday. WTF is that bs. Good Friday rip
Quote from ksmetana:
Drove to the office today to trade, and the door was locked. Market closed for Good Friday. WTF is that bs. Good Friday rip
4/26/11
Gross: +277
Shares: 4600
Net: +252
April Gross: A bit over +800
April Net: A bit over +400
Days Traded in April: 9
Net Positive Days: 5
R/R: Just under 2
Win %: Just over 45%
Biggest Positive Day: +252 net
Biggest Losing Day: -146 net
----------------------------
Well, today was uneventful. Our clearing firm had an outage.
Some time after 11:20 eastern, I was unable to trade. The problem was not fixed until about 2:50 eastern.
Could have been a better day, watched a lot of opportunities pass by...
Either way, I'll take it.
I'd like to have 2 more good days this week to close the month strong.
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Notable Trades:
1. Started off the morning in the red. I bought 400 GRA near 44 at 9:50 a.m. eastern. Got wicked out. Then of course the trade went. I stopped watching it.
2. Bought 200 HXL as it made a move past 21 consolidation. Chased it a bit, but I felt the risk reward was still present. It tried to work. Stalled a while. Hit my stop. You had to be in this ahead of the breakout, with a quarter stop. I did buy 21 initially, but didn't get an immediate move and tapped out.
3. Bought 200 AAN at 28.40. I felt it was setting up for a move higher. Moving averages were catching up. I saw a lot of people taking the opposite side of this trade in the box. I felt this had squeeze potential. The pop did come. However, when it did, the technical difficulties set in and I was unable to take profits. Lame. Ended up getting out later in the day at 65 cents...
4. Bought 300 ASH with an average price at 61.93. I sold 100 at 22 cents, 100 at 45 cents and let the last third run. Stopped out of the last third at 96 cents. I re-entered 200 shares as the price stabilized at the moving averages. Price on those 200 was 62.03. The trade went about 80 cents. I couldn't take profits due to the technical difficulties. I was stuck in this one. It pulled back below my entry. My stops did not work. Trade bounced and went a distance lol. I got out at 63.33.
5. I also got stuck in a KND short today. I had 100 short at 27.38. Covered finally at 28.42.
----------------------------
KND should not have been that big of a loser, but I was stuck in it. ASH would have been a sell at 80 cents. And a rebuy on the dip back to my entry. Would have been a fantastic day had I been able to trade.
Oh well.
I will not be in tomorrow (Wednesday) though I will be in on Thursday and Friday. I'd like to finish the month near net +1000. So I'm shooting for $300 days.
Time to ramp up the volume. I am having a good set of days, earnings season is here, stop being a woman.
4/28/11
Gross: +450
Shares: 9400
Net: +398
-------------------------
Up early off the open, then had several consecutive losers. I kept going, getting more shares in better looking post 10:30 trades. I know that there are tons of opportunities out there right now, and I successfully stayed focused on my watch lists and took great looking trades. I closed on P&L highs and beat my goal for the day.
-------------------------
Notable Trades:
1. Started the morning off in NSC, bought 200 at around 72. Sold at 25 and 59 cents. I don't go for home runs off the open. I am no good in the first hour.
2. Had a streak of losing morning trades in AET, GPL, MSI, HGR, and FAF. Each of these had potential though and I can't regret trying them out.
3. Caught TBI at 15. Buyer holding it after a big morning down move. Shorted 700 at the whole. Covered at 73, 66, 55, 62, 62, and 64. I bought my trade with the 73, got out of half at my target, and let the rest run until there was a change of character. Good outs, great trade.
4. Shorted AU as the metals sold off. A large bid at 50 was holding the price up. I shorted 200 at 50, covered at 86 and 76. This was not one of my own trades, hence, I was not eager to get size in it. Obviously could have been traded better with size. I really wanted to focus on my own trades. Time and time again, I've seen metals sell off a bit, then just reverse. Fine with this.
5. CRI. I shorted 200 CRI at around 30.95. It had a significant down move, retraced and began descending again. I detected little buying in the box. Then a refreshing seller showed up. Soon, he lowered 10 cents. I added at 85 cents. I set my stops behind the seller and rode the price down. He dropped 10 cents at a time. I covered at 28 cents as my target was reached, I had to take some off. The rest had a stop at 47 cents, above the seller. Finally they broke him and I got filled at around 50 cents.
THEN, I got cocky, and got long 100 just for the hell of it. I knew exactly why the sell off had taken place. I knew everything had changed. I got a scalp off it. Could have gotten more, CRI made a nice bounce once the seller was gone.
^^^^ the importance of looking at the box
6. NTRI - Bought 500 as buyers finally took over the 15.50 level. I got rid of 200 up near 70, then 200 at 50 as it dipped and volume died. Another 100 at 64.
7. Had other small winners in DHX, MSI (round 2), and JNJ (news)
----------------------
I hope to have another strong day tomorrow, I plan to approach the market in the same exact way I have the last few days.
I upped my buying power to 60k today.
-----------------------
Next project is to have my first $1000 day...
4/29/11
Gross: +92
Shares: 10200
Net: +36
April End:
Gross: +1400
Net: Somewhere between +800 and +900
-------------------------
There were opportunities out there today, but not nearly the quality stuff of previous days. Had winnings trades and losing trades. No big winners, no big losers. Had a few lapses, traded some stuff that wasn't really worthy. Looking forward to May.
Had a late day chop shorting the Apple imbalance.
--------------------------
Notable Trades:
Low on time today, so the only trade I want to discuss today is AON. It was mid-day, AON began consolidating above 52. It broke 52, and I shorted 400 shares with a potential 50 cent target. This was a trade that you put a feeler in, and add once the trade shows its hand. I got 400 shares, which was an irrational size compared to others.
-----------------------------
Next month my goal is to have my first $1000 day.
Quote from ksmetana:
4/29/11
Gross: +92
Shares: 10200
Net: +36
April End:
Gross: +1400
Net: Somewhere between +800 and +900
-------------------------
Had a late day chop shorting the Apple imbalance.
--------------------------
Next month my goal is to have my first $1000 day.
Quote from ElecEquity:
I hope you learned something from that AAPL imbalance today. I know I did. A lot of guys around me made a killing in it ($10k+). I can't talk about it here. But I figure you'll figure it out b/c you're around other traders in your office.
As far as your first $1k day goes....good luck. I remember my first time making $1k in a day. That's a great feeling. You'll get it Kurt. Eventually making $1k/day will dissatisfy you more than you will ever believed it ever could. Keep plugging away.
5/3/11
Gross: +499
Shares: 10000
Net: +444
Positive Trades: 25
Negative Trades: 19
Average per positive trade (per 100): +27.35
Average per negative trade (per 100): -10.4
Positive PnL: 738.57
Negative PnL: -239.25
Biggest Pos Trade (per 100): +106
Biggest Neg Trade (per 100): -20
--------------
Notable Trades:
1. Shorted CTSH at 77.60 and 77.34 using level 2 analysis as my guide. Covered at 76.41. I do not set hard targets in first hour trades as anything can happen. I used the level 2 to get as much out of the trade as I was comfortable getting.
2. Lost money getting long BPI around 20. Soon after I got stopped out the stock produced the move I had expected. I could have stuck with the stock, though I tend to abandon stocks if they don't trade the way I like. There were other opportunities to look at.
3. Shorted 500 VSH as it broke 17.50. Average cover was in the low 20s. Definitely could have traded this better, and tapped out at my target of 17. I suppose I was just trying to build a solid morning to get things started off on the right foot. the price never breached my entry. I would have tapped out of the entire position at 10% no matter what. I liked that I got 500 shares, as I really liked the setup.
4. NETL. Oh man. NETL pissed... me... off. It set up nicely at 40. I got 500 shares short. 200 before the break, 300 after. The trade began to work. My first target was lows at 30.50. The price came in, stopped me out at 12 cents, and THEN made the move I expected. So damn irrational. All the selling at the whole vanished for some time. This trade would have gave me a fantastic day. Oh well, they can't ALL work. Not sure how I could have traded this better. I COULD have tapped out at a better price for a smaller loss once I detected the trade was going to temporarily fail. I was afraid to get back in the stock. I sized up on a setup I liked. This one stung, I had good prospects for it.
5. CRK. Shorted 400 CRK at 29.75. A single buyer was preventing continuation of the down trend. I covered at 50, 35, 51, 51. I could have let a portion run after my first target of 35 was reached.
6. Shorted LM twice throughout the day for small scalps.
7. RDC. Shorted 400 RDC at 39. I was out of the money and almost got stopped out after the buyers at the whole allowed 99's to print for a brief moment. Day traders bailed. Luckily, the market turned south and gave the trade strength. 39 broke. I covered at 76, and then 80 cents for the rest. I detected an end to the down move in the level 2, it struggled to make new lows. Good outs.
8. I had other small scalp trades, some small losers. No big losers today, aside from NETL.
-------------------------
I stuck with my own watch lists. I refused to get caught up in market and office hype. Stuck with my trades that I feel I have a psychological edge in. I closed 20 bucks short of P&L highs and had a great day. This was a good way to start the month and the week, and it is great to see a continuation of last week's performance.
I'd like to ramp up the size, getting 800-900 rather than 500 on my good setups.
-------------------------
My goal is to have my first $1000 day this month. I need to size up where necessary, give trades the room and time they need, trust myself, and do not let a few losing trades control my decision making.
Tomorrow I will stick to the same strategy. Keep to my watch lists and be patient for good setups / level 2 scenarios.
5/4/11
Gross: - 189
Shares: 11800
Net: -254
------------------------
Obviously not a good day for me. Overtraded, resorted to low quality garbage. Lots of feelers. Lots of bad habits making a return. I blame that on my lack of sleep (only got 3.5 hours last night). I was due for a down day, I would have liked to keep it under $150 net though. Lost a bit more than I'm comfortable losing. It is rare I let a day like today happen.
My watch list for the day did not produce great setups. I ended up throwing money at sub par stuff and I paid for it. I closed at P&L lows. Despite being down, I kept going, but I was a bit wreckless in doing so. I had little conviction in the majority of my trades. If you have fear over the outcome, you shouldn't be in the trade.
The only trade I want to discuss today is the IPO, RENN. The market gave me an opportunity to produce a decent day. I got 500 RENN at 18.75. I was down $150 for the day when I entered the trade.
Initial target 19, though I felt the morning dishing was over and it could make an attempt at the next whole. In my mind I was looking at 20 as my next target.
I entered as selling slowed and the price was held by a seller at 18.70. When they took him out, I was in. Pretty easy. It was a great entry and I had conviction in this one. It was probably the only trade I actually wanted to be in today.
I ended up selling all 500 at 95 cents........
I did not want my profits to escape me. After the trade I was only down $50 on the day.
Bad move and it will haunt me all night. I knew the price was going to run.
RENN then offered an opportunity to buy on the dip. Didn't take it.
So, I basically blew it today, let some bad habits seep in. The setups that made me money yesterday were no where to be found today. It is important to recognize that, and adapt. The coals and agricultural names offered easy money in the afternoon.
I am still up for the month, and I won't let today get to me. I know the opportunities are out there. I'll be trading again on Friday. I want to close the week on a positive note.
5/4/11
Gross: - 189
Shares: 11800
Net: -254
------------------------
Obviously not a good day for me. Overtraded, resorted to low quality garbage. Lots of feelers. Lots of bad habits making a return. I blame that on my lack of sleep (only got 3.5 hours last night). I was due for a down day, I would have liked to keep it under $150 net though. Lost a bit more than I'm comfortable losing. It is rare I let a day like today happen.
My watch list for the day did not produce great setups. I ended up throwing money at sub par stuff and I paid for it. I closed at P&L lows. Despite being down, I kept going, but I was a bit wreckless in doing so. I had little conviction in the majority of my trades. If you have fear over the outcome, you shouldn't be in the trade.
The only trade I want to discuss today is the IPO, RENN. The market gave me an opportunity to produce a decent day. I got 500 RENN at 18.75. I was down $150 for the day when I entered the trade.
Initial target 19, though I felt the morning dishing was over and it could make an attempt at the next whole. In my mind I was looking at 20 as my next target.
I entered as selling slowed and the price was held by a seller at 18.70. When they took him out, I was in. Pretty easy. It was a great entry and I had conviction in this one. It was probably the only trade I actually wanted to be in today.
I ended up selling all 500 at 95 cents........
I did not want my profits to escape me. After the trade I was only down $50 on the day.
Bad move and it will haunt me all night. I knew the price was going to run.
RENN then offered an opportunity to buy on the dip. Didn't take it.
So, I basically blew it today, let some bad habits seep in. The setups that made me money yesterday were no where to be found today. It is important to recognize that, and adapt. The coals and agricultural names offered easy money in the afternoon.
I am still up for the month, and I won't let today get to me. I know the opportunities are out there. I'll be trading again on Friday. I want to close the week on a positive note.
woops, uploaded the wrong file for 5/4/11
here is the correct file.
5/6/11
Gross: +192
Shares: 7600
Net: +150
--------------------------
I missed too much action today. There was all sorts of volatility in the markets. I didn't pull the trigger. Definitely had hesitation problems today. After over-trading on Wednesday, I focused on selectivity and did not attack enough.
--------------------------
Notable Trades:
1. Shorted 400 ZINC at 13.98, as it made a new morning low. Covered half at 61, half at 71. haha. The stock was thin, and I felt it could snap back with no warning. Still I did not expect the move it had. The second wave was like double the size of the first wave.
2. Bought 200 POT as CF was breaking out, along with other agricultural names. I bought the 54 breakout. Sold in the mid 20s, way too early. I knew it had more legs due to the great moves other names were having. Stupid.
3. Bought 300 SAPE in the mid 13.50s as it began to bounce and break its downtrend. Sold at 74, 66, and 74. Size came in on the ask as the market took a turn south. I covered and shorted. Got a little scalp out of it.
4. TLEO formed a level at 37. I bought 200 at the whole and added 100 as it broke. I was hoping for a move to 50 cents. Didn't take outs in the low 20s. Sold some at 15 as the volume died out. Got stopped out of the rest as the market dragged it down.
--------
Had some other scalps. I wasn't able to capture any big moves today. I hesitated so many times in XEC.... Could have made so much in that.
Had a bit of over-trading in the metals. But I gained control of myself pretty quickly. Went outside to get away from the keys.
-----------
Well, I have a positive start to the month, which is good. Next week will bring more opportunities. Wait for them and get size in good setups.
5/10/11
Gross: -305
Shares: 6716
Net: -342
---------------------------------
First day since I began trading where I reached my max set daily stop loss. Everything I touched stopped me out. Trades that began to work snapped back hard. I was in the money nicely on several trades, only to have the price snap back and stop me out.
That being said, I ignored the market's metacommunications and focused on letting the trades reach my targets. I hate scalping, but if the market tells you to, don't ignore it.
Today was my biggest losing day yet. Not happy about it at all. I liked a good number of my trades. They just performed terribly. I did not scale out at all.
Many of the trades ended up producing the moves I wanted, but only after jigging me out.
It is now 1 pm eastern and I'm locked out of the software.
I found good trades, and I'm not entirely sure how to feel about it all. I know I ignored market metacommunications, but I also made an attempt to let targets be reached. I did not scale out at all. I was looking to produce only home runs, and that may have been my problem.
---------------------------------
Notable Trades:
1. DIOD - DIOD was my biggest loser of the day. Gapped lower on earnings. Buyer at 31.60 held it up for a bit in the morning. I shorted as he left. I had 300 shares. The trade immediately began to work and I felt pretty good about it. It made a quick move to 31.25. My target was the whole, 31. The stock snapped back to my entry. I did not have a stop set. I could have limited my losses on this one. However, I felt the trade had potential, and I knew a lame 'thin stock' jig could occur. Ouch. Went much further against me than I would have liked. Got stopped out around 90 cents. Later, the stock made its move lower. I did stick with the stock. I tried shorting it again when it showed a similar pattern later. Again, it produced a jig. Finally, after I was out, the jigging was done and the stock went. God damn it.
2. NOG - Another one of my frustrating trades today. Stock was not trending. Gapped up, sold off, bounced, sold off, bounced. I was watching it because of how volatile it was. I felt this stock would eventually pick a direction. My bias was to the short side. At about 11AM a lot of downside sweeping came in, along with sellers on the ask price. I shorted in the mid 20.40s, I had 500 as I had a level 2 situation in my favor and I only had to risk like 6 cents. The OIH began to come off hard and gave the trade energy. A buyer was soaking up shares as it fell every 10 cents or so. Yet, there was still intense sweeping and upside sweeping got it nowhere. The stock pushed down to 20.15. In my mind, I was alright with exiting at this price, though with the OIH coming off and the aggressive selling, I felt this could make a push to the whole or lows. I held. The stock almost instantly gave back the entire move. Price came all the way back to my entry. It tried to push down again but couldn't do it. OIH began to bounce. The market told me this trade was done. I honored my stop. And lost a little more than I would have liked due to slippage.
I knew I should have flipped NOG because a lot of people were short and that baller ARCA buyer was going to make a killing. Trade with the whales, not against them. Opted not to flip NOG due to my irritation with the day's trading performance.
3. MR - Yet another frustrating stock today. MR set up a nice bull flag intraday. I was in after it took out size at 30.05. I had 400. The price came in and produced a flush. I had no stop set so I did not get stopped out at this point. It was a bit scary though. The price went to the quarter. The trade felt good as 30 held for quite some time. A pesky ARCA seller was selling all over the place but the price still held. There was a lot of buying. Larger bids began to come in. The trade looked good. However, the ARCA seller held this thing down below 25 cents for so long. Eventually, it broke below 30 and this time I was stopped out. However, if I had my stop near the initial flush low, I wouldn't have gotten stopped out. MR finally made the 50 cent move I was looking for. God damn it.
4. There was a setup in MED. I didn't get to trade it because I was stopped out for the day, but right now the trade is working. However, it flushed after it broke 23.50. I probably would have gotten size, and then gotten stopped out. Sloppy crap today.
--------------------------
Those are the only trades that really need to be discussed today. It was a perfect storm of good looking trades gone bad, combined with a bit of market ignorance and unwillingness to accept a scalp.
I am not happy at all about today. For the month I am now flat.
But I know that opportunities will come and I just need to wait for them and not give up. I had a really great day just days ago, and today I had a terrible day. I do not like that I let myself lose $300 gross, it is very, very uncharacteristic of me.
Trust your instincts, not every trade is going to be a home run. If the trade character changes, don't sit there and hope that honoring your stops will turn it into a winner. You are better than that.
5/12/11
Gross: +104
Shares: 5800
Net: +72
------------------------------------
1. Shorted OAS this morning. 300 just above 26. Covered in the mid 60s. I figured some support could exist near the 200 day. I covered and kept watching it to see if it could make a new low after congestion. It bounced. Decent outs.
2. Lost a bit in MON. The agricultural names were selling off, along with other commodity-like names. Shorted 200 MON, 100 at 63.45, another 100 at 63.69. Ag names pulled a full reversal, stopping me out. I initially wanted to play POT and MOS but I hesitated. Those would have been 50 cent trades. I ended up in the laggard. MON never trades well with the group.
3. Shorted SFSF up near 34. It was out of play I didn't feel it was going to breakout. Covered half at 86 cents and another half at 75 cents. Good enough for me.
4. Shorted AGCO at 52.42. Looked like it was going to have a late day sell off. I really liked that it only bounced to the 2-min 10 period. I wanted to get more of this, but I did not. I covered at 20 cents. An extra 100 shares would have allowed me to reach my target at 52.
5. Did some trading in PNSN via bounce plays. Couldn't get the move I was looking for.
6. Lost a bit in GS buying near highs of a bounce rather than a pullback.
7. Did some small scalping in silver today.
---------------------------
Overall, I could have traded better. Definitely not an aggressive type of day for me. The short - long flip in the morning had me guessing what could come next. Should have just used the dollar as my guide.
I trade tomorrow. I'll have to focus on the metals, since they're in play. I'll watch GS as well. Not a long of earnings plays to watch. I'll also continue to watch PNSN for a bounce.
Not a very eventful day, couldn't find anything to comfortably get big in.
5/17/11
Gross: -262
Shares: 6600
Net: -298
May:
Gross: +38
Net: -229
---------------------------------
An absolutely disgusting morning. More huge moves against me. Did not set stops. I can't believe I these things run as far as they did.
I am trading with no edge. I have lost my market feel due to my increased workload at job #2 and my reduction in trading days. Earnings season is dying out and it is difficult to maintain the patience required to not trade. I feel have to force the issue due to my lame ass trading schedule.
Had a rough morning which impacted the rest of the day. Rough morning caused by letting losers run way too far. Furthermore, I took trades with no actual setup, just hope that momentum would continue. Completely uncharacteristic of me. In that regard, there seems to be a pattern forming.
My lack of sleep and market disconnect is impacting my trading abilities.
I am very discouraged by my recent performance. I had one of my better stretches of days, and now my worst stretch of days. Typical.
--------------------------
1. Shorted 100 CTRP this morning on its pop at 44, and added at 44.57. Stopped out at 63 cents, the top print. LOL. Aren't I just the worst. Trade immediately worked as I got stopped out. That being said, I went for an idea that worked. Looking back, this is not a setup I normally take. I felt forced to due to the lack of stocks on my watchlist. However, I have found a new way to find active stocks, so I won't press the the issue as much in the next coming days.
2. Shorted TJX in the morning at 52.32, 27 and 46. It looked like it was gearing up to break down. THWACK. Huge green bar against me. Stopped out at 68 cents. First 2 trades of the day = Gross - 166. I am terrible after terrible mornings.
3. Went for shorts in CAT and DE. They both had downside on the charts. Market decided to bounce rather than trend down. Not upset with these trades. Especially CAT which had an interesting level 2 situation going on.
4. Bought FWRD as it bounced off 32.50. It made it above 75 cents. I wanted to hold to 33. 75 was definitely an initial target according to the charts. However, it wasn't enough to appease my appetite. I paid the price and got stopped out.
5. Tried trading MAKO today. I knew the 26 area was a buy, but those sweeps down were not fun to watch. Could have made a killing in MAKO.
6. Missed the TJX sell off at the end of the day. A backtested trade of mine and I chose not to take it because of my P&L.
7. Missed the late day breach of 44 in CTRP. Did not take the trade due to P&L woes.
-----------------------------------
As you can see, I had a rough morning, my own fault really. I could live with CTRP, but TJX stung the most. I could have kept my losses muuccchhh lower.
Also, I had opportunities to make money back. Late day TJX selloff, CTRP 44, FWRD scalp, oh and I forgot to mention.... HEWLETT PACKARD. The 36 buy and the 37 short.
Terrible.
Hopefully I can get my act together tomorrow. I'm going to try and get to bed on time tonight.
298 down day is unacceptable while never holding more than 300 shares.
-------------------------
Have you stopped trading?
No I haven't gone in since my last post. Taking some time to myself, I'll return next week
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
I will make a return to trading on Tuesday... I was incredibly upset with my performance in my last session. I felt like a loose cannon, giving no respect to my typical risk management techniques.
Going to ramp up selectivity. All it takes is one good trade to make your day, even week. Wait for the prime opportunities and attack them.
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
5/24/11
Gross: +62
Shares: 7400
Net: +21
----------------------------
Started off the day with a few losing trades. Then had a few winners. My gross P&L high was only $89. Definitely COULD have had a better day. I did not want to come in and get huge in anything, as I don't have a market feel right now. I basically stuck to my watchlists and waited. I saw that gap up in silver and I should have bought, oh well.
1. Shorted 400 QLGC betwen 16 and 16.05 in the morning. Covered in the low 80s as it began to bounce. It lost energy down there, decided to take profits and I'm fine with getting out there. I tried shorting again later in the day as it made a fresh low via the 75 cent break. Wanted a nice move, didn't come until after the jig. So be it.
2. I traded MDT a bit today. Apparently, I bought some near 40.20 this morning... I think I recall aggressive buying, it seemed like the stock was going to bounce. Well I sold as it broke a bulk of buyers. I shorted MDT as it broke 40. I knew this thing had a lot of buyers. If it were to hold below 40 it would develop nicely. Didn't happen. Opted not to flip the thing because I wasn't happy with how it was trading.
3. Bought TEU from a seller at 10.80. Scalped up near 90 cents.
4. Tried trading RVI today. Always know what you're trading. In the morning, I had no idea RVI was directly correlated to DSW. Woops! Tried the 22 breakout, no dice. The box was not pretty, this trade could have been avoided.
5. RLD presented some very nice opportunities today. I regret not getting bigger in this. At the time, I was not happy with the day's trading. Shorted 200 at 29. Covered at 61 and 53 cents. I did not flip as large volume blasted it back up above 29. I did not flip as it held 29. I definitely should have. The news in this thing was not big enough to warrant the sell off. I figured it could pull midday reversal. Anyway, I reshorted RLD at 29.64 as a seller presented at 70 cents. Covered at 30 cents.... why? Well I knew it had a decent chance at 29, though I knew it would produce a higher low. I wanted to make sure I took outs. I still got a 5:1 ratio in it.
6. I was buying PWRD at 26. It would break 26, look good, then the seller would slam it back. The first time he did this, he produced a jig that stopped me out. The next 2 or 3 times the 90s held. I decided I'd wait for this thing to break and hold above 26 for a few minutes. It finally did and I bought 10s. Got out of half at 42 cents and I held the rest hoping for a push to highs. I should have tightened my stop on the 2nd half. Got stopped out below 99 cents on the 2nd half.
7. I was buying SAFM down at 45 simply because I couldn't short it. It looked like it wanted to break down. I was planning on a simple 10 cent move from the whole. I missed my outs twice. Heavy selling tried to break the buyer at 45. I got out at 45 to avoid a flush. Amazingly, the 45 buyer held. The stock bounced 30 cents. Ah hell.
8. Had a few small losers in attempting to grind out the afternoon. I could have easily stopped and closed a bit higher net, but $60? $20? who cares, I am looking for $300+ positive days.
--------------
So I have a new scanner for finding active stocks, making me feel pretty good. Now that I know I have access to more opportunities, I won't be as eager to trade.
I'd say that my only regret for the day was not attacking the hell out of RLD. RLD had a seller at the whole and he lowered twice. I should have been huge in that.
I will be trading again on Thursday and Friday.
My primary goal is to manage my risk. In the last 7 trading days I had a -250 day, and two -300 days. Completely out of character. I have finished gross positive every month since I began and there is no reason to break that trend this month. Manage your risk ksmetana
I feel I now have a good idea about where the market is. I was right about it stalling up here, couldn't even hit 1400.
Though, I feel the dip this selloff produces should be bought. I'll be putting my 401k back in the market if we get a push down to 1200-1250. I'm hoping we break below 1250, though, unless something happens, we probably hold the 1300 area and trade sideways until fall.
I'm glad silver came off, I think the silver story is complete BS and I laugh at anyone buying those highs.
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
5/26/11
Gross: -120
Shares: 8800
Net: -168
----------------------------
Yet another sloppy trading day for ksmetana. Being away from the market, and only trading 3 days a week really has me out of practice. I get pounded in the morning and "remember" what I'm supposed to be doing.
Today, I was down as much as $255 gross. I waited for trades, and grinded it down to $120.
This is definitely my weakest month. Which is just swell, as it comes after my best month. I'm not sure why I allow myself to screw up so bad in the mornings, self sabotage perhaps.
Anyway,
1. I was shorting CSC today up at 40!!! It began to work. I made a killing in CSC the last time around. It came in, and ran 20 or more cents above 40, stopping me out. Then of course, it became the trade of the day. I attempted to catch the bottom a few times, ended up not getting it. Yikes.
2. Bought some SMTC in the morning, near 29.25. Potential bull flag. It turned south and stopped me out.
3. Messed around in today's IPOs, FSL and LPR, got ripped in both.
4. Could have just traded NTAP today and done well. It is pretty much the only decently trending stock I found out there. I traded CTXS as a cloud sympathy, buying at around 84 as it consolidated. Got a push up to 45 cents.
5. Failed TSLA breakout
6. Shorted CBST as the buyer holding it at 39 was eliminated. I was really hoping for a full point reversal. I covered half down by 50 cents. It remained weak. I re-added as it failed to bounce past 60 cents. CBST couldn't make another leg down. Ended up getting stopped out with less profits that I could have had. I've learned this lesson before, get your shares at the best price possible. Only add when you have something structural in the level 2.
7. Shorted HOT up at 61.07 as it began to fall. Caught the top, though I covered way too early and I knew I was covering early, but I decided I need the money.
8. Shorted some CRI after its afternoon initial leg down. Shorted at 32.40 and 32.37. The stock was dead, but it wasn't bouncing. It began to trickle down. I covered at 26 cents, not expecting much more. I should have waited for afternoon volume because it made the move the daily said it should have.
9. Various other stabs at things
---------------------------
Today offered a few decent trades. Just another sloppy day w/ decision making. Really amateur stuff that I'm not proud of. I really need to sit back and control my hands. Wait for nice setups and attack. I should only be trading 500 shares or more. Anything less and I shouldn't bother. That should be my indicator of when to get in.
Tomorrow is another day...
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
5/31/11
Gross: -154
Shares: 8200
Net: -199
Month Gross: -173
Month Net: -574
----------------------
Swweeeeet way to end the month. Market is absolutely dead right now, guess I'll go home early.
Once again dabbled in the morning. Lost money with a NVDA long near the open, and got jigged out of my AGU short. The AGU short worked of course and I felt my timing was decent, AGU had one lame bounce.
Lost more money in ASH. Shorted ASH at 67. Wanted to hold for at least 50 cents, it went 40. Came in and stopped me out. I did not flip. Grrrrr.
Grinded out some oil trades, following the trend, shorting bounces and buying dips.
Shorted some CSC up near 40.10. Combined with the oil trades, I cut my losses down.
Lost some money in TCO, an absolutely dead stock with a "setup." Pretty much the only thing I could find that "looked" good.
Anyway, the mornings have been tearing me up, the action has little conviction and energy. Terrible May after a good April. I expect the action to only get worse.
Take profits sooner than you'd like.
I've been hoping to speed things up. My May goal was to get my first $1000 day... Now I feel I need to slow things down, this crap can't continue.
And so in June, I'm going to focus on selectivity and taking profits. Good opportunities will become more and more rare. Mediocre ones will be all over.
I'm just glad May is over, May was my first gross negative month.
6/1/11
Gross: +324
Shares: 13,800
Net: +248
----------------------------
Had a fantastic day and then gave wayyyy too much back in the last 20 minutes. I was over +400 gross. I played the ANR imbalance, loaded short. The price went against me a bit too far. Covered my position. Meanwhile, my GDX bounce play went against me while I was distracted. These two trades brought a terrible end to an otherwise fantastic day.
Today could have easily been my first $1000 day. It was very clear the market would trend lower and close at lows from the beginning of the day. Though, due to the recent BS market performance, I was in piker mode.
There were a ton of really good opportunities.
I made most of my money today trading the cloud space. They were in play from the open, and got another boost of action on the JNPR news. These were correlation trades. I am not going to go through them all, it would take too long.
In the morning, I bought ARUN as it was lagging the push up. I sold as the cloud names began to slow down their upward momentum.
Near the top, I shorted RHT. Definitely should have held that longer. I was short RHT when the economic data came out. I knew today had more downside, but still took outs.
Taking outs was a priority for me today, I did not want to give anything back as in previous days. Though, in a day like today, it is important to recognize the change in market behavior and step up. I have been through this before, and I did not step up. Though, I am glad to start off June with a nice day, and I'd love to see more multi-sector market action in the coming days.
Made some money trading JOSB as it bounced off lows up to 50.
Made some money shorting SEE at 25. Wish I kept watching it for the late day break down, but there was a lot going on.
TROW - What a pain. I felt this would be a good stock to short. I was shorting in the 60.60s and it went further against me than I would have liked. I will admit I was too early. Should have waited for the better setup which came later.
DG - I tried shorting DG several times near 32.50 hoping for a move to lows. Each time I had to scalp because momentum faded. Eventually I got fed up with the thing and moved on. Of course, it eventually went.
I played the JNPR news through JNPR itself and APKT. I got a bounce out of APKT as JNPR bounced. I shorted JNPR up near 34 as it bounced. I then flipped JNPR at 33.50. Wanted to reshort again back up at 34 but couldn't get filled.
I regret not getting bigger in JNPR, I was in the zone all day today. I made a lot of great calls.
Though, my biggest mistake today was in ETN. ETN provided a badass setup at 50. I went short believing the seller would hold. He did. With my stop above the seller and my first target at 60 cents, all I had to do was chill out. ETN had trouble in the 80s. I was so intent on locking in profits, I covered on a stupid flicker to the mid-upper 80s. Later ETN went over 50 cents! I had absolutely no reason to exit before my target. Man, what an incredible setup. 5 min 10 period caught up to back up the seller. I should have been maxed out.
My last 3 trades of the day were losers and cut my P&L down by like $100. Not happy about it. Lost money in the ANR imbalance (which worked like a gdamn charm in the final 20 seconds), and lost money not paying attention to my GDX position.
Also lost a little in APKT. I was buying up at 73 looking for a break and a bounce. Stupid idea with the market at lows. It was a sick short. I made the wrong decision.
----------------------
Overall, today was a day trading paradise and I should have knocked this one out of the park. It was good to have a positive day. I focused on not letting profits slip away. I got a good morning start, which helped the rest of my day.
If I had traded ETN as I intended to when I entered, today would have been my best trading day to date. 400 shares from 50, cover half at 60 cents, half on the 50 break. 500+ day. Damn. In fact, I believe this was my largest position of the day BECAUSE of the beautiful setup. There was no reason to bail on it.
--------------------------
Tomorrow:
Pretty much everything I love trading will be interesting to watch.
Metals, oil stocks, cloud names
I think a day like today will get all the asshats back in their trading chairs. Tuesday was absolutely dead. Lazy asses taking an extended memorial day.
Hopefully this market gets trampled so that my 401k can get in on a good dip.
6/2/11
Gross: -38
Shares: 16,400
Net: -128
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Another day with a lot of action, unfortunately, I made a few mistakes.
Started off decently watching the education names. Shorted LOPE up at 15 as the others sold off. Covered in the mid 60s as some began to bounce. Yes, it went further, but you have to take what you can in the early morning.
Immediately gave my gains away in GS. The news came. I shorted a pop, too early, loss 77 cents on that. It bounced a bit further past my exit and THEN went nicely lower short term. Shouldn't have touched it...
I kept watching the education names and the financials.
I bought MS near 23 as GS and JPM began to bounce after the sell off. Covered near the top of the bounce.
Soon after, the market had its down move.
I then made a series of poor decisions that gave my day away.
I bought into the silver bounce too early, and I tried bottom picking FTO way too early.
That being said, I was later able to catch the breakout in FTO.
I had a lot of small losers today, which dragged me down, in addition to my significant losses in FTO and SSRI. Definitely fair to say I over traded.
That being said, today was not a VERY easy day. If you played for a trend continuation you lost. I did not, I went for the reversal, but I was too early.
I just wasn't able to get much going today.
The education names had a lot of indecision in them. I expect them to sort themselves out in the coming days.
Too many shares traded today, could have been more meticulous.
Got burned in another imbalance as well.
--------------------
Definitely should have been a better day, need to take advantage of the action.
Have you read "One good Trade" by M Bellafiore ?
About SMB capital prop shop and day trading stocks. It's a good read and you might pick up some good tips.
FWIW
6/9/11
Gross: +170
Shares: 13,600
Net: +95
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Don't have time to write today, sorry. Today I was not able to trade until about 11 AM as my video card died.
So I got a late start, had to just sort of dive in. Had to use a different computer, so I had to tinker with my layout as well.
Had some good trades today, but nothing big. I was positioned for some nice trades, like a bounce in VRTX, and a bounce in BKD, but neither were very fruitful.
Lots of scalping, lots of small losers. Trade of the day was DLTR... Bought on the FDO news, and shorted as FDO sold off. Easy stuff.
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
6/10/11
Gross: +111
Shares: 19,600
Net: + 3.2 (sweet)
------------------------------------
Again, short on time today.
I had a decent start shorting TRV around 59.46. Covered some near 59 and reshorted on the pop.
I grinded my morning gains away shorting the setup in FCS, and a few other small losers.
Did some oil correlation trading, made some money back. I was ready for that move down in RIG, but it took soooooo loonnggg. I wasn't in when it finally made its push. If I had just honored my stop I would have caught it.
I then had a series of losing trades, low quality stuff. The market was so slow at the time, I would have been better off turning on some porn.
Began to rebound in the afternoon. Then the financials became in play and I absolutely destroyed them. I was on top of each up wave and down wave. Could have gotten bigger but I didn't, as I didn't even hear what the news was!
Made all my money back, basically broke even today.
Good opportunities come if you wait for them. Stay out of the silly stuff.
Set a new personal record for shares traded in a day.
I am fine with my financials trading, of course shares will rack up when you're playing both long and short. But I did significantly over trade through midday.
Last few days I have been sizing up more. I've had a few 700-800 share positions. However, I still have fear in sizing up when there is not some sort of structure to the level 2. Today, my max size in the financial sequence was only 300 shares. I am good with correlation trading, but sometimes things go against you before they work. When such action presents, you need to have confidence in your abilities and take advantage of the movement.
6/14/11
Gross: -89
Shares: 16,800
Net: -181
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Ashamed of myself. I come in, make the same mistakes in the mornings, clean my act up once I take a beating, then when I battle out, I fall into the same crap.
Lost 240 before 10:30. Did not allow anything to set up. Bought some HAL as it seemed oil names were about to break out. Of course, they did, but after jigging me out with a big red candle.
It was a dumb idea anyway, there was no setup.
Battled back by shorting K, buying NTAP, bought a dip in SWI, got a nice trade in FWLT as the market made new midday highs.
I battled from -240 to +42. I then had a series of losing trades, taking me to -89.
I knew the market would sell off into the close and I didn't act.
Once it happened, I was upset, and looked for shorts, of course, after it was too late.
So I can take two lessons from today:
1. Screw the mornings, I make all my money after 10 AM.
2. Stop trading CRAP.
There is a clear difference in trade quality between my losers and winners.
NTAP
FWLT
K
YUM
All good setups
Hell, all you needed to trade today was JCP and LO and you could have done well. Instead, I screwed around with low volume crap.
Obviously, I'm get more shares in now. I am taking larger positions, which is good, I just need to watch my selectivity.
If I had avoided the morning, I would have had a much better day.
It was sooo easy to make money today, and I blew it by trading during the first 20-30 min. Wait for the good stuff, not the "I'm better than the market" BS.
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
6/15/11
Gross: -66
Shares: 19,788
Net: -175
June Net: -138
-----------------------------
Today, was an absolute stinger. Traded to negative 120 early on after losses in buying P dips and not scalping them.
Then, we got the market sell off, which I nailed. Traded to positive 250. I was watching the agricultural names, played on the short side of course.
I suppose the action got to my ahead. I gave my entire day away in one trade, something I've never consciously done. (of course, it has happened due to sudden flushes, but never recklessly riding out a trade).
I was longing oil before it capitulated. I was able to catch the absolute bottom in UCO, but had light size and piked it.
After that trade, I was incredibly upset and my trade quality declined, in hoping I could grind back to a good day.
I have never, ever let a trade go against me that far. Very upset. I ruined my great trading day. Days like this are rare, a day trader needs to take advantage of the action. I did, but I let my performance get to my head, and jumped in something with no regard for risk.
Set a new record for shares traded.
I am pleased I am getting more size. Of course, it racks up commission costs. I made a fatal mistake today. Sure oil, was straight down, but it had not capitulated.
I watched Pandora throughout the day, and was able to sweep up a few capitulation trades as it broke each whole. Though, it was light size.
Got jigged out of my CSC and ARUN trades. I knew that was the top in CSC, but I got squeaked out. Shorted ARUN as it presented a bear flag near a previous day's low. I knew it had potential as it had news today. Got jigged out.
So today was the first time I made this sort of mistake. And, in this business, you can only learn by screwing up.
Hopefully the action continues...
One good thing about today was that I did not trade the open. Yes, I did trade P beginning at 9:45, but that is a bit different.
Market gave plenty of opportunities to make money. I did do a good job with one major mistake. I'll admit I got sloppy after the mistake got to my head. Never give back more than 50% of reasonable profits after 1pm.
That was my cue to quit.
The other day I had a terrible morning, and grinded out of it. Today I had a decent trading day, and then let one trade screw it up.
Today was another day that should have easily been my first $1000 day. June is coming to a close, need to get a few good days to make sure I pay off the office fees.
Today, simple money management was where I went wrong. Even if I take a bad trade, I can't let it go so far against me. Not sure where the hell that decision came from.
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I'm supposed to go clubbing tonight with these chicks ( I don't trade tomorrow due to job #2), but now I'm not sure I want to. What woman wants a man who buys UCO at 43.67, adds as it falls, and sells at 42.83. Go look at a chart of that! There was absolutely NO reason to get involved. No setup, no capitulation, no leading indicator, NOTHING. I let it go against me 84 cents???? If the trade even worked the reward would have only been MAYBE 30-40 cents. LOL.
A real man buys UCO in the face of fear, because he patiently waits for people to panic. That is when he steps in at 42.02 and buys.
I went clubbing in Hollywood on Saturday night. I rarely go out since I work 2 jobs. I forgot what drunk hot chicks dressed in skimpy dresses look like, in person. Gdamn. These two asian chicks... well, anyway, I was standing at the bar, ordering my drink from some coked out male bartender, looking at all these females, and I realized I need to make more money.
I think the last time I spoke of my personal life on here, I was all caught up on some chick. Well that didn't come to fruition, it wasn't fun, but I've moved on. I'm not much of a clubbing man myself, but I'll admit, it would be nice to have the option of rolling up buying drinks for many females, and taking them back to a suite down the street.
I expected much more from June, I have been ramping up size, which is a great development, however, I've been struggling with consistency, obviously. We'll see how Friday goes.
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
6/17/11
Gross: +216
Shares: 20,200
Net: +105
---------------------
Had an OK morning, which should have been better. I was all over MCO, shorting the first pop near 36.35. I screwed up by adding on the 36 break. I stuck with MCO and MHP all day long.
Slowly gave away my morning RIMM and MCO gains via a series of small losses in MCO and MHP. Every time MCO looked like it was ready to break down, it didn't. Every time it looked like it wanted to pop, it didn't. It was not easy. Well, it was easy if you gave it proper stops. I tried to be better than the charts.
Anyway, made my money today once again shorting the agricultural names. AGU and MOS, as CF lead them lower. Also played the bounce as CF bounced. I wish I played CF itself, but I hate CF because of how thin it is.
Set another total shares traded record, which I like.
I am getting more and more 500 share lots, though, I need to get bigger in those trades that take place in moments where there is a good potential for a nice move.
Today's amateur moment came in MCO I suppose. I'm glad I decided to short the first pop. However, I knew I did not get enough size, which is why I added at a lower price. I had a nice trade going, I was deeply in the money, and by letting the move get to my head, I ended up with a mediocre average price.
----------------
It will be interesting to see what goes down next week. I am getting bigger. I feel that my breakout day is approaching, where I take a series of good trades, with good size, and I trade them well. One of our traders made 1500 today on only 13400 shares. Very efficient stuff. I'm glad I'm attacking more, but I also need to balance that with good selectivity.
13400 shares and a 1500 dollar day is what I want to be doing. Efficient trading.
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
I've been doing some research on the human imagination. It seems any time we take a stance, take a side, or rest on some sort of viewpoint, we create a world to support that outlook.
I was looking at a potential trade the other day, I forget which one. Risk reward was to the short side. I began building reasons to hope the short could work. In reality, even though the short side had a very well defined risk, the long had factors building in its favor. I caught myself, and I said, wow, look at me, building a case for something that doesn't actually exist.
Our imaginations inflict more pain on us than the reality of things. Our fear of job interviews, fear of asking a chick out, etc etc. We build things up in our mind that are not real, and we are often unaware, because our imagined realities seem so real.
I've noticed that my best trades come through split second decisions. You see the data and go with your first reaction. Then, if I sit there for a while, staring at a scenario, I begin questioning both sides. Certain factors can incorrectly weigh over others. The more thought that goes into a trade, it seems, allow more time to build an imagined reality. Oh, the short side LOOKS safer, its more COMFORTING, and immediately the factors begin to line up for that side.
Ideally, it would be great to write down all the different factors on a paper. Though, in day trading the stock market, it is not often we have the luxury of time, especially when there is action.
Hence, experience trumps it all. The more experience you build, the better those split second decisions will be, and the better you are able to pick a side in those trades you have time to think about. You see trades work and you see trades fail. You see why they work and why they fail. You know more quickly when to exit a trade, when to let something run. You are less likely to let profit hopes build an imaginary world for you. You trust what you've seen rather than what you hope to see.
Interesting question though. I've always thought that if you can conquer the psychology of the market, you can use this internal strength to conquer other struggles in life. However, if experience is the key, it may not be so easy to do so. Similarly, I've heard suggestions that you should try and conquer those life struggled to help improve trading. The idea songs good, but I'm not so sure it would be effective. Experience trumps all the books, all the beliefs, everything.
The longer you can stay in the game and build a realistic working knowledge of price action, the better you'll be in the long run...
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I'm thinking of going to a bar tonight. Last few times I went these fine chicks started conversations with me. I recently grew a beard. I was also in a friend's student film recently. Seeing myself on camera made me re-realize how much better looking I am than the good majority of the human population. It has instilled a bit of confidence in me. That, combined with the beard has caught the female eye again. Yet, when the time comes, I will surely fail to act. It is much easier to push a few keys, knowing what you have to lose, than to build an analysis of a broad and build a persona which will guarantee easy access. You don't have the luxury of sitting back and thinking. You have to attack it, without thought. And as I type this, I know this is my imagination rationalizing a reason to avoid the conflict altogether. It is more comfortable for me to just sit and enjoy my drink. I just said that all you have to do is ACT. And before I said how the times where I just ACT I am more successful. It is fascinating.
In many conversations I've had with friends recently, I tend to internally compare things to trading. Risk reward, reality vs hope and fear, probabilities of success, etc etc. It seems every decision we make has trading characteristics built into them.
Anyway, I'll leave this at that. I got bored at job 2 and decided to post something.
Here are two youtube videos for you:
1. Here is that student film movie I was in, I am the character Wes, when the girl opens the door, I'm the guy on the right without glasses. This gives you a chance to see what I look like and sound like. http://www.youtube.com/watch?v=XSTzjJrkzt8
2. Here is me talking to Jim Cramer back in 2009 when I was a complete market noob. Back then I thought I asked such a brilliant question, and now I crack up every time I see this. It is pretty embarassing to post, but I think it is funny. If you actually watch it, make sure you watch the whole thing, the Kurt references don't end after my question: http://www.youtube.com/watch?v=qmcGmCo6ymI
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
I'm worried about your judgment when you say you are getter looking than the majority of the human population. If your perception is that off about your looks, then one can only speculate about your perceptions of the stock market or anything else. I do wish you luck but the majority of these threads that are started as diaries end up being a waste of time. It's self-indulgent and not informative for anyone else- most people are looking for useful information, not an airing of someone's psychology, failings, or random opinions.
JV
Perception is reality eh Kurt? I agree with you as my reflections as well have led me to postulate as such. Yoda's 'do or do not, there is no try' finally starts to make sense.
Quote from johnnyvento:
I'm worried about your judgment when you say you are getter looking than the majority of the human population. If your perception is that off about your looks, then one can only speculate about your perceptions of the stock market or anything else. I do wish you luck but the majority of these threads that are started as diaries end up being a waste of time. It's self-indulgent and not informative for anyone else- most people are looking for useful information, not an airing of someone's psychology, failings, or random opinions.
JV
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
kurt.. just curious . If your so good looking. why don't you have a girlfriend? maybe you have some personality issues? you just sound immature in your comments. just like a 12 yr old . probably why your striking out in finding a gf. .. your arrogant .. not confident .. you have so much to learn about life. You should just stick to trading & maybe you will get lucky & make some money so you can brag to all the ladies about how great you are. ok romeo
Quote from scorpion:
kurt.. just curious . If your so good looking. why don't you have a girlfriend? maybe you have some personality issues? you just sound immature in your comments. just like a 12 yr old . probably why your striking out in finding a gf. .. your arrogant .. not confident .. you have so much to learn about life. You should just stick to trading & maybe you will get lucky & make some money so you can brag to all the ladies about how great you are. ok romeo
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
-grabs popcorn- this should be interesting
__________________
Like everyone else, I just want to make money.
i guess if your drunk & posting on et .. seems like you struck out again with not getting lucky. maybe you should try that line on your pantie hunt. keep trying.. don't give up.
Quote from scorpion:
i guess if your drunk & posting on et .. seems like you struck out again with not getting lucky. maybe you should try that line on your pantie hunt. keep trying.. don't give up.
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
i see you making your moves on the ladies.. well it cost you a day of trading .. have to keep your head in the game. don't count on this market going to year high's anytime soon. looking for a good sell off over the next few months.. like to see some volitility. market is dull. tomorrow is another day. go get em..
Quote from scorpion:
i see you making your moves on the ladies.. well it cost you a day of trading .. have to keep your head in the game. don't count on this market going to year high's anytime soon. looking for a good sell off over the next few months.. like to see some volitility. market is dull. tomorrow is another day. go get em..
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
Don't let any of the haters get you down...they tend to come out when they have the ability to hide behind a computer screen! Do YOU my man!
6/21/11
Gross: -156
Shares: 18,800
Net: -260
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Basically got raped all day long. Couldn't get anything to go my way. Anything that did work went a shitty distance. Couldn't find any quality setups. I mean, I got smacked by a large trout today. Had a terrible time getting anything going.
Market grinded up without a pullback all morning. By the time the pullback came, the market was dead.
Got in some decent trades, but didn't take profits as I aimed to ride the trend. Of course, the stocks I chose to let run did not make new highs with the market.
Definitely had chances to have a better day, but I didn't take outs.
I was one of the only guys in the red in the office today.
I tried everything in the tool kit and everything went shitty. Bought dips, played flags, entered news, played reversals. Everything was so damn shaky on this low volume day. Just not worth it. Levels broke but zones held. Jigs all over the place.
Today was a day, where I would just say, it wasn't my kind of market. I had absolutely no confidence in anything I touched today. I failed to adjust when it became quite clear that I had no edge.
Well, I've reached a point where I have to force myself cut back my trading. I can't attack the market anymore, I have to play it safe now. I have to wait 30 years for setups to present. It will f*cking kill me to sit here like a 9 year old who just got smacked in front of everyone by the fat Mexican running the day care.
Lacking in efficiency, completely. Should aim for 8 tickets only. At this point, I need to focus on trading less and taking profits. At this point, I need to grind my account up to a safer level. It is so, so hard when a second job pulls you away from the market. I can't describe how aggravating it is.
My birthday is June 30.
I'll be back Thursday.
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
Not hating .. go mind your business. big mouth Jerkoff. go crawl back under your rock.
"slapped by a big trout" lol do you use IRC too?
__________________
Like everyone else, I just want to make money.
haha yeah, I'm glad someone caught that
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
6/23/11
Gross: +222
Shares: 21,400
Net: +105
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Another one of those roller coaster type days. Failed in trading less.
Attacked the oil weakness near the open, and got some quick money shorting BHI. Gave the morning gains back shorting HAL and other oil stocks on the bounce. Would have had a great day if these things collapsed. Can't be upset with taking the trade, though I definitely could have limited my losses, I let things run against me a bit too far.
Got ripped in RHT. I was gaming at that 45.50 area as it came off highs. I started short with size, using the sellers at 50 as my cusion. It began to work, producing a 15 or so cent move. There was previously a lot of buying at 50 cents. The price quickly returned to 50 cents and I didn't take outs. I felt the 50 level would break and that RHT had bounce potential. I covered my short for a cent loss, and flipped, got long with equal size. I was right, the 50 broke, and again, produced about a 15 cent move. I felt good about it. Then, the price returned back to 50 cents, broke below, and stopped me out. Then, it made its push lower. This was a very difficult trade. You would have gotten stopped out on both sides. What a pain. If RHT went either way without the lame jig, I would have had a great day.
After the losses in HAL and RHT and other random crap, I was negative 120 gross at one point.
Caught a winning trade in NE, buying as a seller left and the OIH was doing its midday bounce.
At the same time, I took a 600 share position in FMCN. FMCN made a big push in the morning and got slammed down by a seller which held it for an extended period at 27.20. I bought 400 in the mid to high teens anticipating the break, and added once it broke. I held my entire position past the first congestion point, as I detected strength and the stock had news. I was telling myself to hold to 28, I knew it would get there. Got out of a sixth at 65 cents. FMCN reached another congestion point in the mid 70s. The stock was extended, and I wasn't about to let these pricks take my profits away. I bailed as the price jigged down a bit to the high 60s. FMCN continued to 28. I am happy I held past congestion, I traded it decently, I could have held on to a portion to my initial target.
Had another winner in SONC. Bought 400 from a seller at 10.37. Reached my target at 48.
My peak gross P&L was +276.
I gave wayyy too much back in the last hour. Had a very difficult time taking advantage of the action. Big bids came in XOM, I'd buy, and they'd get slammed. GS chose not to follow JPM and MS.
However, the biggest loser of mine in the afternoon was LPLA. LPLA had a seller allllll dayyyy longggg at 34. I watched it all day. When the market made its huge push up in the afternoon, I aggressively bought the whole, rather than waiting for the break. The market's move was not enough to beat the seller, and I got stopped out in a panic sell in the low 90s. I was very upset. If this sucker went, I would have had a great day.
However, as the price failed to retest the whole, I chose to short, with 200 shares. I watched all the buying all day and knew there were more stops to be triggered. LPLA produced a nice move to the mid 50s. I'll take it, but typically what I do with these things is to short with the seller, and flip if it breaks. Did not do it this time. Then again, with that market push, how could I be short?
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Not happy with the end result today. Though, the day had a ton of potential. If ANYTHING other than FMCN worked, it would have been a 500+ day.
I've been having trouble getting these knockout trades to work, which pisses me off.
I KNOW there is a breakout day coming, where multiple trades land well. If my big three hit today I would have neared the 1000 mark I'm sure.
I failed in my goal to trade less. However, with the oil news this morning, you HAD to try for a good move. My real failure today came in playing random crap like CPB, TYC, WDC, RVBD, etc. I'll take those oil trades 10 out of 10 times. I'll take the FMCN, LPLA, NE, SONC, NEM, etc 10 out of 10 times.
105 net just won't cut it, however, it will have to do.
Tomorrow's goal: trade somewhere closer to 10 tickets
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
kurt.. the woulda coulda shoulda scenario is a bad mindset to have in trading. just take the best trades & manage your risk. maybe you could trade different type stocks with more liquidity. trade the stocks not your pnl. your too consumed with how much money you should have made. try trading the qqq or spy if you have a feel for market direction . shooting for the big 1k day is not realitisic yet. you have to start with maybe a 300 per day profit target that you hit daily first. your pnl is a rollercoaster & your just grinding your account away. you should write down on paper. what your profit target & stop loss is each day & stick to it. that's discipline. focus on hitting singles & building your account with being consistent in your approach. otherwise your spinning your wheels with all your hopes on what should happen each day . if your don't get it together with trading with rules ( gameplan) your going to blow up your account . discipline with realsitic goals with help keep you in the game . you have to change your mindset & appraoch if your really serious about being profitable each week . trade quality setups & focus on your downside . capital preservation is key. the best traders are good risk managers .
6/24/11
Gross: +135
Shares: 23,400
Net: +6.3
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Sweet, made six bucks today. Maybe I'll buy a soda.
Actually traded well this morning, for once. Reached +137 by 11:10.
Gave all my gains away trading the refiners like an idiot. I found the short wayyyy early. I was looking at FTO and his friends way back at 30.40. I did not take the trade. Tried for some bounces, with a bit of arrogance I'd say. I was low on tickets in the morning, I traded well. The refiner action is what boosted my shares traded today.
Today obviously had huge potential on the short side of the refiners, and I blew it, fearing a 10 cent jig haha.
Shorting SNDK at the 40 break reboosted my P&L. Covered decently on the first move down. Reshorted on the retest of the whole. Did NOT expect the move that came at all. I followed my exit plan, which assumed weakening momentum. Phew.
The NTAP 49.50 break failed me, some whale screwed everyone.
I'll talk about this later, they are killing the internet in the office.
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
Let's see, where was I?
Right, so clearly I missed my goal of trading less. I midday (before the refiners) I was only at like 7 or so tickets and up like 170 gross or something.
Of course, you can't simply IGNORE the action. The refiner action was an absolute blessing for a Friday. Why did I not short the trade I called out? I'm not sure. I recall citing that the time of day and light action seemed ripe for a jig. When I first noticed the refiners, yes, they were all weak and trending lower, but the time of day had volume light and I couldn't find anything to lean on in the level 2. If I had just traded the chart, I would have been fine.
I caught sight of FTO as it consolidated up near 30.40 - 30.50. I called it out in the office as a potential short. The price than broke to the upside from consolidation. It SEEMED like the move could reverse. I opted not to short the pop. When the price quickly came back down to consolidation lows, I did not pull the trigger because I don't like that kind of action. However, a new low in an already weak stock after 11 AM was bound to yield SOMETHING.
Anyway, after missing the trade, I watched as the price fell and fell. Rather than short pops or future consolidation points, I gamed for bounces, seeing as other refiners were having trouble producing new lows. The correlations began having trouble.
Needless to say, I blew it. I had a decent morning and blew the trade of the day.
As far as the SNDK trade goes... I shorted the 40 break, covered as it bounced. Reshorted the 40 test. I got 2 trades out of it. In the second trade, I tapped out of my complete position as I did not anticipate a new low. The whole point in getting size is to give yourself the ability to scale out, and push for bigger profits. In this case, I treated my increased size just like a 100 lot. I did this to make sure I would not finish the day net neg.
Oh, another trade I want to discuss. CVI. CVI was poised for a reversal. I was so damn confident in this one. I loaded up in this one near the end of the day, long at 22.50. Heavy buying. I mean, these guys were soaking up shares left and right. Selling dwindled, for a while it seemed like the market was ready to potentially bounce. CVI had reversal written all over it. As the market popped a little, along with some of the refiners, CVI broke out into the high 60 cent area. This one felt so good. I imagine there was a bit of short covering, which is why it blasted up to about 68 cents. My first target was 72 cents... I sat there thinking about the option to take profits and finish the day strong. But I also knew this trade could be a knockout. I opted to hold my entire position and honor my stop. Soon, CVI slammed down, the buying present earlier was absent, and I was stopped out. I was pretty upset about it. However, I am glad that I sized up in this.
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There was a lot to watch today. I was watching ACN all damn day, I was really hoping for that breakout. Kept flirting with the short idea, I have no idea why I didn't take that. Free money.
So to recap the day..... I had a good morning, and then blundered a great opportunity. Correlation trades are my favorite, and I suppose you can't win em all. Looking back, this one was so easy, its just the setups weren't ideal. Strangely, I chose to play even worse bounce setups.
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I'm going to a house party tonight, its called the Kick Off the Summer Right Party. I checked out the guest list, the ratio doesn't look so good, but there will be booze. Parties can be fun with all the drama between people. At first everyone shrugs it off, but as the alcohol pours, and everyone loosens up, and things can unravel. I am overdressing for the occasion. I suppose, if you're going to wear clothes, why not wear clothes?
Well, summer started on June 21, and I definitely haven't kicked off the summer right with my trading. I have been sizing up, I can't hate on that, that has been a goal of mine for some time. I know I have a big day coming, I feel it, I know I'm going to land some knockout trades. Need some real god damn profits to overcome these lame ass commissions. To all potential traders out there reading this journal, NEVER, EVER, trade for anything more than $2 / 1000 shares. With $2, the broker still gets paid, but you can negate it with ECN rebates. It is an absolute pain to learn to trade when your costs run up to 5.50 - 6 a ticket after ECN fees. However, once you're consistently profitable, the commissions don't matter nearly as much. They just make the path to profitability a pain.
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My birthday is on June 30. I am going to take the day off job #2 so that I can come in and trade. I am going to try and trade all 5 days next week. Monday will be a half day as I have both jobs. Then, I should be able to trade Tues Wed Thur Fri. However, if I party for my birthday, I may miss Friday.
I am turning 27 years old. 27. Seems like just yesterday I was 23 and graduating college. I am getting old, I get tired more easily. You can see the age in my face. I am now truly an adult male human being. Happiness is an antique on the shelf, I bathe in stress. I drive away from the office pissed off for 15 minutes, and then I realize how much potential was there, and how much FUN it was. I can't imagine myself ever doing anything else. I was born for this. I want to do this the rest of my life (though I would like to get into the broker side of things hahaha). I have finally begun to size up. It is now time to execute, and get this ball rolling.
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
Well Friday night's party went well. Met a few new girls. Attached a pic of myself at the party. Look at that beastly analytical machine. A man and his cold Budweiser. When I told the girls that I was a trader, I was defensive about it. While I love trading, and I'm proud to be in the game, I feel the public frowns upon those living in the stock market. I was like, "I know everyone hates Wall Street, but..." Anyway, I'll be sure to report if I follow through at all.
The party is over. Now it is time to focus on the week of June 27.
Market LOOKS bearish, BUT it is holding its ground, for now. I feel people are afraid to be long right now. Everything has changed. Oil falling, dollar rising. "The Greece Contagion." I am pretty shocked by how much some stocks have sold off. I have to think there are buyers at these levels. I feel downside is limited, I sense we're near range lows. I don't buy the Greek BS. I also don't buy the ultra-bull theory that the economy is roaring. I think we are going to consolidate in a range until data improves, or surprises to the downside. I don't buy the oil $150 argument. I think people are just pumping up their longs. These are the same morons who were pumping silver at highs. As long as the euro is troubled, the USD will probably be somewhat stable. QE3 will not happen. Now we wait for data... Speculators could lean on the market, taking it lower, and if they do I have 50% of my 401k waiting for a better price.
One of my picks, FTNT is up near highs. Keep an eye on FTNT.
So for the weak of 6/27, you need to continue to watch anything related to oil. I do believe the drillers get a bounce. Watch the refiners for more volatility as well.
Earnings next week include, MON, NKE, GIS, APOL, MKC, SHAW. All of these are good day trading stocks. Well, APOL has always been a pain to touch.
Keep an eye on the close. Recently, the trend has been to short the close. I think the bears are done once we begin to close on the strong side. Also watch the gaps. If we gap up and don't fill, that is bullish. If we gap lower and do fill, that is bullish.
Have to mention AAPL as well, which is obviously caught in a light downtrend. I don't see AAPL getting below 300. If it does, I'd take that as a sign something is seriously wrong, and this whole down move is more than a 'correction.' Either way, I expect some battles in AAPL, the movement will be good for day trading, since AAPL drags so much with it.
Trading goals for the week include:
1. Let the first trade be a good one. Wait patiently for that first trade. I tend to do much better with a good start.
2. Trade less. Aim for 12 or less tickets, using 300-700 lots.
3. Look to join the trend before playing bounces
4. Do not ignore the market's metacommunications. Control risk by accepting when things are changing. You can always re-enter.
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
Quote from ksmetana:
Well Friday night's party went well. Met a few new girls. Attached a pic of myself at the party. Look at that beastly analytical machine. A man and his cold Budweiser. When I told the girls that I was a trader, I was defensive about it. While I love trading, and I'm proud to be in the game, I feel the public frowns upon those living in the stock market. I was like, "I know everyone hates Wall Street, but..." Anyway, I'll be sure to report if I follow through at all.
__________________
"Of all the gin joints in all the towns in all the world, she walks into mine." Rick Blaine
Didn't go in today.
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Are there any stock traders out there interested in chatting about the markets / stocks / etc on skype a few times a week? We could give ourselves a cool name like "The Weapons of Mass Analysis." Name or not, I am down to host this bi to tri weekly meeting. I want to get a group of like 4-5 of us. If you primarily trade futures or options, I suppose you can join in too.
Meetings would probably last 30 minutes, and generally take place sometime between 8p - 10p eastern.
Topics would include:
1. Notable trades recently taken
2. Things to watch
3. Market and stock analysis
4. Market psychology
5. Females who rank as a 7 or higher on CNBC
6. Grab-bag (whatever is on your mind)
This is a fantastic opportunity for new and verteran traders alike... Hop on board the S.S. KSMETANA. Inquire ASAP as space will be limited, I'm capping it at 8 members.
Requirements:
1. You must be an active trader, trading real money.
2. You must be willing and able to contribute to the discussion.
3. You need a microphone and internet connection that will allow us to clearly hear you.
If you're interested, you can post here or message me.
My skype name is Zzzfilesk1, feel free to add me.
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
6/28/11
Gross: +195
Shares: 15,000
Net: +112
June:
Gross: +1026.38
Shares: 198,790
Net: -67.25
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Had a good morning. Got to +214 with only a few tickets. I immediately stepped back and told myself to wait for setups, hoping to produce a good day. Went through a streak of losers unfortunately. Was able to recoup and make fresh P&L highsat around 1:30 eastern. From that point forward, some bad habits leaked in. I definitely could have left today with 50-70 more bucks. Not happy with how I closed.
I definitely seem to do better on the short side. It is easy to read fear. In a market that grinds higher, you basically have a game of chicken.
Anyway
Notable Trades:
1. Shorted ACN near the open. Addition to the S&P does not make me think gap n go. I shorted 100 at 60.84, 100 at 60.68, and another 100 at 60.31. I eventually lowered my stop to 36 cents I believe. There was a good amount of buying about 20 cents above the whole, which pissed me off. Not sure who thought that was a good long entry?? Got stopped out after 36 cents was triggered on a jig. ACN eventually went a bit further. I initially had 200 set at the 36 stop, and 100 above 50. I opted to change as ACN looked like it was gearing to head down.
Traded ACN again as it bounced back up to the 60 level. I got short up in the high 90s as a seller was absorbing all the buying. I loved the looks of it. It made two moves to the 80s, but I didn't cover, my target was closer to 50 cents. Eventually ACN broke that 60, stopped me out. I flipped. The flip didn't work either. Eventually, ACN made its next move south. Dissapointing.
2. Oil stocks were trading up in the morning. I bought RIG on a dip down near 61.40. Sold up near 62.
3. Went for a setup in NRG. Bought 23.80. Expected a nice push if it made a new high. It began to work, but the market made a downturn and screwed it up. Stopped out.
4. Had a winner in OVTI. Bought the excessive dip down at 33.42. Sold in the mid 70s. I did not rebuy the next dip, which proved to be another good buy. I felt the lower high would make OVTI break below the 40s.
5. Bought YOKU on its dip to 31. I hate YOKU. I don't like being in it. I scalped it. And look where it went.
6. Bought WG as it consolidated near 8.10. Sold in the low 20s.
7. Bought MRX when I saw a nice bid come in. Bought at 37.59. The bid held and the price continued up. It consolidated up at 69 cents for awhile. I felt a push to new highs was coming. It made a sudden dip, stopped me out, and then pushed higher. Unfortunate.
8. Had a late day rip in VMW. I bought 97 as FFIV bounced. Got stopped out at 82 cents...
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I definitely took some good looking trades today, and I again took some silly trades. It was not a knock out day for me, I did not reach my profit goal. I guess I just take the money and wait for tomorrow.
It is good to see the market behaving correctly.
My big regret today was not buying OVTI earlier. That first dip to the 32.60 area = free money. I don't know why I did not pull the trigger. I think I was distracted by something else and missed the timing.
P.S. I uploaded the wrong file for 6/24, my bad
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
Nice, had the exact same trade in ACN. shorted underneath the premkt support at .75
__________________
Like everyone else, I just want to make money.
6/29/11
Gross: +98
Shares: 17,400
Net: +2
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Sweet, 2 bucks, I think that can buy a Snickers bar...
Today was one of those days, where if you're not feeling good by midday, you get so bored you just want to leave. But you CAN'T leave, because then you miss action like today's credit card news.
After morning losses in ACN (I am done with this stock it trades poorly), and FCX, I relaxed and told myself to just wait for something good.
I bought MON as it descended toward 69. I did not get size as I wasn't comfortable with the risk. Only 200 shares at 69.20. Scalped half, as it was difficult to tell what it wanted to do. Let the rest go a little further.
Bought 500 MDR as it presented a bull flag and oil names were ticking up. Got an OK move.
By 10:30 I was up 100 gross.
I had a losing streak, shorting MTL, and trying to buy dips in oil stocks.
POT coiled up nicely, as the other ag names were at highs. POT did not reach my target on its push up. I was stopped out of the majority of my position. The market told me to get out of POT earlier, while I was in the money. I told myself, do I take the 60 bucks, or honor my stop? Conditions changes and I didn't.
Through midday, it was slow and dead and miserable. My morning trading was not stellar, I couldn't get anything big going today. I was upset about POT not doing anything substantial.
Dabbled in some bogus no-setup stuff.
Honestly, the only thing worth talking about today is the credit card action. I immediately bought AXP on the news since V and MA were GONE. My price in AXP was 49.96!!!!!!! Problem 1 I only had 200 shares. I did not know how much the news would effect anything and I hadn't even had a chance to look at what V and MA had done. I got out of my position at 50.15, and 50.20. LOL
Upset about that, I waited and waited for opportunities in these things. We can see now that buying V dips was the way to go. I was waiting for a top. Unfortunately, we ran out of time and a top couldn't form.
I did buy 500 DFS at 26.65 as it dipped and coiled a bit. With EVERY other credit card name at highs, I liked it. Of course, it didn't budge.
Oh, I also had the EBAY short up near 31 on the initial push. It didn't collapse quick enough and I covered where I shorted. Then it pushed down 70 cents. I was on top of this one, I knew EBAY was a short, but there are too many morons on the wrong side of the trade, making you doubt yourself. "Oh look guys, EBAY IS ONLY UP 6 % AND V IS UP 15% OMG BUY IT, GET ME 200 EBAY PLZ." Get out of here!
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Damn damn damn, another missed opportunity. Well, it could be worse, I could have lost money.
I have two regrets for today:
1. Piker size in a low risk AXP entry
2. Boredom trades
I was not able to locate any trades I felt comfortable sizing up in. Hence, today was not THE day.
I found myself in periods of self talk saying, slow down, be patient, wait for something.
As the market turned down in the afternoon, I scrambled and ended up in some lame trades. Then, I missed the chance to buy dips because I was hunting shorts.
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Tomorrow: I might not trade tomorrow. My dad wants to take me fishing for my birthday. I turn 27 years old tomorrow. If I do trade, I'll obviously be watching the credit cards and oil stocks.
And so, July's goal:
In July I have the following areas of focus:
1. Avoiding boredom / chasing action trades
2. Do not ignore market metacommunications. Take your profits and run.
3. Add liquidity as much as possible (my rate is 3 per ticket, if I add liquidity, I'll only be paying about 1 per ticket).
4. Try for 8 - 12 tickets / day
If anyone out there kicked the credit cards' asses, good for you
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
kurt.. you stopped the bleeding at least.. your getting their . By the way .. You have not shared recently. What is your profit target each day? What is your daily max loss for the day?
happy bday. fishing sounds nice. market will be there friday and next tuesday =)
Quote from scorpion:
kurt.. you stopped the bleeding at least.. your getting their . By the way .. You have not shared recently. What is your profit target each day? What is your daily max loss for the day?
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
Quote from Builder17:
happy bday. fishing sounds nice. market will be there friday and next tuesday =)
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
I use to do the same thing, where each day I had a set target in mind and felt pressured to reach it, therefore I would take setups that werent there, looking to capture a move. Now I just focus on making good trades regardless of what my PnL says. Helps a lot.
__________________
Like everyone else, I just want to make money.
kurt. your profit & stops targets are good. You must stick to your daily stop loss & just trade your quality setups.. Not your PNL . If you keep disciplined & stay focused on the right setups you can become consistently profitable & hit your goals over time . shoot for weekly goals which is a smart approach so you can take some of the stress out of trading. I would stay away from all the crazy chicks during the week .. You have to stay on point with your trading to be profitable.
I was talking to this chick about Steenbarger's 'internal observer.' I told her about how we create a world that accomodates a bias or particular emotion.
Just as you can mold market conditions and trade factors to support a poor idea, you can also generate reasons / fantasies to ignore red flags in relationships. I told her about how despite my own studies on the topic, while I am improving in the trading side of things, I am still absolutely ignorant to the internal observer outside of the trading floor. I ignore the red flags, and absorb punishment for my irrational decisions. I told her that I expect her to make mistakes as well, as mistakes are the only way humans seem to REALLY have a chance at learning. We hope until hope is crushed, and we fear until fear is a joke. Hope and fear are cured through experience. Until we see the actual impact of our choices, it can be difficult to go against your bias.
So there we stood, activating our internal observers, knowing the RIGHT course of action, but also knowing we will not follow said course.
People want what they feel will make them happy, or rather, they want to satisfy their innermost desires / test driving curiosities. Often, what they feel will make them happy is nothing more than something that is difficult to attain, something that makes them feel self-conscious. People want what they can't have because it hurts to know you lack something necessary to have it.
Let's apply this to trading.
The obvious goal of a trader is to make money. If you see something that seems to offer a chance to make money, you're drawn to it. The will to make money may instantly begin to effect your ability to properly read the trade. You begin justifying reasons to take on risk. Once you're stopped out, you become self-conscious because you blew it. Now you have pain, and you need something to make you feel better... something like, a winning trade. Your next trade is worst than the previous.
Most successful traders I've read about claim their goal is simply to trade well. Whatever they make, they make. If your goal is simply to trade your plan, rather than making money, you are much less likely to allow profit fantasies to seep into your mind's construct of the trade.
Now, lets take this lesson back outside the trading floor.
Let's face it, human emotions are unavoidable, they are woven into our minds. They are a part of life. Perhaps it is our goals that are the problem. In relationships, perhaps gaining a particular person's affection should not be the goal. The goal itself blinds you. You build a reality to support a bias goal. Instead, the goal should be to be as wonderful as you can to said person. If it works, it works, if it fails, it fails. No matter what happens, you're a winner, because you achieved your goal. Focus on the quality of your interactions.
Goals with a built in bias produce bogus realities.
Focus on your performance, not results that are completely out of your control.
This entire argument still has one issue. Where do we get out? It is an easy answer in trading. You have a trading plan, and you follow it. If conditions change, or if profit targets are reached, you're out, or out of a portion.
If you are a wonderful person to someone, how long do you go until you give up? Perhaps you never entirely give up, but instead, scale out. Exit a portion of your investment in the person. Perhaps you start delegating more time elsewhere, while still being around for them in case things change. Eventually, the person comes around, or, you find someone new.
The only problem I have with this whole concept, is that it seems blatantly unromantic. I mean, while you're trying you can still be romantic as all hell, BUT I don't like the idea of giving up on someone, or looking elsewhere. If you wrote out a plan before engaging in a relationship, you are taking the LIFE out of life. "If by month 3 these conditions are not met, I begin cutting back time spent..." etc etc etc.
However, it would also remove much of the pain from it all. Again, I have a problem with giving up because my goal is to attain affection rather than perform well. By using proper trading psychology in areas of life, we may be able to be happier and more successful. By cutting out the emotions that keep us in our toxic fantasy worlds we can find and successfully attain what is best for us.
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
If Caylee Anthony drowned in a pool, why on earth would someone put duct tape over her mouth??? GUILTY.
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
7/6/11
Gross: +118
Shares: 15,400
Net: +33
--------------------------
33 bucks, just got some gas money.
Made it to +130 gross on like 3 tickets before 10:30. Couldn't get much going after that.
1. RIMM - Shorted RIMM at 28.68. Covered half at 28.15, and the rest at 28.06. Should have kept watching for the afternoon selloff.
2. OVTI - Bought OVTI at 32.01 as a buyer supported at 32. It eventually went. Sold at 19 cents and 32 cents. Held the last portion. It returned back to 32, I bought another portion. Scalped the rebuy at 15 cents, as I did not like that it returned back to the whole. Sold the last portion at 63 cents. Can't complain with how I traded it. I was able to hold shares to reach both of my targets.
3. URI - Shorted URI at 25.22 as a relative weakness play. Covered half at 25.04. Held the rest anticipating a 25 break. The price came in and stopped out my second half. I kept watching and opted to reshort above my stop level as the move seemed excessive. I was correct, however, it stopped me out at the last penny on a final emotional buying sweep. So be it.
4. INFA - Wish I played this a bit better. Bought at 60.76 as it broke a seller at 75 cents. I was only able to get 200 due to the lack of liquidity immediately above the 75 cent level. Sold a half at 60.97. Sold the second half at 61.09. I am not proud of my second sell. My second target price was 61.50. I took a few losses in other trades and wanted to secure the profits. There was no weakness, no reason to sell. I had every reason to continue believing that the moving averages would catch up and give it another leg higher.
5. MON - I was able to time a short entry near the peak of MON. I saw buying pressure slow, and then a refreshing buyer get hit. I shorted MON at 75.36. I covered at 75.21, a 3:1 risk reward. I knew this could easily push to the whole and break down to the 5 min 10 period. Unfortunately, I only had 100 shares and was not able to scale out. When I took the trade, 21 cents was my first target and I am working on trading more systematically rather than relying on gut instinct. I would have captured more of the move with 200 or more shares.
6. VHC - I bought VHC above 34, where size was present. Strong on the day, a typically dip buy. 34 did not hold and I was stopped out. I had the right idea. VHC isn't an easy stock. It made a great move when it finally did bounce, unfortunately it didn't do so at the clean 34 level.
7. S - Bought 900 Sprint on the news at 5.48. My target was 5.58 and it never got there. the iPhone news is unconfirmed.
8. V - I was trying to short V around the 87 area as it produced a new low. I felt V had a chance to correct down a bit. I tried it three times I believe, getting stopped out each time. Volume came in and reversed V to the upside. Clearly, not nearly as pretty as the winners mentioned above.
9. MON Round 2 - As MON sold off, I began looking for a bounce around the 75 level. Stopped me out. Didn't have much conviction in it, went for as a R:R play only.
10. POT and MOS - Had some morning losses playing the agricultural space. AGU began to sell off. I felt everything had correction potential after the big moves we've had recently. Shorted POT at 57.46, and MOS at 68.56. Stopped out of both positions. Not high quality stuff.
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So I definitely identified some good trades / setups today. Some were executed better than others. I wasn't able to size up on anything.
My problem today was again producing morning profits, and again, grinding my net P&L down via unneccessary trades.
I really need to cut the crap and get selective.
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Rather than rely on my gut for exits, I have been picking two targets and pushing to reach them. So far this has produced a streak of positive net days, even though the gains have been small.
I have a good feeling about the coming weeks.
I think clearly my July focus should be on my selectivity. My recent problem pattern behavior has been grinding my net P&L down throughout the day while maintaining my gross.
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
Kurt. Just trade the the morning Only. Take the money & run. The AM session is all you need to be consistently profitable. Why spin your wheels?
7/7/11
Gross: -6
Shares: 18,400
Net: -107
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Couldn't get any decent winners in the morning, and then the market died.
There were a lot of great opportunities out there throughout the retail space. Unfortunately, many of them were not ideal for me.
I tried breakouts in QCOM and JWN in the morning. Both did not trade cleanly. QCOM fluttered down before going, which pissed me off.
Traded TGT several times today, TGT did not trade well, I was surprised by the lack of action going on TGT after such a gap.
Lost money in a DD breakout...
OCZ - I bought OCZ at 45 cents, where a seller was holding it below highs. I got 500. OCZ broke and showed strength. It made it to 60 cents. I wanted 65, and my original plan was to take half off at 60. However, I let it settle a bit. And it began to seem as if this thing would stabilize at highs and continue pushing. I did not follow my plan and I paid for it. OCZ retraced the entire move. OCZ was my midday chance to make all my morning losses back. I told myself, just take profits and we'll move on to the next trade.
Bought LVS on a dip to the whole. The whole held thanks to some baller, I got 300. Scalped 200 and let the rest run up to a sizable offer. heh.... Another trade messed up. I suppose scalping 200 just 10 cents above my entry made me feel good since I was down on the day. Last time I checked LVS went at least 30 cents easy.
Strange how I scalp LVS and hold OCZ...
Anyway, I finally caught a winner in KLAC. 5 min 20 period caught up with the trend. Gave KLAC a push from 41.50. I only had 200. I held to 42. KLAC went much further. My plan was to sell half at 42 and let the rest run. I opted to cut my day's losses.
Shorted HRL near the end of the day, got a 14 cent move with 300 shares.
Missed a sick trade in FST today. FST held 24 during its approach to new morning lows. Free money, too bad I was glued to OCZ.
Closed the day with a few desperation / tilt trades.
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Had a crummy morning getting owned in breakouts, even though I know that the smart money is in before breakouts. Only amateurs buy the breakouts.
I was watching all the retail names today, M, JWN, DKS, etc etc. Just couldn't seem to find anything I really liked.
Went over my recent trading stats. My R:R is hovering above 3 now, but my win rate is absolutely terrible. I need to boost selectivity. My recent winner - loser rate is like 30%.
Well, let's see how tomorrow goes before I get talk too much about the week.
Current focus:
1. Selectivity
2. Honor targets
3. No dumb money entries
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
You sound like your trading scared. You should add size if your comfortable with the setup like you were with ( klac). Try trading other high volume stocks. Your probably over trading which is a bad habit to have when nothing is clicking for you. Trading with less then 500 shares is tough. maybe you could step up size. Probably better off to trade Only mornings if that is where you make your money. This may fall on deaf ears but. You have to trade smart & lock in a profit consistently .
What time do you get to the office to start watching the market?
Quote from scorpion:
You sound like your trading scared. You should add size if your comfortable with the setup like you were with ( klac). Try trading other high volume stocks. Your probably over trading which is a bad habit to have when nothing is clicking for you. Trading with less then 500 shares is tough. maybe you could step up size. Probably better off to trade Only mornings if that is where you make your money. This may fall on deaf ears but. You have to trade smart & lock in a profit consistently .
What time do you get to the office to start watching the market?
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
Quote from ksmetana:
[B]
June:
Gross: +1026.38
Shares: 198,790
Net: -67.25
I definitely seem to do better on the short side. It is easy to read fear. In a market that grinds higher, you basically have a game of chicken.
[b]
7/8/11
Gross: +101
Shares: 17,400
Net: +5.3
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I feel pain, both mental and physical. I'm supposed to go out tonight, and I don't want to. I could teach courses on trading, but once I'm at the keys, another person takes over.
I take SO many losing trades its disgusting.
I think I had like a 25% win rate today...
I can't keep trading in this fashion, it is so draining, and disheartening.
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1. WNR - I bought 900 god damn WNR at the whole, 20 bucks. I held all the way up to 20.40. I got out of 200 in the mid 20s, 100 at 38. I decided, "I'm going to hold WNR, it is so strong, high short float, relevant strength, pure bullish activity in the box. This is going to close at highs." WNR retraced and made another attempt at highs. The moving averages began to flatten. A big bid got slammed. I exited 400 at 29. I exited my final 200 at 25. WNR closed at highs, up around 20.60. It never reached my original stop of 99 cents. I had a $250 trade up in the high 30s, and I only took off 100 up there. I bailed out of WNR at poor prices because I needed the money to deal with all my losing positions of the day.
2. TPX - Shorted TPX at 67.81. I added at 92 cents. I covered my position at 63 cents, as the 50 cent level held and the market began to tick up. Thin stocks can screw you in an instant. Good outs. I tried reshorting up at the whole. TPX made an emotion 20 cent sweep against me. Gave back half my gains from the first trade.
3. IMAX - I wish I had money, I really do. I was all over this trade. I loved this trade. I wish I could trade without worry of my future. It is an easy game if you have money to blow, in my opinion. I shorted IMAX at 28.56. I covered at 28.66, I was stopped out. IMAX had broken major support. It had no morning strength. It consolidated. As the market pushed down, it finally broke. IMAX made an easy move down to 27.85. I was so sure IMAX would work and I did not give the trade the risk it called for.
4. CRUS - Got short CRUS at 16.09. I covered at 15.97, as it struggled to break into the 80s. I felt AAPL was topping out, and this wouldn't break from its morning range.
5. CY - I noticed semis were weak today. I shorted CY as it set up at 22.80. I covered down near 50 cents, as things began to tick up. I traded this as well as I could.
6. TGT - Tried the TGT short again today. What a pain in the ass stock. The long didn't work, the short didn't work. It just sat there all day. I eventually just took it off the screen. Not sure what the hell was going on in this today, but I bled in it.
7. ALXN - ALXN is the trade that pissed me off today. It was right after WNR. I found this ALXN setup and knew if this landed I would have a great day. I bought as it ticked up from its consolidation at highs. It began to work. It felt so good. It made it about 12-15 cents, and thwack, came right back, and flushed everyone out. Even the short wouldn't have worked, as it snapped back and stopped all the shorts out as well. This one stung.
After I realized I was only going to have like +20 net after WNR and ALXN I was pissed. I went searching for desperation trades, despite my daily call to get selective.
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I am not sure why I have so much trouble with selectivity. There are CLEAR differences between my losers and winners.
I can deal with my botch job in WNR. I read the tape correctly, but did not scale out in any orderly fashion. I then let profit woes get into my decision. It was obvious that WNR wouldn't drop below 20 lol. I am glad I sized up in it, and held past initial congestion on a day where everything was only producing 10 cents moves.
What I can't deal with is my dabbling in crappy stuff.
Take a look at the winning trades today.
CY - Had sector participation, and a level, and the daily suggested it was extended.
WNR - Relative strength. Fantastic looking setup. Short float.
TPX - Another stock due for a pull in. The tape suggested today could be a profit taking day, where extended stocks may correct a bit. It made new lows off morning consolidating. Market in its favor, along with moving averages catching up.
IMAX - I didn't make money in IMAX, but the setup was there and I blew it. This was a virtual winner. The quality was there.
Now, lets take a look at some losers:
TJX: I was buying TJX as it rested at 55 for a while. There was no trend, no real setup. It was a dead stock (active yesterday but dead today). I then tried shorting it after I was stopped out. I just don't know why I touch this stuff.
LL: LL was called out today. Sure it could very well make a decent move, retracing yesterday's sell off. However, there was no setup. There was nothing to actually suggest the trade had a chance.
DKS: Shorted near lows in DKS, anticipating fresh lows. I did not wait for a trigger entry. The stock was dead. It could have made a move, that is why I took it. But the quality is no where near those mentioned above.
EXP: Shorted as it made a new low, breaking the 75 cent level. No energy. Bids heavier than offers. An occasional sell sweep made me stay in. Market began to trade up and this one was over.
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Today was painful. I'm so much better than this. I have so many psychological demons. I can read the market, read price emotion. I have market feel. I know the psychology.
I need to find a way to trade a trade, without worrying about performance. And, I need to find a way to NOT trade.
I don't think I will go out tonight with friends. No sense in blowing money at a bar if I can't take a girl home. No girl wants a man who can't beat commissions. No girl wants a man who finished a day like today, +5 net, despite having several good trades.
That one chick I've mentioned before on here. Some guy who has her heart is returning from an extended time away. She will prob leave her BF for him. I did everything I could and nothing worked. I wrote her school essays, brought her flu kits when she was sick, sent her flowers, took her to concerts, complemented her, helped her start her business, everything a man can do. This guy is going to show up and have her, as easy as that.
I suppose he has something that I'll never have, not sure wtf it is though. I hear he sent her a few poems when she was young. Guess he got her hooked at an impressionable age. Whatever.
Successful traders also have things I do not, and even though I'm better than them, they win. It is much, much more rare to hear about a trader who started with little and gained a lot. It is much more common to hear about a financially secure trader to turned a good amount into a lot.
I saw an ad for a prop firm on craigslist. They are offering a 2k / month stipend, PLUS $500 a month for unlimited trades. Good god, if you gave me that I would rape the market. That is sickening. Though, I'm sure the 2k stipend is reserved for guys who pull in money, which is something I would easily do, but I don't have the stats to prove it.
Geeze, unlimited shares for 500 a month???? I would be rolling in dough. I could grind the market to bits.
PLUS, a salary? So I don't have to worry about the basics, like health insurance and gas money????? LOL
Phew, I wish I knew how that felt.
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Time to man up and deal with the problem.
My July stats: Risk Reward = 3 Win rate = 25%
In order to be profitable, I need to get selective, and get my win rate up to 50% at least. Have faith that the market with present good opportunities. The good stuff comes more often than you're willing to think.
I don't know how many times I have to tell myself this for it to sink in.
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
I went to a party last night. Caught the eye of some females, and I genuinely had a good time with them. It was a good night. Maybe there is life after love. I asked one out today actually, awaiting a reply. I said, "I like you! Let me take you to the Olive Garden!"
Let me tell you about the Olive Garden. That is where a man takes a woman. The Olive Garden is the foundation of a healthy relationship. Breadsticks, salad, pasta, wine. I order the Tour of Italy when I go. AND, I'd argue that its reasonably priced, unlike my commissions. If a woman says no to the Olive Garden, then I don't know who she is. A woman says, "YES" to the Olive Garden.
Darden (DRI) is resting up near 52 week highs, and it should be.
She's a feminist. Feminists are fun, because they have some fight in them. She's also pretty, intelligent, she's a catch no doubt. Only problem is, she goes to college in Minnesota, goes back in August or whatever.
I also had a 20 year old flirt with me, which felt good. I didn't quite like turning 27, I feel OLD. She's cool too. I'm don't think I'm gonna size up on this one though, I sense potential drama, but hey, you never know. She's cute, seems fun, so be it. I am single, I should pursue multiple opportunities. That is definitely a possible character flaw of mine, I focus on one girl at a time. I need to loosen up and live a little.
I was owning at beer pong, and then the competition hit a double isolation cup, turned the whole damn game around. I was on fire. Sometimes, even when you should win, you lose.
Had a conversation about religion. I am agnostic, and I think athiests are morons. There is clearly more knowledge out there. If you deny the existence of MORE, you're an idiot. Anyway, my whole problem is that we can legion parts of your brain, and have a direct impact on your consciousness. I think people romanticize about their own being. I have a difficult time accepting that a consciousness created by a neural network will continue to exist when the neural network is no longer operational. However, its existence could carry forward in some undiscovered medium inherent in the fabric of the universe.
That's all for today.
My trading schedule for the week:
Mon: half day
Tue, Wed - full days
Thur - half day
Fri - full day
I'm fed up, I'm sick of this crap.
I'm going to be selective, and scale out in an orderly manner. I'm done trading garbage. I'm not taking positions under 500 shares.
I am a good, theoretically profitable trader. If I had the commissions that you are all scoring, I would be net positive, which would also allow me to perform at a higher level.
Need to make a few bucks for the Olive Garden.
I attached a picture of what I caught when I went fishing the other day.
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
Did not go in today. My dog woke me up in the middle of the night by bringing a dead squirrel into my bed haha, and I had trouble falling back asleep. Ms. Olive Garden turned me down, she said, "While I really appreciate the gesture and your boldness, I think we're better as friends. Hopefully I'll see you at the next kickback." Owned. =/
For that reason, it was wise for me to skip the day, though it looks like we had a nice sell off.
I expect we head down near range lows, probably a higher low. I wanted to get out of stocks in my 401k the other day, but there is like a 1-2 day delay. You can't time your exits well. Missed my opportunity. Ohhhh well. Just have to wait it out now, get out on the retest of range highs.
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
7/12/11
Gross: +93
Shares: 22,800
Net: -33
July:
Gross: Over +300
Net: About -100
Risk Reward: Just over 3.5
% Winners: Below 25%
-----------------------
The trend continues. I had a great morning. I was up +150 gross by 10 AM. I was up over +270 unrealized at one point. My max realized gross today was +205. Today was supposed to be good.
I closed the day net negative.
I have serious issues. I can't get away from the keys. Most people need a downside breaker built into their software. I need an upside breaker.
-----------------------
1. WWW - Thin stock. Beat earnings but traded lower. Waited for a buy point. Traded WWW twice. Bought at 37.08, sold at 37.58 and 38.45. Can't complain, I knew how far it could go. Second time, I bought on a dip at 38.18, sold at 38.58 and 38.85. Again, no complaints.
2. Gave back all my WWW gains in INFY. I was short under the 61.50 morning level. Since I was short, my mind saw flutters in my direction as potential breakdowns. In fact, the stock was finding support. The slippage killed me. My 1 cent stop became a 23 cent loser. Ouch. It was in play, and it could have broken down, but I had my chance to get out. They began aggressively paying the 50 cent seller. The character had changed, I remained short. I deserved it.
3. Tried buying MCHP a few times. This lame 10% circuit breaker rule is a joke. You know people can't hit the bid to short, and you know that it is a pain to get filled on the offer at good prices. You are only left with longs. Longs in -10% stocks do tend to work well these days. Just gotta find the right price.
4. NVLS - Hah. A bunch of morons were buying this in the morning, making the short side difficult. Eventually, the longs got slammed. I tried shorting through the 32.75 level first. The trade began to work, but came in and stopped everyone out. I decided I'd go after the morning low of 50 cents instead. A 50 cent break would get the larger morons to panic out. Low and behold, that is exactly what happened. I covered near the quarter, as the stock hit the 10% mark, and bids were heavy. It took a while for NVLS to finally break down to 32. I called out the 32 price destination, but the lame 10% rule makes things more difficult.
5. QSFT - Lost over and over in QSFT. I was waiting for that 20 level to break to the upside. Never happened. They were aggressively paying it, especially when the market popped.
6. WM - Shorted WM through morning lows at 36.50. Chart suggested some downside. Trade began to work, I held. After being 12 cents in the money or so, it came back and stopped me out. Target was a quarter.
7. EQR - Bought the EQR breakout up at 63. Target was 50 cents. Market broke to the upside at the time of the breakout. It felt good. It went 35 cents and pulled back all the way near my entry. I added and then I scalped my addition at the quarter. The trade was paid for. EQR did not make a new high and stopped me out for the rest of the position. It stung.
8. KSS - Bought the KSS 56 breakout. Trade began to work. Market heading up. It felt good. It ran 30 cents. People continued to pay up at those levels. I held, my first target was 35 cents. KSS came in, was unable to make a new high, and eventually stopped me out.
EQR and KSS destroyed my mental momentum. I was up 200 gross while in the trades. The trades combined had me +270 or so unrealized. It was becoming slow, it was midday. I was selective all day, I was aware of my profits, I set a max downside from my current levels. Once these two trades stopped me out, my mental strength vanished, and a new trader took the keys.
I began trading midday.
9. Found a setup in ADI. Shorted through 36.50. The setup actually was decent. It put me in the money by about 10-12 cents twice. My target was further down. ADI came in and stopped me out.
10. LRCX - My first "overtrade" of the day. LRCX had no setup. It was a complete hope trade. I shorted through 42 and got stopped out. I tried shorting it on its pop up to the quarter. Again, stopped out. I was forcing a trade that didn't exist.
My losses in QSFT, ADI, KSS and LRCX brought me down to +40. Ouch.
11. Bought DE on the FOMC news, near 82. Sold at 50 and 60 cents.
12. GPRO - Bought GPRO on the FOMC news, as it had a bullish pattern. Got a quarter out of it.
13. I tried buying the dip. I rebought DE way back down at 82. Got stopped out as the market did not bounce. I think everyone got smacked around. Once I realized, "wow, they are going to screw everyone," I began looking for shorts.
14. I shorted CAT at intraday trendline resistance, up at 107.54. It would run 20 cents in my direction, and instantly come back up to the high 40s. The market slowed to the downside. I was expecting a bunch of longs to get screwed, hence I wanted quicker action. I eventually took profits at 36 cents because the market wasn't behaving as I would have liked. Soon after, in the last 10 minutes or whatever, the market got killed, and CAT went to my target of 107. Ouch.
----------------------------------------
I traded a lot of good stuff today. Had some good ideas, I was anticipatory and steps ahead of the market. I stayed in my KSS and EQR longs because the market had broken to the upside. There was potential for good movement. When the market showed it was going to be a pain, I did not take my scalp profits. I ignored the market metacommunications.
Today was another day, that just hurts. I take many setups I like, some work, others don't. I end gross positive, my trading is profitable, but the high commissions slam me.
I had my chance to have a great day, and I blew it, again.
My overtrading was not TERRIBLE today, most of the just was pretty justified. My share count today is largely from getting more size in more things.
Today's problems involved ignoring market metacommunications, and taking irrational position sizes as the day progressed. If you are up 200+ by morning, there is no reason to attack midday or afternoon trades in the same way. You should lose size throughout the day.
-----------------------------
I think an upside limit of sorts would be beneficial, but it scares the hell out of me. I don't want to stop trading at +150 or +200. I push for 300-500 dollar days. I am going to try and get myself away from the computer once I'm up like 200 bucks. I can't keep giving my day away like this. Completely unacceptable. I need to be content with trading well and taking profits. I can't force P&L targets on the market.
We'll see how tomorrow goes... Control yourself ksmetana. You've conquered the game, now you must conquer yourself.
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
Quote from ksmetana:
I think an upside limit of sorts would be beneficial, but it scares the hell out of me. I don't want to stop trading at +150 or +200.
7/13/11
Gross: -98
Shares: 24,000
Net: -230
-----------------------------
I was gross +173 after owning CLNE in the morning.
Bought the morning 16.53 breakout. Sold in the 90s.
Later it set up at 17. I bought the breakout and got smoked by HFT. Gave all my gains away. I was so upset I did not set a tight stop in something that had so much potential to be a trap. I was on route to another great day.
Made money back getting long in the CPX bull flag. I bought at 36.55, sold at 75 cents once the market had a big red bar. I knew CPX had relative strength, but I didn't want to get punished as in the last few days. CPX hardly pulled in and went a distance.
From that point forward I had a series of losers and overtrades which brought me to -30 gross.
I shorted HES and OXY on the news and made it to +81 gross. I felt good about getting close to even.
I continued to slide. Attacked mediocre trades with size in the afternoon, boosting my day's share count and grinding my P&L down.
Down gross -34, in a fit of rage, I got size in CEDC on the dip at around 11.30 where buyers were present and a seller was holding it. I got smoked, leaving me with -98 gross and a grip of commission costs.
I became destructive in the afternoon, getting double - triple the size in CRAP compared to my pretty winners in the morning. Absolutely destructive trading.
---------------------------------
I can stop trading after losing a particular amount.
I can not stop trading after gaining a particular amount.
If I allow days like today to happen, they will erase everything I do on winning days.
I wrote on post-its around my monitor, and on a paper in front of me the following:
1. Am I willing to get 800 shares in this trade?
2. Do not ignore market metacommunications
3. Add liquidity
I did better in goals 2 and 3.
I did terrible in 1. I dabbled all over.
I don't know why I can't stop the bad habit.
I could tell myself, tomorrow, I'm leaving once I'm up 150-200. But I know I won't leave.
I am very depressed about today. I am a broken record. I can't stop over trading.
It is currently 3pm and I'm writing this to try and not look at the trading platform.
Today was an ominous day. I have high prospects for the near future, but I need to be strict with myself. I need to find a way to control myself once I am up. If I am down, it is easy for me to be selective and wait. When I am up, I can't seem to do the same.
Tomorrow, I trade and then leave early to go to job #2. Hopefully I can have another good morning and fix today's mess. Murphy's Law says, "The one day I HAVE to leave early, I will have a losing morning."
If I can't get strict on my daily money management, I will never beat my high commissions, and then...
R.I.P. ksmetana
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
Kurt, what are your stock rates? And why are they so high? Are you trading in a group?
FWIW, when I learned to trade I was paying 1.7 cents per share! Yes, that's $17 dollars per thousand shares. I had to pay a vig to my mentor. Pay to play as they say.
__________________
"Of all the gin joints in all the towns in all the world, she walks into mine." Rick Blaine
Quote from Maverick74:
Kurt, what are your stock rates? And why are they so high? Are you trading in a group?
FWIW, when I learned to trade I was paying 1.7 cents per share! Yes, that's $17 dollars per thousand shares. I had to pay a vig to my mentor. Pay to play as they say.
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
Quote from ksmetana:
I trade for a firm. Well, they definitely aren't THAT high. 17 a ticket, good god. But I guess you'd learn to only pick the best stuff.
Yeah, pay to play. I know.
I currently pay $3 a ticket, plus ECN fees. Average ticket cost comes out to 5.5 - 5.7.
I know that commissions aren't everything, they just put unneeded pressure on things. I suppose they are the scapegoat when I'm in a bad mood. It really comes down to my selectivity.
I'm thinking I should just take my morning profits and leave the office , for a month or two. Grind things up a bit, a day at a time...
I gotta get disciplined. I think stepping away is a good way to train my mind that its OK to make money.
__________________
"Of all the gin joints in all the towns in all the world, she walks into mine." Rick Blaine
Quote from Maverick74:
You pay a ticket charge? I didn't know firms still charged that. I thought that stopped back in 2002. Wow. When you say your average ticket comes out to 5.5 to 5.7 is that $5.50 per 1000 shares?
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
7/15/11
Gross: +216
Shares: 11,600
Net: +152
------------------------------
Writing this after having a good morning, coming back and taking a lousy trade right off the bat lol. I am not going to screw myself today, even though RRC is probably going to run to highs. I am taking what I have and running. Very ashamed I just slipped up.
Max gross today was +253. Stopping my trading at +216. Sounds reasonable.
Had a choppy morning actually, but eventually knocked the oil and gas trade today out of the park, though, with too light of size. I had light size because at the time I was -80 and at risk of having a miserable morning. The oil and gas stocks were trading thinly off the open, but I kept watching, waited for them to calm down and show themselves.
Went -78 from the open, then went to +67, back down to -80, and finally up to +250.
Bought COF near the open hoping for a bounce. I suppose that is all it was, hope. Sure it had potential, the thing is due for a pop, but there was no real setup.
Bought some BEXP at around 9:50 on a dip. Some of the other active oil gas names were at highs. BEXP was on a list of possible takeout targets. Got stopped out.
Bought PXD at 92. Sold at 15 cents and 25 cents. It was thin and I just wasn't comfortable in it. Hahaha, look where it went.
Bought CHK at the 32 breakout, sold quickly into the buying pressure. I wanted to get my P&L back to even so that I could wait for a good setup, as I got ahead of myself in the morning. Would have been better to scalp a portion, CHK ran a bit.
So I did not trade well off the open, that is for sure.
------------
Rebought BEXP as I saw the selling slow near the 31.50 area. It finally bounced. I sold at 65 and 75 cents, looking to capture profits.
Bought RRC at 58.55 area, also noticing it was bouncing. Sold at 78 cents and 75 cents.
P&L now at +67.
---------------------
Bought PXP on the dip to 39. I was right on the trade, anticipated the bounce, however, as you can see, it wicked down and stopped me out. This was the beginning of another losing streak.
When PXP broke my stop, I shorted, as I felt everyone buying like me was about to get screwed by this sector underperformer. At first, it did work, I saw many stops get triggered. Unfortunately, it did not reach my first target, bounced and stopped me out, taking me to P&L lows.
------------------------
Then at last, I found a few solid trades, with good setups.
Bought SWN as it broke 46.59, I tried to buy the 50s but the buying was intense. Since I couldn't get the best price, I did not get size. Immediately SWN showed incredible strength, complete signs of institutional accumulation. I held this through dips and congestion, I knew this was going higher. I sold SWN at 46.95, 47.07, and 47.05. Decent, my first out was basically 50 cents away.
I also bought RRC as it set up and broke 59. RRC is thin and loves to jig around, so again, I had light size. RRC turned out to be the trade of the day. I could have captured more of the move with more size. RRC showed no evidence it would go where it did. I did not detect reasonable strength during my buys down at 58.50. Anyway, I sold this position at 59.45, 59.74, and 59.93. Decent outs considering my size.
These two trades made my day.
------------------------------
Bought BEXP again at the 32 area, as it showed signs of consolidation, nice bids, and buying sweeps. It began to work, I added. It went about 25 cents and I didn't take any outs. I suppose the winners earlier got to my head. The daily chart looked good, I felt it could grind higher all day. Well, BEXP never made a new high, and eventually stopped me out below 32. I flipped short for a little scalp.
I had also bought PXP, on a dip at 39.55. Ended up scalping for like 10 cents. I only had 100 shares, and I didn't want to be too long into the stress test. My target was 40, which it basically hit if I had only held through the stress test.
It is upsetting that PXP went BEXP did not. I had more size in BEXP. So be it.
----------------------------------
Immediately bought C on the stress test news as I saw buying paying the 39. Didn't work and lost a quick 20 bucks.
I think at this point I told myself, alright its midday, I'm done. I went to smoke a cig and get some breakfast.
Came back and saw UFPI on my news ticker. Got a downgrade. Chart showed a big quick down move, and now it was consolidating with MA's catching up. Very very light volume, I hit the bid as it looked like it may start to continue and instantly got screwed haha. I added as it came back in to 29. There were several selling sweeps, as if someone was trying to join me. However, bids kept filling the 90s. I got stopped out and said, screw this and stopped trading. I'm done today.
Rather than touching such a dumb, low volume stock, I could have bought RRC, which was making its afternoon bounce.
---------------------------------
In the end, +150 isn't enough money, but I have to take it. It feels a lot better to leave with some profits, rather than piss it all away.
My plan next week is to keep my morning gains, and grind out an OK July.
Today could have easily been a +500 day, but I was too scared to get size. I would have gotten HUGE in SWN, but I missed the gdamn entry, ughhhh.
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
Good news.
Beginning August 1, my commissions will be lowered to $2 / 1000 shares.
Just FYI, if I had these rates since I began, I would be net positive.
This gives me a chance to really grind my account up.
Just gotta survive July!
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
Quote from ksmetana:
7/13/11
Gross: -98
Shares: 24,000
Net: -230
-----------------------------
I was gross +173 after owning CLNE in the morning.
Bought the morning 16.53 breakout. Sold in the 90s.
Later it set up at 17. I bought the breakout and got smoked by HFT. Gave all my gains away. I was so upset I did not set a tight stop in something that had so much potential to be a trap. I was on route to another great day.
Made money back getting long in the CPX bull flag. I bought at 36.55, sold at 75 cents once the market had a big red bar. I knew CPX had relative strength, but I didn't want to get punished as in the last few days. CPX hardly pulled in and went a distance.
From that point forward I had a series of losers and overtrades which brought me to -30 gross.
---------------------------------
I can't stop over trading.
Didn't go in today. Looking through what WOULD have been my watch list.
7/18/11
WOW, some realllly good looking, easy money setups out there today. Wish I was there.
CHKP - hollllyyyyy sh!*TTTT . Look at that easyyyyyy money setup. Ah man! I hope some of you nailed that one.
GCI - Another good setup, 50 cent bear flag no jig
WBMD - Potentially tradable, easier to say after the fact, produced higher lows, arguable setup at 33, I would have had to have been there
PPDI - Initiate position at 32 break, add on new low. Traded to 31 easy.
QLIK - consolidated near 31, not incredibly clean, produced 50 cents.
WLT - held 118 through the afternoon, could have gotten a few scalps and rebuys
AGO - MA MA, MA MA, EASYYYY short through 15.50, set up AGAIN at 15.
GEOI - Short through new lows (26 break). 40 cents or so
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
7/19/11
Gross: -257
Shares: 24,200
Net: -390
-------------------------
OWNED.
SMACKED.
Max gross = +108 @ 11:17
Every trade afterwards was a loser.
Every trade I took today went in my favor, and came in. Nothing ran.
Despite noticing the trend, I continued to not scalp, and I paid for it.
I had many opportunities to close positive, and even once I was down big, I had opportunities to get at least gross even. I tried to not let my P&L control me. And today, it raped me.
I would not say that I overtraded today, despite my number of shares. I stuck to my watch list, did not venture out. I may have jumped in and out of a few things too much. Anyway, I would have knocked yesterday out of the park. Today, got raped. This is the importance of trading full time.
I did not take profits today. I let everything run. I really don't know wtf to say about it. I couldn't get one knock out to connect. I really gotta start taking high probability outs, instead of letting shit run against me.
If I took outs, I would have had like a 450+ day lol jesus christ
Should have just bought IBM on the early setup. IBM always runs when it beats earnings
-----------------------------
1. STT - Missed the prime STT entry at around 41.25. Obvious short, didn't take it. Instead, shorted the 41 break like an amateur noob. Tried to jig me, I said BS, and what do you know? It actually worked. I covered a third at 40.77, let the rest run. I wanted to see how it would react down at 40.50. It nearly made it, but quickly came back to 41, I added, and it broke 41 and stopped me out. REVERSAL.
2. LNCR - Had to short LNCR 3 different times to finally get the move I was looking for. First 2 I was jigged out. Kept attacking it. Finally it went. My profits in LNCR made up for my losses in LNCR lol.
3. BRO - BRO chopped the shit out of me. What an annoying stock. I was in the money several times shorting this thing. Bids kept appearing. Thing jigged and jigged.
You know what, I'm not mentioning any more trades I'm too pissed off! Shitty action, I was in the money 15 cents to a quarter on 80% of my trades before they came in and screwed me. My goal was to take profits and grind my account up, and instead profit hopes take control and stray me from the goal. I was up $70 - $125 in many trades.
4. MOS - Market at highs! Buy MOS consolidation! 30 cent wick jig to the whole! rofl. Oh ok, MOS breaking to the upside now. Buy the 50s. Oh snap, it just ran 20 cents in my direction. Do I take profits or hold to 69! I think I'll hold, with volume coming in and market at highs this can run a bit. SMACK. 20 cent retracement, STOP out.
SMACK
SMACK
SMACK
SMACK
SMACK
^^^ today
Shitty ass moves all over. oh 15 cents, thanks a lot. Added size to try and make more than 5 bucks, didn't take outs. Time and time again.
I think today may have been my worse net day yet lol.
SMACK
SMACK
I became afraid to touch everything. Missed the AG short on the silver down move. I wanted to short AG at 24 but I was afraid because the market was punishing me over and over again!
Days like today are now allowable, because of commissions.
July:
Running Gross: +167.93
Running Net: -567.97
Yeehawwww
A lot of earnings stocks again tomorrow. It's bullshit. I know if I cut my trades short tomorrow, they will run. ONE trade can reverse all of today's losses.
OH YEAH
LEDS - LEDS landed a contract worth half its market cap. Bought in the 5.50s. It ran to 80 cents. Felt good right. Gotta hold, gotta think there is more upside! With no jig this could be an overnight hold right. NOPE. Of course it jigs. Tomorrow? $6? $7? $9? We'll see.
Something is going to connect. Need to scalp the stuff that isn't A+. Need to get that in my head. Don't let EVERYTHING run. It's reckless and arrogant.
Yeah, I'm pissed, but I'm not gonna go on too big of a rant yet. Nothing connected today. Tomorrow? A grip of earnings plays. If nothing connects tomorrow, THEN I'll be livid.
ksmetana
** You know, the problem with the game is the god damn fees. My account would have a 100% return in 7-8 months without commissions.
Negative days WILL happen. If you are not knocking your winning days out of the god damn park, you're SCREWED. Sure I could close 5 days straight positive at +130 a day. All it takes is one losing day to destroy that. I feel like grinding won't even work. I don't know. Whatever. Take it trade by trade, forget about P&L and all that crap. Trade the trade. Only money management you should worry about is not giving back too much of your profits after a certain time.
The seniors in the office all make over a grand today, lol, a few with just as many shares as me. AMATEUR.
That is some efficient stuff right there.
------------------------
Tomorrow:
Designate trade quality you moron. Let the A+ run if you can. Take off the majority of the B stuff on the first wave. Why don't I listen to myself. I said the same damn thing every day for the past week lol.
I'm content with my trades, sloppy at times, but I do not regret the ideas behind most of them. Today, I was so reckless in profit taking.
I'm quite taken by today. I recall landing some profits, and preparing myself to wait for a good trade and try to make something decent happen. Fell down a slippery slope. Will not let today effect tomorrow. I know what I am capable of, tomorrow is a new day, I can perform well, I am better than most. My time is coming.
SEE YOU TOMORROW STOCK MARKET THNX UR SWEET ;)
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
Quote from ksmetana:
Designate trade quality you moron. Let the A+ run if you can. Take off the majority of the B stuff on the first wave.
I think maybe you should stop shooting for Olive Garden and settle on Fazoli's!
__________________
"Of all the gin joints in all the towns in all the world, she walks into mine." Rick Blaine
hahahahaha
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
7/20/11
Gross: -179
Shares: 19,700
Net: -287
---------------------
I have nothing to say that I have not said before.
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
This is going to sound like a stupid question, but you are not pushing yourself to impress a girl are you? I don't mean consciously, but unconsciously.
__________________
"Of all the gin joints in all the towns in all the world, she walks into mine." Rick Blaine
Trading is a marathon, not a sprint.. Seems like you are giving back too much, also seems like you are trading a ton of shares for not having bigger days. Just my friendly advice, take it as you will.
Quote from Maverick74:
This is going to sound like a stupid question, but you are not pushing yourself to impress a girl are you? I don't mean consciously, but unconsciously.
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
Despite all the action that was probably out there today, I did not go in. I needed a day away, a full night's rest. I'll be going in tomorrow, looking to close the week calmly.
I'll be setting cutting myself off at gross -80 from here on out as a means to force patience and selectivity.
Going to cut down size, I am using too much size in the wrong places. If something screams, I will size up, but I feel I'm using too much size too loosely.
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
Quote from ksmetana:
During the car ride home today, I told myself to become ultra selective. 2-3 trades a day and that's it. Wait and wait and wait and wait.
Another trader has been making 1k a day on like 22k shares, consistently. My trades in the past 2 days just jig and jig and jig, no mercy, little follow through. Can't get anything with size to run.
Quote from ksmetana:
Yeah, my recent failed love described over the past few months is always on my mind. I suppose I feel that if I can succeed in trading, maybe she'll be mine one day. She's on my mind every morning... I am hopelessly in love. Looking at the time frame of my situation with her, it seems my trading becomes sloppier and more destructive the further we grow apart. I'm am heartbroken 27 year old man.
* * *
Quote from icarus618:
You probably don't know what I am saying but you are the balding, Caucasian reincarnation of the Hitman, a Chinese guy who traded at Worldco and kept a drama-filled journal much like this one but with a lot more angst. Anyone who has been here about 10 years will know what I mean.
Is it any wonder that the markets move the same today as they have in the past? The faces of the people are different, but the players are still the same.
Sorry to interrupt. Carry on.
P.S. Go Anteaters. ZOT!
__________________
"Of all the gin joints in all the towns in all the world, she walks into mine." Rick Blaine
Quote from Maverick74:
This is going to sound like a stupid question, but you are not pushing yourself to impress a girl are you? I don't mean consciously, but unconsciously.
Quote from ksmetana:
Yeah, my recent failed love described over the past few months is always on my mind. I suppose I feel that if I can succeed in trading, maybe she'll be mine one day. She's on my mind every morning... I am hopelessly in love. Looking at the time frame of my situation with her, it seems my trading becomes sloppier and more destructive the further we grow apart. I'm am heartbroken 27 year old man.
I went to a strip club last night to help numb the pain. Planned on only spending like 50 bucks, ending up spending like 300.... First time I had been to a strip club since like 2006. After today however, I'm not so numb anymore haha. It felt good being touched by a woman, I left feeling like a new man, thinking today would be great.
Today was going to be alright, but I got size in a trade at a bad price, after hesitating during the smart money entry, it jigged, stopped me out at the peak of the jig, and then ran in my direction lol. Screwed everything up, ruined my morning and changed everything. Really, really stupid of me to get that much size in such a setup, in a stock that loves to play games.
I am emotionally capitulating, if that is at all possible. During the car ride home today, I told myself to become ultra selective. 2-3 trades a day and that's it. Wait and wait and wait and wait.
Though it seems, even the good stuff has been lame lately. Was buying IDCC on a dip down at 63.30 area where the price stabilized thanks to some buyers lol. It does a wick down below 63, stops me out, and runs.
The new 10% rule has me avoiding the shorts that used to be my money makers. I'm afraid to short these things due to fear of micro-squeezes.
But we all know, it doesn't matter what I tell myself. All that matters is if I can control myself once I'm at the keys. From the open, I am calm and patient. As action builds, and trades come and go, P&L rises and falls, I begin slipping, losing discipline, it becomes a push for performance.
Another trader has been making 1k a day on like 22k shares, consistently. My trades in the past 2 days just jig and jig and jig, no mercy, little follow through. Can't get anything with size to run.
I was down 150 or so, and I landed 3 winners at the same time that had me unrealized +170 or something. Didn't take profits, they all came back and stopped me out.
Just another undisciplined day as far as trade management goes. Then, hesitation on the better entries, leaving me exposed to jig risk at support / resistance levels.
---------
I'm a bit more calm now than I was earlier, I'm supposed to be taking it easy, slowly grinding, being patient and sizing up on the good stuff. And, I do the exact opposite, perhaps out of the desperation tied to my unrequited love.
After the last two days, I'd like to think I'll lose the pride or whatever, and sit there like a doofus waiting for the right trade. I'll try my best.
Quote from Shanb:
Just curious...what made you think this? Looking back, Only small hints of it throughout the log. That hitman though, ROFL. This business definitely attracts some interesting characters!
__________________
"Of all the gin joints in all the towns in all the world, she walks into mine." Rick Blaine
Quote from Maverick74:
I think I was a psychologist in a past life. LOL. I'm very good at reading markets and people. It really stuck out to me. Most men suppress their problems. So when they actually verbalize them, especially in a public setting, it means it's REALLY bothering them.
Trading, like sports, is all about self confidence. When one is confident in their life in general, even if they are a bad trader, they can perform very well. Again, you see this in sports. Bad players can get very very hot in their respective sports when they are "feeling" it.
On the flip side, when one loses confidence, they can't do anything right. Good traders can struggle for months. And otherwise great players suddenly can't hit a free throw, get on base, or hit a decent serve.
Kurt is suffering from self confidence issues in his personal life and it's spilling over to his trading. There are two ways for him to resolve this. Eliminate all the things in his life (for the time being) that are hurting his self confidence. Or deal with the issue directly and try to resolve it. This is much harder and can take some time and in the meantime can bleed his trading account.
Relationships are very tricky because they can either dramatically enhance your trading when they are good, and they can totally sabotage your trading when they are bad. As Joshua said in the movie "War Games". Sometimes the optimal move is not to play. In this case, being in a relationship.
7/22/11
Gross: +386
Shares: 9,000
Net: +336
-----------------------------
I swear to god the universe is out to stop me from being successful. Today should have EASILY been a 700+ day. You'll see why in a moment.
Checked out Hitman's journal, haha, funny stuff.
I am stopping trading at 2:17 pm eastern as I just made 1 losing trade and took 1 dumb out and I'm not giving anything more back to these manipulative bastards. I'll close the week with a glimmer of hope.
On topic to previous threads, my love was recently on vacation, for 2 weeks. I saw her yesterday afternoon, and today I had my best day in a while. Interesting, isn't it.
-------------------------------
1. SWKS - Bought SWKS at 25.02 near the open. Good company has been sold off recently, unjustly imo. Positive earnings = gap n go in this situation. Though, I did not size up as in this game, even when you're right, they'll slam you. I got 200, sold half at 45 cents. It pulled back to 25, I added another 100. Sold half at 33 cents. Sold the remaining position at 75 cents. Good way to start the morning on light size. I knew it had more upside, but a good start seems essential to my daily success. Could have sized up down at 25 as buyers were at the whole, but a quick break and 10 cent flutter would have started things off poorly.
2. Shorted NTAP as it broke below morning consolidation. The pattern was called out, it was not on my watch list. NTAP was out of play, no reason to touch it. The trade began to work, and came back in and stopped me out.
The morning wasn't incredibly easy due to all the idiots on TV yapping about the debt ceiling. Obama = please help me I need votes for re-election , Republicans = Please wire $500,000 to my account in the cayman islands first thnx ok
3. SNDK - Did not buy the smart money SNDK entry on the dip at 44.50. Instead, bought the 45 breakout. It ran 20 cents, came in and stopped me out. LOL. It slowly grinded back up. Whatever.
4. WDC - AHHHHH!!!!!! I was eyeing that WDC breakout at 37. I wanted it soooooo bad. A seller was holding it down at 95 cents before the whole. I was also watching SNDK, which was at a breakout level at the same time. When WDC broke that refresher at 95 cents it exploded past the whole. No way I'm chasing WDC, GOD DAMN IT. EASY money. Trade of the day right there, MISSED. Easily a $300 trade.
5. NCR - AHHHHH!!!!!!!!! I called out NCR at 20 bucks. It looked sooooo good. Bids rising to the whole after the morning seller. Great pattern, classic play. I was going to get HUGE in this. This was the trade I wanted most today. I was going to get 1000 shares. I had the shares loaded in my order box. I'm sitting there waiting. MY PLATFORM FREEZES. Everyone else says, "Oh, there goes NCR! Good call out!" OMGGGGGGGGG. NCR ran 30 cents no problem. Another $300 trade, GONE.
Already, we have $600 in opportunity cost.
I'll take the blame for the WDC miss, but the universe slammed me on the NCR, my trade of the day. =( I'm using to the universe owning me in many areas of life. Just when you think things are about to pick up, I get slammed by ill fortune. I still play the lottery, thinking that one day I will be redeemed for my 27 and counting years of pain.
6. I was absolutely on TILT. I was SOOOO pissed. I was cussing, clenching my fists, I wanted to leave right then, because I felt the day was over, the morning was closing. I took a TILT trade in CB, buying way up at 65 hoping for volume to come in lol. Lost 70 bucks in that trade bringing me to gross 0. I can't tell you how disheartened I was.
7. I bought CAT as it broke 105. CAT could easily fill some of its gap. I failed to get in the smart money entry 50 cents earlier. I did expect there to be short covering in CAT. CAT immediately exploded, went like 35 cents. Decided to hold my 200 shares. CAT snapped back all 35 cents, and broke below 105, stopping me out lol.
I did not give up on CAT. I knew the first explosion would be all the morons shorting in front of 105 covering. When cat broke 105, it fluttered down 10-15 cents as all the guys like me who got long got stopped out. I rebought CAT as it made it back to 105, I added as it pushed above 105. CAT pulled back below 105, the 90s held as some bids came in. I added in the low 90s. CAT finally made its push.
I had 400 shares total.
I sold 200 at 105.50
I sold 100 at 105.90.
I decided to hold the last 100. I expected CAT to make another leg up. It did not. Eventually, after sitting in it all day long, I sold my last portion at like 105.29 =(
There's another $100 I missed out on.
8. EW - Bought EW as it broke above consolidation, above 78. I got 200 shares. Sold half rather quickly as I didn't trust the stock. Sold at 38 cents, and then at 41 cents. I'm fine with these outs, I did not intend for EW to be a major money maker.
9. OLN - Oh mama, MAMA. Accumulated OLN in the mid 21.20s. It had already dipped 10%, so the shorts couldn't attack it. Buying was present at 20 cents. It was a simple risk reward play, hoping for a reversal / squeeze. Began scaling out in the high 30s.
Sold at 38, 42, 47, and 51. I was 300 shares remaining, which I wanted to hold. However, I was also aware that I did not want to piss away profits like I always do. As OLN momentum seemed to fade, I sold the rest of my position, rather than hold at least 100. Sold those last 300 at 50 cents. OLN ran to 22 dollars today.
IT FIGURES, that the one day I do NOT let all my winners run, they run. The universe man, I'm telling you.
10. Anyway, by this point, I was sitting pretty, +379 gross, with my last 100 shares of CAT still open, up about 60 cents. I felt if CAT could hold 105 by 2pm, buyers may step in. Plus, UBS announced they are buyers of CAT and sellers of DE. CAT chart began to look like a short. I felt, since it is midday, anyone taking the short will get smacked, especially since those criminals at UBS are involved. I opted to hold through the grind down. CAT did break that downward trend, pushed up to 75 cents. I thought, alright here we go, time to squeeze and run. Nope. The market began to look lame, big bids kept getting slammed in CAT all day. I was tired of it, and I got out as another big bid was hit at 30 cents.
11. MMSI. Overtrade, this is the trade that made me stop trading for the day. It sold off in the morning, bounced. Then it seemed to be having a late day sell off. It consolidated at 17.10 due to a hidden buyer at 10 cents. I shorted 400, hoping for a push to lows. Stop at 14 cents. They broke the guy but there was no energy at 9 cents. MMSI stopped me out at 14 cents. The risk reward was there, the stock was technically in play as they reported earnings. But, it was inactive and hence had implied risk of failure.
I closed the day at gross and net highs, but about $100 shy of unrealized profits.
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
Though, as I have shown, today should have been a $700+ day easy. I am very upset with my end result, absolutely terrible. This is not enough money to counter my losing days. A day like today, with my style, is supposed to be $1000, reversing all my losses on the crappy price action days.
There is money being made right now, and I'm terrified to get involved. I'm going to leave the office, I am too pissed off to be trading.
I get to leave with profits, I survive another day in the markets. I need to produce a string of days, I can't slip back into bad habits.
One good thing about today was that I took profits into buying waves. I was able to add liquidity on most of my exits.
It was a fairly flawless day, a few mistakes, should have been better, but so be it. If the universe wants to put me through hell and max stress before I succeed, so be it.
----------------------
I have no plans tonight. I have to go to job #2 right now. At least I get to see my love, which makes me feel content, even though she loves other men. Like Hitman, I get a sense of fulfillment when I do good things for her. "Love has no regret".
There is a party on Sunday and a girl of interest will be attending. so I probably will not trade on Monday. This girl is cool and cute, though I am not sure I'll be able to make her mine, she is much more social than I am, not sure if she'd want to settle down with me. I was talking to this Romanian chick online about my love situation, and she said, "You should love someone who loves you." I need a new goddess.
I wish I could focus only on trading, but lets be serious, I am a man. I have needs. Hormones don't let you tune out the need for a female, unless you're misfigured or gay.
Aside from all that, lets look at today's trading facts:
1. I sold into buying waves, I added a lot of liquidity on exits.
2. I waited patiently for setups, however, I failed to act on smart money entries.
3. My platform froze during the entry for the trade of the day.
4. I did not get size in anything. I traded only 9,000 shares.
I was able to produce a day like this by trading LESS. I simply took profits rather than arrogantly let things run. In doing so, I did miss out on some profits, but at least I captured them.
Next Week:
Looking to continue taking profits. Wait for setups in active stocks.
Let morning winners run, taking off 25% on the first wave.
Let 10:30 - 11:00 winners run, taking off 50% on the first wave.
Take off 75% of post 11 AM winners on the first wave.
Designate trades as A setups or B setups. Let A setups run, Cut B setups short, taking off a majority on the first wave.
My profit goal for next week is $1000. I want to be very, very selective on Tuesday, I want to start things off on the right foot.
I am better than this, I should be making more money. I have now learned how taking profits is a good thing. It is OK to make money, even if its not $60,000,000.
Quote from ksmetana:
----------------------
I have no plans tonight. I have to go to job #2 right now. At least I get to see my love, which makes me feel content, even though she loves other men. Like Hitman, I get a sense of fulfillment when I do good things for her. "Love has no regret".
There is a party on Sunday and a girl of interest will be attending. so I probably will not trade on Monday. This girl is cool and cute, though I am not sure I'll be able to make her mine, she is much more social than I am, not sure if she'd want to settle down with me. I was talking to this Romanian chick online about my love situation, and she said, "You should love someone who loves you." I need a new goddess.
__________________
"Of all the gin joints in all the towns in all the world, she walks into mine." Rick Blaine
This song is my trading anthem.
http://www.youtube.com/watch?v=OcYPsC879CA
I listened to it during the open on Friday. The hope of the world, rides with one man. The market is easy, it is up to me to execute well, and consistently capture profits. Through time, profits add up, this is a fact that I ignore.
I front-run whales, I have the ability to anticipate their next moves. I know when they need need to chase and attack price for better fills. I can see when they lean into price momentum for execution of large share amounts. I can see computers in the box, I detect manipulation. I laugh at their tricks. I am not right 100% of the time, but this is my edge. I know how and why price moves. My personality type is INTJ, this is my edge. I know people in an instant, more than they know themselves. I am intuitive. I do not have the capital and backing to efficiently demonstrate my talent, but I will emerge, and it will be the greatest story to ever come from EliteTrader. I am an anthropology major, this is my edge. I understand what builds the probabilities so many rely on. The market is dynamic, and given the proper conditions, I would significantly outperform the probability grinders. I must pursue the market differently that I would with proper capital. It will be slower, less active. I would sacrifice infinite lifetimes for my love. I will slowly grind out of these poor, amateur trading conditions. I deserve better, and so does she.
It is up to me to capitalize on my skill. It is time to realize what has been in the past, unrealized. My love waits for me to gain control of myself, she secretly longs for me to be successful, I know it. I will take her everywhere she wants to go. I love her more than any other man, I've already shown her, but it's not enough. Net profitability is my final testament to prove my love and worthiness.
The hope of the world, rides with one man. I can only be as happy and complete as I am disciplined. The universe will not stop me again. I've put in the hours, I have the knowledge and the will. I must accept my poor trading conditions, and play the game I must.
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
OMG Hitman.
Kurt, you need to lay off the party favors.
Quote from jj90:
OMG Hitman.
Kurt, you need to lay off the party favors.
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
7/26/11
Gross: +233
Shares: 7,726
Net: +190
---------------------------------
Currently 1:17 p.m. Max gross was +254. Market is dead, got crappy action from my last few trades. I am done for the day, despite there being several potentially profitable setups out there. I'm not giving anything back today.
Was not able to size up today.
----------------------------------------
1. GRA - Bought highs at 50.75. Thin stock, strong on the day, decent printing patterns. sold the entire position at 91 cents to start the day off on the right foot.
2. UPS - Failed opportunity of the day. Ouch. shorted UPS at 71.77 and 71.70. I knew this thing had breakdown potential. It stopped me out on the very last jig before the breakdown. Great morning pattern. I blew this one no doubt. I was so sure I had the timing right on my entry. Grrrr. A proper stop would have made this a fantastic winner.
3. OMI - Shorted OMI as it broke 32. The chart does not show a setup. I believe I took the trade because it was a level on the daily, and the level 2 must have showed me something. Trade began to work. I covered a third at 31.66. Wanted to cover another portion at 55 cents, however, the price came all the way back to my entry, stopped me out, and returned to lows hahaha. Ridiculous. What a joke. Another decent winner gone sour.
So far I've shown two blown trades which would have yielded +300 together.
4. GPI - Bought GPI as it set up at the 47 level after the false breakout. Thin stock, did not size up. Sold GPI at 46 cents. Would have been a mega-winner with size. Only way I can imagine sizing up in these thin names is by finding a way to be comfortably in the money before the breakout level.
5. ITW - Shorted ITW as it broke 53. Missed the smart money entry up at the 53.50 area. Got light size again, as it only barely set up at the whole. Covered half at 71 cents, covered the rest at 56 cents. Could have gotten the full point move if I had more size.
6. CIT - Bought the CIT dip as it set up at 40.70. Unfortunately, I missed the entry as it broke 70. I bought 79s as it dipped a little after the break. I sold my small position in the high 90s. Definitely would have sized up more if I were able to catch better prices. Grrrr.
A LOT of opportunity cost today. Could have easily been a 500+ day.
7. WRB - Bought WRB as it broke 33. Setup was there. Almost got stopped out, but I managed to hold, it broke previous highs on the daily chart and got a nice boost. Sold at 15 cents, 25 cents, and 17 cents. Good outs.
8. WLT - Bought WLT as it setup for a bounce. Bought as it broke 126. Scalped it haha. Had only 100 shares. Another thin stock that can screw you. WLT went a point with no jig.
9. DHX - Bought DHX at 13.60 as its morning downtrend came to an end. Designated this as a B trade. Sold half at 70 cents, and the rest at 75 cents as it lost momentum after touching 80. DHX went to 40 with no jig. Ouch.
A LOT of opportunity cost today.
After a decent morning of profit taking, mid-day began to approach, I tried a few trades, none of them wanted to push. They did not go against me hard either. The stocks had no players, ended up tapping out of them all for very small losses as to not expose myself to time risk.
Two trades worth mentioning during this period:
10. NUE - NUE did not bounce with the other steel names. NUE at lows while market was bouncing. Relative weakness. I shorted near lows at 39.58, expecting a trickle in my favor as the steel names pulled in. NUE did NOTHING. It just sat there. It did not react the way I anticipated, so I tapped out. Later, after I left to buy apple juice from the gas station across the street, I found that NUE dipped to 39.51 before taking off to the upside. It is just not worth trading at midday. All it takes is one market order jackass to ruin a decent idea.
11. PCL - PCL consolidated above some buying at 39. As it finally broke into the mid 90s, I shorted. Obviously, not a bad trade. It was a good setup and could have worked. However, midday killed this trade. Or perhaps it was a trap. Hard to say. Anyway, I shorted at 38.96, and got stopped out above the whole. So be it. I can't imagine not taking a trade like this. Luckily, I recognized the time of day and did not size up. These bastards produce a short trigger on the chart, get everyone in, and them blast em. Classic mid-day action.
---------------------------------
Anyway, as I have demonstrated, today could have been much, much better. I hesitated on more smart money entries, and did not size up. Though, I am somewhat content with not sizing up. If any of these trades failed with size, my day would have gotten ruined.
Though, the stand out error today was the UPS short. I had a great trade there and I blew it. I could have stuck with the stock after getting stopped out.
My focus throughout the morning was to take profits. Small winners do add up. By taking profits early, I missed out on some bigger moves, but I also got some good outs, and improved my win rate.
Two days in a row with a profit taking focus, two winning day above $200.
Whatever, now we have to see if I can be consistent with the new approach.
----------------------------------
During the weekend I wrote out the following guidelines. I did not stick to them strictly today, but having them near me helped remind me to look at the clock, and take profits accordingly.
I created this trade management model because the majority of my trades do move in my favor at first. This allows me to generate good probability profits, and keep some around to aim for knockout trades.
This system would be much more effective as I increase size, allowing for better trade management.
9:30a - 10:30a
A trades: Take 25% off on Wave 1.
B Trades: Take 50% off on Wave 1.
10:30a - 11:30a
A trades: Take 50% off on Wave 1.
B trades: Take 75% off on Wave 1.
11:30 - close
A trades: Take 75% off on Wave 1.
B trades: Do not take B trades at this time.
If a trade works past Wave 1, I of course take another portion off near Target A, and the last of the position off near Target B, or when the trade instructs me to.
I am trying to use position tiers more effectively, however, I have a hard time obeying my tier model in thin stocks, or trades requiring risk greater than 10 cents.
I am going to try and work on attacking the smart money entries as a means to have OK size before the dumb money move, where I can add another small portion if I choose.
-------------------------------
I've said in some of my last few trading entries that I have a good feeling about the coming days. I wish to retract this statement. I feel nothing. My focus is on being selective, taking profits, and letting a portion run. I suffered big opportunity cost today. I need to trust my abilities and attack my positions properly. I should be able to achieve better, more consistent results with my new profit taking techniques. I've slowed down my trading during the wrong time, in my opinion. It is earnings season, and there are opportunities galore. Attack the good stuff, and take profits.
That being said, if I find myself unable to size up for the time being, I need to be able to achieve consistency. I'll take a series of $200 days, whatever, but I want to push for +$500 days, that is how you make a living in this business.
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
Good job. Net means everything; unless you were a Schonfeld guy in the early '90s. Keep it up!
Hey Kurt, glad to see that you're still grinding it out. I see the ladies have you very distracted...lol. Keep it up! You have that $1k day yet?
7/27/11
Gross: +38
Shares: 9,000
Net: -12
----------------------------
Time is 1:16 PM and I'm cutting myself off. Max gross today was +142 at 10:07. Could not land any good winners today. There were a lot of stocks in play, but none presented quality setups. Had a chance to pull out I'd say a $150 net day but blew it.
I just shorted lows in a stock mid-afternoon and paid for it. Before the trade I was net +42, which is basically nothing anyway. Took a chance to try and make something happen.
Missed opportunities of the day, as you will see... QCOR and TMO
------------------------------
1. Bought QCOR at 30.06 and 30.15. LOL. Buyers present at 30. Looked like it could break, but it held. I bought. Price went in my favor, it felt good, did not expect it to get back down near 30. Had my stop above 30 as a 30 break would have slipped the shit out of me... Obviously, QCOR ran all day long. Ouch.
2. TMO - My trade of the day, but I had too light of size. Shorted at 61.30. Covered at 61.04 and 60.27. It was a tape read trade. I didn't size up because the stock didn't look too active. TMO bottomed near 59 today. DAMN. I find I'm losing my aggression.
3. BMS - Shorted BMS under 32.50 level. Price held up during the market sell-off. Relative strength. Flipped as it broke 32.50. Seller at 51 cents. Tapped out as it could be a trap. Re-entered as it broke 32.51 but missed prime entry price. Sold at 32.74, 32.85, and 32.75. Moved my stop up on the last portion, it was 1 penny too close, missed out on 15 cents.
4. ECL - Found ECL drifting lower. Weak on the day, shorted at 50.24. ECL held the 20s as the market bounced. I began to like this more. Trade went in my favor, down to 10 cents. The wave began to end. I told myself to exit at least half as is written in my new trading plan. I wanted 5 more cents at least. I did not take outs, despite telling myself to, and the trade snapped against me hard, stopping me out above 40 cents. Discipline issues.
5. PMTC - Shorted PMTC at 21.22, hoping for continuation lower as the MA caught up. Not a good setup. Got blasted again.
6. CHRW - Told myself to get in this thing before it hit 74. I did not. I took the dumb money entry, the 74 break at like 1pm lol. Made it to the high 80s, came back, and snapped 30 cents. Stopped out. This trade made me stop trading.
7. APKT - Shorted APKT at 60 looking for a breakdown to follow the other cloud names. Didn't happen, stopped out.
-----------------------
I watched a grip of stocks today, about 80 stocks, and nothing set up well. I had my chance to have a decent day, but I was timid and afraid.
I traded like a little girl, not a man.
I took several trades today that I knew were not high quality. I knew they were gambles, but they were all I could find. I forced performance.
ECL was the trade that brought my P&L down from comfortable levels, and CHRW sealed the deal. If I had followed my written exit strategy for that time of day, ECL would have been a scratch, if not a winner.
The action today was crap. Not an easy trading day, for me and the office.
Tomorrow I am going to force myself to get size in my go-to morning trade. Two days in a row I traded the first hour like a WNBA player, and suffered opportunity cost.
However, I did not let today become a LOSER, I tried, couldn't get it to happen, and limited my losses. -12 on a "losing" day, I'll take it.
----------------------------
I MIGHT not trade tomorrow. There is a 'shindig' at a friend's house. Not sure if I'm going to go, I don't want to miss an earnings season day. If I do trade, I have to leave early to go to job #2, which is fine because I haven't been trading in the afternoon anyway.
I'm going to probe and see who's going to the shindig to make my decision.
I'm supposed to go to a shooting range today to fire weapons for the first time. The range has a bar and grill on property too lol. The plan may fall through. I was hoping to have a good day, go shoot a gun, and have a beer, for an ultra-masculine day, but after today's lame results, I think I should just go home.
-----------------------------
Just took a look at CHRW, it wicked me out, and is right back down below 74 hahaha. It bounced right up to the 5 min 20 period. Typical.
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
7/27/11 Update
Gross: +50
Shares: 10,400
Net: -7
lol
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
"I watched a grip of stocks today, about 80 stocks, and nothing set up well."
80 stocks? 
Can you even keep track of all those?
Quote from ElecEquity:
Hey Kurt, glad to see that you're still grinding it out. I see the ladies have you very distracted...lol. Keep it up! You have that $1k day yet?
Quote from ElecEquity:
Guess that's a no?
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
Hi Smetana!
Can you share what prop firm and if you trade from the office or home?
have you had a chance to see tradingraw videos on youtube?
7/28/11
Gross: +267
Shares: 14,200
Net: +189
-----------------------
Leaving now to go to job #2, it is 12:30 pm. Max gross was +307 at 12:23.
See log for trade list, no time to talk.
Here is what I will say about today:
There were a lot of setups in my stock universe. I did not size up, I took profits and let small portions run.
Unfortunately, my day ended on a sour note, I did not take profits in accordance to my trading plan in EFX. If I had done so, I would have closed above +300 net. I was in the money 35 cents, took off a quarter at 30 cents. My plan says I should take off at least 50%. I did not raise my stop. I let the remaining 75% of my position pull in 35 cents to my entry, and stop me out.
Discipline issues.
Still not sizing up.
However, at least I have a bit of consistency going for me. I am being selective, and taking profits (for the most part). I need to now get bigger and apply my new exit strategies.
Notable trades: OSK, SPN, CROX (loser), OI, CBG (loser), CCI, NKE / UA (played terribly), JAH, EFX
CCI went much further past my exits.
OI went further past my exits.
Womaned out of NKE.
Traded JAH decently.
Compltely screwed up EFX.
Got flushed in CROX, should have been in before the breakout.
SPN was uneventful.
Traded OSK well, should have kept watching it for the short. I played it long off the open.
I sized up in CBG, it went 15 cents, pulled in and stopped me out.
If I had gotten size today, I would have had a great day.
Only trade I got size in was CBG, clean level, backtested play, it began to work and felt so good. It seems it found support below 21 lol. So lame. If CBG went at least a quarter I would have had a great day.
-------------------------
To sum it all up, I am finding good trades, trading like a woman, and I feel I'm too keen to exit.
However, at least I am consistently bringing in profits right now.
I will continue to capture profits, but I will add size so that I can capture more from my winners.
I would like to close the week strongly tomorrow.
Today should have been a much better day.
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
7/29/11
Gross: +135
Shares: 6,200
Net: +100
July Results:
Gross: +1038.63
Shares: 199,926
Net: -60.96
Reward / Risk Ratio: 3.02
% Winners: 31%
---------------------------------
Blackwood has a service outage all morning. Systems were not online until 11:30 a.m.
Was not able to trade this morning at all.
Was force to grind during mid-day. I kept size small and took profits on the majority of my positions early. I'm fine with what I accomplished. I was able to make 100 bucks on a Friday mid-day.
Trades are not worth discussing.
CYH coiled up, MA's caught up. It broke 27. I bought 500 shares. Tried to work, but selling was still present. Got stopped out and flipped with light size, with which I made a little money.
Had a winner in CVH going against the pattern, shorting in the 32.90s. Bought light size in DECK at 96.30. Missed the better entry down at 96. I did not see legit bullishness in the box until 96.30. With more size DECK could have made my day.
Bought HP, went against the trend. Bought the 68.50 break, as bids stepped higher and selling momentum noticeably slowed. The character change was easy to spot, but being a fairly thin stock, it could have just as easily stopped me out. Sold at 73 cents and 90 cents.
Nothing big today, just a bunch of small winners that added up.
Software opportunity cost...
------------------------
At least I finished the week positive. August begins Monday. Commissions being lowered to $2 / 1000 shares. Will continue to be selective, size up wherever I can, and take profits.
I expect August to be my best trading month yet, as I have narrowed my trading down to a set of 4-6 patterns, I am very conscious of the time of day, I have a profit taking system, and commissions are now reasonable.
My July trading stats improved as I implemented my new profit taking techniques. My end of month results clearly show that selectivity is the last portion of my trading to really improve on. If we can get that 31% up closer to 50 or even higher, we'll be in great shape. However, I need to size accordingly. I have not been sizing accordingly, even in my winnings days. I need to get bigger on the good stuff to achieve optimal profitability.
Let's do it.
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
Quote from ksmetana:
woops, nope, no $1000 day yet =(
Quote from ElecEquity:
Keep going! You'll get it! A new mental tool that I've acquired to help me in my own trading (as well as during my workouts and other parts of life) would be what I learned from this website ---> http://thefranchiseking.visibli.com/share/84msDj
I've been trading for almost 5 years now and I'm just now learning how to use my mind as a tool during the trading day. Your mind can be your teammate or your opponent. It's very early in your career. Don't wait 5 years! I've learned a lot more stuff that's helped me tremendously. Simple stuff. If you're interested don't hesitate to PM me. As a sidenote, for the most part, everything that I've learned is available on the Traderfeed site. Of course, reading that stuff is one thing and actually applying it and making it a part of your trading/life is an entirely different conversation.
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
So, I may not go in the office tomorrow (Mon Aug 1). Mondays are historically my weekest days. But I am staying up late to help my love practice for a job interview, otherwise I would go in, there will probably be some interesting action with the debt BS going on. Sounds like Reid buckled, so the market might get a pop. I'd be looking to buy anything that is oversold or anything that has had a good quarter. Buy strength or buy oversold conditions.
However, I wanted to pop on here and clearly define my August goals.
I AM looking for my first $1000 day. However, I am not going to force it. I want to work on consistency first.
I want to take high percentage profits, and let portions run. I want to grind my account up. I will be selective, sticking to setups I know and trust.
I am well aware that I need to take advantage of earnings while they are here. I WILL be looking to size up wherever I can.
I have noticed that all my size trades have failed recently. It seems everything I feel comfortable sizing up in fails. No surprise I suppose.
So lets quantify it all...
Weekly net profit goal = $1000
Month net profit goal = $4000
R/R: I'd like to repeat a 3+ performance
Win %: Above 45%
I want to be net positive 80% of days.
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
8/2/11
Gross: +285
Shares: 13,000
Net: +226
New calculated commission cost = 4.50 / 1000 shares
$2 / 1000 commission + ECN fees
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GOD DAMN IT. Just gave away 80 bucks. Must leave. Owned by LQDT, manipulated CRAP.
Did not size up today, so many trades went beautifully and I had no size because I am a little girl.
Max Gross = +375
Gave back 100 gross + commissions.
LQDT just owned me.
I am very, very upset about today's performance, I should have been +1000 easy but I am a little girl.
Every time I get size, trades fail. Days like today make your week / month.
Amateur. Piker. Undercapitalized noob.
Oh, and I got to the office late today because the 405 freeway was closed due to some piker accident. I sat stopped dead on the 405 for 35 minutes because they had ALL the lanes closed. Good lord. So I got to the office at about 10 eastern. Got a slow start.
-----------------------
1. EXBD - Shorted 100 as it broke 38. Setup was in the box, not the chart. Covered at 37.36. Hahahahhahahaha piker.
2. FWLT - Bought FWLT on a dip at 28.50. Did not bounce. Traded it again later, I shorted in the 28.70s as it failed to break 28.80. Covered down near 50 cents for a quarter. Didn't keep watching it, it represented the same setup and went much better the second time. Damn.
3. CTSH - Bought CTSH around 74, looking for a push to highs. It ran about 20 cents before producing a lower high. So be it.
4. NUS - Bought NUS on a dip at 40.50 area. Ran 20 cents, it tried to bounce as other noob day traders joined me. Got flushed out. So be it.
5. CTRP - Bought CTRP through 40.50, it couldn't get energy, stopped out.
6. UNT - Found a buyer at 60.10 in UNT. I tried longing against it at first as it did gap higher and I felt the buyer could produce a higher low. He held while the market was making a push lower. My long did not work I sold to the buyer. I waited, eventually he broke and I shorted. Did not have enough size to capture the entire move. I covered at 59.77. Piker noob.
7. PPO - My winner of the day, shorted up at 65 area, covered at 64.39, 64.06, and 63.73. 63 was my Target B but I opted to take profits once it began to bounce after the 64 break.
8. ECPG - Pain in the ass stock. I sized up once it broke 25 the first time, it was a false break, flush of buying while the market was tanking after the senate vote. Pissed me off I was livid. Tried again later with lighter size and it worked. Whatever.
I swear that every time I get more than 300 shares the trade fails.
9. Tried buying CVLT a few times up near 42.85. Another pain in the ass stock. Shouldn't have been bothering with longs at all today. The money was in the shorts.
10. Shorted ROK as it made a new low upon the 70 break. Eventually went a point but I covered at 75 cents and 58 cents, as I had piker size.
11. Shorted VECO through a beautiful intraday level. Got piker size because I am an amateur noob. VECO had trade of day potential written all over it. Ouch. Covered at 75 cents and 66 cents.
After I got out of VECO, I was at P&L highs.
12. LQDT - Bought up at 28.05. Relative strength on the day, intraday level. I mean, the setup was there but the mistake was taking a long trade in a market like this. There will not be enough other morons to join me to make this trade work. I deserved to lose. I was not using my brain. I should have let it break and watched to determine if it had proper strength to buy in on a dip. Whatever. I gave back way too much on this trade.
I bought 400 at first at 28.05. Tried to work, came back to 28, I bailed into the liquidity at 28 because I saw liquidity vanish below it and I felt a trap coming. However, the 28 held, and I instantly felt bad about bailing out. I rebought as it bounced off 28, 300 shares. This time all the liquidity at 28 and in the 90s VANISHED. No print, just vanished liquidity.
Liquidity Services is the stock. Manipulated lame crap. Liquidity Manipulation rip. Thanks for servicing me a $80 rip.
-----------------------------
Well, at least I started the month off positive, and my profits basically cover this months data fees. Whatever, I will take it, tomorrow is another day.
I NEED to start sizing up, I need to stop being a woman. I need to produce a mega day, TODAY was the god damn day! I blew it by leaving my testicles at home.
I NEED to take advantage of earnings season, NEED to take advantage of this market volatility. I can't be a piker right now, because once the action is gone, it is 100000x more difficult to make money.
VECO was an obvious size up trade. I am not saying I should size up just because trades are working. I am saying it because many of these are great setups that have a good chance at working, especially today when you had a broad market sell-off.
Tomorrow I'll administer a testosterone injection into my skull and hopefully get size. Odds are however, since I'll be getting size, the trades will fail. lol.
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
Kurt good luck in trading my man. Size it up when you know what you're doing. This is my last post on ET. It's been fun.
8/3/11
Gross: +239
Shares: 17,800
Net: +159
*My net may be higher than my calculation, since I trade for free when I add liquidity now... Assuming 4.50 anyway to aim for the high side.
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Well, today was definitely a fun one, as far as watching the market. You saw the emotional dump as all the stops were triggered, and then the high volume bottom and accumulation grind.
I am personally bearish and think everyone buying this market is an idiot unless they have the right targets. The bull market is done, the market is not going to make new highs.
Had a rough open, was down about 100 gross as I took loser after loser.
I also tried something new today. Normally, I do not look at any earnings data, and I rarely pay attention to news specifics. I normally just read the level 2, because my opinion on fundamentals will not change the price's destiny. Today, I actually looked at earnings results and made a list of what beat estimates well and what missed by a good amount.
So XL beat pretty good, I saw it make an attempt at the gap, and I was thinking it could be a long once the morning selling is done. It closed at highs, cool. I only tried trading it once and got stopped out. But I like the idea. There were others, I'm not gonna go over em all.
I would also like to split up my stock sorters into a BEAT column and MISS column. Anything trading on the wrong side could be good to game a reversal...
Anyway, after taking a beating in the morning via a mix of silly trades, I finally found a setup in DFT. I shorted 23. Definitely could have gotten bigger but my P&L had me afraid to take another rip. I got 400. Covered at 70 cents and 55 cents on the first push. Then the market began to panic, I decided to hold my shorts. DFT didn't make a significant new low so I covered in the low 50s for the remaining. Traded perfectly. After it hit the 10% mark guys like me couldn't attack it.
My other short was NXTM. No setup on the chart fellas, it was a level 2 trade. I shorted just under 19. Covered at 75 cents and 65 cents. It went a point, but I'm not going to risk an emotional wick in this thin stock.
CRL - CRL found congestion at 36. Market was in panic mode. It presented defined risk and I was in short. Covered at 63 cents and 57 cents.
By this point I had turned my day around, from -87 to +200 rather quickly.
Also by this point, the market action had sucked me. Nothing was going to stop me from trading. Not today.
Hence, I did overtrade a bit, going after anything with potential to move.
Max gross was +262. Didn't finish much south of that but I racked up like another 7k shares, so the overtrading did hit me.
Only other stock I want to go over today is OC.
OC had some interesting dynamics going on, was a fun stock to watch. Strong morning sell off, panics with the market into 31 where it bounces over 1 point in 10 minutes. This is baller hedge funds trying to send a message, "HI THIS IS BOTTOM OK?" Well, as I said, everyone long is an idiot. The market is going LOWER, you should be SELLING! OC made a pennant pattern. I shorted the pattern as I detected weakness in the box, I felt the long was a one-sided trade, you had less players buying it, once they lost share power, it was game time. I shorted OC up at 31.77 inside the pennant, and added at 63 once the pattern was broken. Did not get much size because I am also aware that baller hedge fund can screw everyone on the short side with a click of a button. Right when it LOOKS like a short, they screw you. But not today, they were out of ammunition. I covered at 40 cents and 21 cents, thinking the outs were very high probability, because OC COULD make a higher low. OC made a new low, bounced, lower high, and now its closing near lows. I hope all the longs get smacked.
OH!!! 1 more trade I want to discuss. MISS OPPORTUNITY OF THE DAY. BKI
BKI, you bastard! BKI remained at lows while the market bounced. Began coiling under the 5 minute 10 period. CLASSIC setup. Beautiful setup. Only problem there was nothing solid in the level 2 to lean on and it wasn't very active. It could just have easily been a laggard. I shorted in the 24.60s. I got wicked out OMG. I was ready to load up if this thing began to trickle in my favor.
Once it broke 24.50, I didn't trust the stock anymore, I didn't like it. I had no idea what it was capable of, in either direction.
Hahahahaha, they wicked me out because I am a piker noob. Well done HFT bastards. That is why you are on yachts and I drive a Saturn.
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Anyway, I should avoid the morning, I don't like bad starts, they impact my size on good trades.
August R:R is 3.5 and Win % is 35%. I must understand that my current selectivity level is still too low.
Either way, I did not size up again today. While there was a ton of opportunity out there today, it was not the smoothest action. Lots of battling out there.
I expect we'll see cleaner setups tomorrow.
At least my streak continues for now. I am due for a down day, the question is, how much will I lose? We shall see.
I was NOT selective this morning, I did NOT wait for the setups I know and love, and I was punished for it. I did take a breather and tell myself to wait, and that is when DFT came. Wait for your setups, be selective, and take profits. This mentality has me on a winning streak. Not big winning days, but at least I am being consistent, which makes life a lot less stressful.
I need to knock one out of the park soon.....
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
Kurt,
A couple questions from an LA-based trader...
Does T3 in LA permit you to hold overnight trades? Are there any swing traders in your office or is only day trading? Also, about how many people trade in the office and how about long would you say they have been doing it?
Quote from ElecEquity:
Kurt good luck in trading my man. Size it up when you know what you're doing. This is my last post on ET. It's been fun.
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
8/4/11
Gross: +36
Shares: 11,620
Net: -16
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Another wild day, I came into the day bearish as all hell, as I stated in yesterday's entry. All the longs will get smacked. Despite my read, I did not get the balls to short the piss out of the market.
Looked for setups, couldn't find anything clean due to the volatility. When I did find decent stuff, I was hesitant to get size, and I took profits quickly in everything. I felt like I had no edge, especially after the market made its first push down, I missed the smart money play.
May have had a good day if my CVS short worked the first time. Buyer at the whole propped it up, held for such a long time despite the market making new lows. First time he broke, trade went 10 cents, bounced and stopped me out. I had OK size in that trade, would have been the beginning of a good day if it had worked. Later, same situation developed. Buyer at the whole, market making lows. Eventually he broke. When the buyers were unable to pusht he price back above the whole like they did the previous time, I shorted the 90s with small size.
It is frusturating when crap like that happens. If you are buying the whole and you break, why don't you just reappear at a lower price for better fills? Doesn't make sense, but they do it anyway. Whoever was buying there should be fired.
Don't have time to discuss much today, I am at job #2.
Basically, I blew it today, missed out on the money despite knowing what was coming. Once I missed it, I began gambling for dimes, which didn't make or lose anything.
I played different moves, like the bounce in silver, bounce in the market via 3x ETF, etc. Just light size and scalped.
I missed the play, no need to push performance via risky trades.
We'll see how tomorrow goes.
The important point about today, was that it was technically a losing day and I only lost 16 net. If this is a trend that continues, it is a positive sign, as my winning days have been like 200+. Tomorrow will be a tell.
No log today sorry.
**P.S. I was having a beer yesterday watching TV and a commericial came on for Progene, a testosterone supplement or something. Anyway, it was a free month trial, so I ordered it. I figured some testosterone precursors could help me size up.
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
8/5/11
Gross: -54
Shares: 800
Net: -57
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My alarm didn't go off this morning, woke up 10 min before the open. Tried logging in remotely to my comp, where there is like a 3 second delay, making things really, really difficult. Forced a few trades, missed the good setups trying to slowwwllly sort through stocks. My forced trades had potential but I'll admit they were completely edgeless gambles. I was like, hey maybe I can pull 50-100 and call it a day. Well, just the opposite. It looks like the action out there is really messy. I saw that Citigroup had a nice setup today, TLEO was awesome, DLB would have been a nice scalp too. But whatever, I learned my lesson. If I wake up that late, just sleep in.
Up $300 on the month net, next week, we'll try again.
My 401k is all cash, I called this crash before it happened and I'm not losing a dime. I didn't have the balls or capital to trade the crash and be rich, but I did put my money where my mouth is in that I went 100% money market.
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
Quote from ksmetana:
Hmmm, that's a really good point. If I am 'in the zone' or 'have edge' I should size up.
Oh and, that wasn't your last post, you'll be back.
Quote from ElecEquity:
You're right. Had to stop by today and see how you're doing. I won't be doing much posting is what I meant. Just a bullshit comment here and there. I notice when I come on here and get into arguments, and people want to prove this or that, it's really just pointless for me to waste energy or brainpower on it. It's all bullshit. I work too hard. Arguing about trading philosophies is ridiculous. All that matters is whether you make money or not and whether you have a risk management methodology.
EDIT
You cannot sleep in on days like this.
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
Quote from ksmetana:
I just can't stand the morons, I love good debates though.
And yeah, I dropped the ball, well, it was my phones fault, the alarm didn't go off, or maybe it did but I didn't hear it. I'm housesitting for my dad for 2 weeks and I don't have a good alarm clock here haha.
I wish I went in today, our head trader made 46k, phew. And another guy who trades my style made 3.5k.
Quote from ElecEquity:
Yea it was a great day. I made about half of what you're head trader made. Still made a lot of mistakes. Trading is never as clean as I'd like it to be.
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
8/9/11
Gross: +520
Shares: 12,400
Net: +465
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First day trading in this wild market. Never seen action quite like this. Really insane stuff. What a CRAZY day. All sorts of opportunity that I did not capitalize on. Did not get big, since I had not seen what this kind of action is like. Haven't traded in a few days so I didn't know what to expect, I'll admit I was a bit afraid of coming in today.
However, I fell into the tape quite quickly. Produced a solid trading day on light size. Have to go to job #2 tomorrow morning god damn it. I don't want to miss any more of this.
Not going over trades today because I have to cut out to go teach table tennis.
I watched earnings and a stock list I made. Focused on a set of stocks that I know. Had some good level 2 trades as well. Good entries all around. Really good trading day that I definitely could have sized up in.
Action like this is rare, you have to absolutely attack it imo, ONLY if you have a market read.
Trades attached.
Today pays for my Series 56 costs. Need to make more money.
I have been consistent, conscious of profit taking, selective, conscious of time of day, etc. I really hope I can continue the consistency and GET BIGGER. Get some balls ksmetana!
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
Paving the way for your 1k day.
8/11/11
Gross: +142
Shares: 10,000
Net: +97
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Well.... Today's results are an example of how I have absolutely no experience in this kind of market. I found great trades, I had no idea how good they would be.
My mentality for a volatile market is to take profits before the market takes them away. There were a few points where the market seemed like it wanted to sell off and break the uptrend.
I suppose I should have expected a bounce even though I am bearish. But I have never seen the S&P move like this. I can't believe we closed at highs after that big of a move.
So be it.
I read the tape fine, I just had no idea the market was capable of this. I can understand -5% days due to the force of fear, but +5 or 6% ??? New to me, I wasn't here for the 2008 crash.
Could have had a great day, but I didn't attack positions, they required more risk that I like to give trades. Market was up big, but I wouldn't call it EASY. I've had easier days.
I'm just not used to the market taking price that far. Phew. All these idiots buying highs are gonna get smoked.
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Notable trades:
1. SLE - SLE set up at 16.50. Did not bounce with market. Tried to break, failed and boom, blasted up. I shorted 16.50 but immediately covered when it failed. Another trade took the long and was handsomely rewarded for my callout.
2. Bought POT down at 53.18, sold at an average of like 53.50. Only had piker size, was unable to capture more of the move. Grrrrr, I took the trade because agricultural stocks had relative strength in the morning, and some selling sweeps were holding POT back from his friends. Eventually the market blasted and the ags ran and the selling ended.
3. Tried shorting DRI up at around 48. Hahaha, any other day it would have probably been a decent idea, but it held up as the market chose not to roll over, and the MA's caught up and stopped me out. It was actually a sick long setup, ugh.
4. Shorted MOS up at 65, again expecting some resistance. I covered in the 64.50s and 64.60s, turned out to be a winner. I went to lunch, came back and the market made new highs along with MOS. hahaha good outs
5. Bought MCP on a dip to 53. Sold after 40 cents. Did not catch the second dip, wish I did.
6. ARUN - UGHHHH. ARUN had a level at 21.50. It broke, I watched, it failed, then it broke above again, looked stronger as bids came in. I bought 59s, not good prices, wasn't happy about it. However it began to work. Market was strong. ARUN pulled back to 47 cents, stopped me out and ran. God damn it. I wanted to buy this before the level but I hesitated.
7. Tried some other shorts near the end of the day
PRE - The short worked but I was too early, too many morons buying highs.
BSFT - Stock was making new highs as the market was finally rolling over. Finally a decent looking trade. Shorted at 31, covered at 68 a minute before the close.
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Got piker size all day. It just seems with the markets as crazy as they are, CLEAN setups are hard to find, which are what I usually attack. I way to get size seems to be to come up with an idea, and buy dips. You have to be more anticipatory than usual.
So, in the POT trade, I could have bought dips at around 53 and below to get acceptable risk for more size. I KNEW it was going higher, I was just afraid of lame jigs.
Same thing with ARUN, could have been anticipatory and gotten more size at better prices.
Wanted to get bigger in BSFT, but after 2 failed attempts at shorting highs, I was not as confident.
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Tomorrow is another day. I do NOT expect another +5% day.
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
Quote from sam0182:
Paving the way for your 1k day.
8/12/11
Gross: -91
Shares: 12,600
Net: -147
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What a terrible day for day trading lol. I had a chance to leave +50 net, but I went for the GS short at the end of the day which screwed me, TWICE. Crappy action all over, I basically gamed for dimes all day long, ground some profits out, but game em all away to GS. It looked like the market could breakdown, led by the financials, I took the trade before the 115.50 break, since GS likes to jig, and thwack, the market and financials bounced, screwing me. Later, it did break the level, and screwed me again.
You could have made money playing around in MCP today.
The only good SETUP today was in LULU. I took that trade, but bailed when buying absolutely dried up in the 20s. I took my profits since I had bought 11s. As soon as I got out, BAM, LULU blasted up to 70 cents. LOL.
Owned.
No trades to talk about, the market was absolute garbage today.
I screwed up LULU, which turned out to be easy if you just let it go.
Got ripped in GS, twice.
Gave away a full day of grinding in 2 trades lasting like 1 minute each haha.
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That all being said, I was due for a real down day. I shouldn't have pressed it to the close today, but I must admit I expected more afternoon weakness. I thought we'd get some selling before the weekend.
I could have been more anticipatory with the GS trade, but today's major error was the LULU. I bailed from a trade for P&L woes...
Overtraded today as well. The crappy market brought out bad habits in me, it brought out the chase for performance.
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August stats so far:
Gross: +1077
Net: +725
% winners: 42%
Reward / Risk : 1.73
I've definitely been eager on the profit taking, today drastically lowered my R:R ratio due to the high amount of scalping and dime catching.
I suppose it is predictable that my win rate is higher due to me taking profits sooner than normal.
Whatever, next week we will refocus, be selective, size up where you can, decide profit points before the trade.
Today's lesson: avoid trading in a crappy day trading market.
All this scalping crap that drove up my share count is not part of my trading plan.
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
Great thread Kurt, and love your personal story tidbits. Just curious, who do you prop trade with in the Los Angeles area, and which firms did you have to choose from?
Go Anteaters!
Quote from Picorian:
Great thread Kurt, and love your personal story tidbits. Just curious, who do you prop trade with in the Los Angeles area, and which firms did you have to choose from?
Go Anteaters!
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
Money 1st, bitches 2nd my brother. Get those priorities straight.
Let me give you some advice that I'm sure you are too "stewed" to take right now.......but please save this post and try it some day ! YOUR WASTING YOUR FUCKING TIME WITH AMERICAN BITCHES !!!!!!!!!!!!!!!!!!!!!! You have the WHOLE world out there that is filled with truly good girls.....who really would appreciate you !
I suffered the same as you for years dealing with truly sick American bitches.....one day I finally woke up and decided to look around and see what is available......I am a fulltime trader...I daytrade TF everyday...and do well......I am from Las Vegas, but I have been living for the last 5 years in Ukraine, I can tell you from personal experience that the girls here in Ukraine....Russia......Brazil......Thailand....and China.....are completely different !!! True "family values" honesty......devotion......dedication.......I wasted 20 years on American women !! Not knowing any better. Do your self a favor and atleast check it out ! Good luck to you !
Oh man, this journal is getting good! 
__________________
"Of all the gin joints in all the towns in all the world, she walks into mine." Rick Blaine
Quote from jj90:
Money 1st, bitches 2nd my brother. Get those priorities straight.
Quote from jj90:
Money 1st, bitches 2nd my brother. Get those priorities straight.
Well in a post-party hung over fog I said something hurtful to her and probably sealed my fate. I don't know, it is probably a good thing. I don't know why she is with this guy, I can't wait forever, I only get one life. I tried and I failed. Perhaps her hating me is the only other way for me to move on.
That being said, I am afraid to trade tomorrow.
I was watching the online movie "Floored," about floor traders. One guy says that as soon as you think you're there, you lose. As soon as you think you're over some hump, you get smacked. It is important to remain humble, remain focused on the changes I've made. Do not slip back into bad habits. Do not become self-destructive over this.
There are other girls in the world. I was in love once before and I eventually moved on. Maybe this will be the start of something good. I've been miserable for months, dwelling on this.
Be selective, take profits, attack good ideas.
Haha, there was a one point blast in EL today, wish I was there for that... Afternoon 94 break, phew.
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
Quote from ksmetana:
There are 2 parties this weekend, but what's the point? I guess getting drunk makes the weekends pass by quicker so that I can get back to the markets. Alcohol also lubricates my mind, helps me turn my swag on, and turn off the massive analysis.
Quote from ksmetana:
I was watching the online movie "Floored," about floor traders. One guy says that as soon as you think you're there, you lose. As soon as you think you're over some hump, you get smacked. It is important to remain humble, remain focused on the changes I've made. Do not slip back into bad habits. Do not become self-destructive over this.
Quote from sam0182:
I too found the "Floored" series interesting but a lot of those guys come off as washed up, over-dramatized and tired. Tired that after 15-20 years of making massive amounts of "easy" dough (inside the system), they're forced to find new edges, learn, etc.
A good watch, nonetheless. Dramatized or not, I wouldn't want to piss off some of those dudes.
And per your female...issues, if you will, have a read of the following blog. The guy is extreme but I know you'll be able to relate to some of it. If nothing else, it should give you a laugh.
www.rooshv.com
Cheers.
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
Quote from fickletrader:
Maybe this is your problem with the size-up trades: you care too much about the outcome of whatever huge trade you put on. Girls and the market see right through that stuff.
By the way, I think your life outside of trading is a HUGE factor for success in trading. Bring your focus back to the things you can control like exercise, nutrition, reading, practice, and execution. Immerse yourself in these and realize the outcomes are the byproduct. You're already good at doing this, except where the stakes are high.
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
8/16/11
Gross: -132
Shares: 13,400
Net: -192
---------------------------
Not an easy day. I think the easiest money today was in the NYX selloff, which I screwed up due to P&L woes. I was down like -260 gross when the news came. I shorted 27.56 as the price did not bounce with the market. Sick entry. It began to work, felt good, did a quick little jig above my entry, stopped me out and then ran. Ouch. I had to keep a tight stop due to the extension of the price. I knew the stock would go lower, I just did not want to incur irrational pain or trigger my daily stop loss.
I later traded NYX at lamer entries, and pretty much botched it. I knew the thing was headed lower, that news is significant.
The other trade I blew was ALB. I shorted it this morning at 57.69 lol. Scalped that. Shorted again at 56.18 above the whole. I was expecting the MAs to hold and the price to trend lower below 56. Got stopped out on a wick up. Ugh.
VIT failed 14 breakout.
Those were the only trades that set up. Everything else was rubbish.
Shorted VECO as it broke 36. Decent looking setup. Began to work then blasted up stopping me out.
This market isn't easy, up down up down up down. It will look like it wants to break lower, then it catches a bid. Looks like it can fill the gap, and finds resistance.
The tax news should have had a larger impact. Financial transaction tax will completely change the markets. If it hits the United States, all us day traders are done for.
Tried HDB bear flag short this morning. Flag failed and stopped me out. Wish I had kept watching it because it looks like it met a single seller at 32.28 which would have been a great re-entry.
----------------
But yeah, I knew coming in today it wouldn't be pretty. I am mentally distraught. I don't understand what the market is doing up here. I feel we should have had a down day by now. I feel edgeless.
I get the basic concept. We sold off below the market range, a natural sell off. Then US downgrade news came out and exaggerated the move. There is no major Lehman type catalyst out there to create another panic move lower. If we do test lows, it will be a technical grind down. Bear market action. I'd like to think the bull move is severely damaged and that highs will be sold. I've been looking for selling to hit the market, and it hasn't happened. I don't feel confident buying anything, I keep looking at the short side.
It is a new market that I have not been exposed to in my day trading career. The lack of earnings stocks has me edge-lessly trotting around a market being pushed back and forth by computers.
I could have made money in URBN today, and other things, I just try to avoid gambling near the open.
--------------------------
The only true response to today I can come up with... is to understand that these computer driven doji days are not my market. I need to wait for solid action, like that in NYX, and avoid getting caught in computer generated, fake price patterns. Just because I can't find trades, I should not lower my selectivity to allow crap to hit my P&L.
Patience.
Today's losses were expected.
I play table tennis today, that will help me release some anger.
Tomorrow, understand the level of selectivity you must have in this type of market.
I should only attack if the market finally begins doing what I expect it to. Right now, it seems people are on the sidelines, and algorithms are doing all the work.
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
8/17/11
Gross: +386
Shares: 9,400
Net: +344
-------------------------
Needed today for my confidence. I now realize, I am a middle-aged good looking adult male. What is there to be so down about?
For the first time since I began, I'll admit I wanted to go outside and shed some tears.
I bought 500 FTNT at average price 21 due to the buyout chatter. I bought dips, watched the market, it was perfectly entered. It ran. I took 100 off at 21.47 and another 100 off at 21.74.
I saw a EDGX buyer lifting the thing. I knew once he left, a pullback would occur. However, when I took the trade I was looking at 22 as my target. I felt FTNT was oversold as it was. Anyway, I anticipated a pullback, and I was ready to deal with it.
Unfortunately, FTNT pulled all the way back to 21. My bigtime morning trade was gone. I was incredibly upset and down. My 250+ unrealized day was now a 80+ gross minus commissions day.
Pretty much everything else I touched this morning was a loser except for FTNT.
My other morning trade was CTRN which was held up by a buyer at 11.65. I hit him and then added as he showed up again and the market began to sell off. Covered at 35 cents, 22 cents, and then on a bounce to 33. I didn't want my profits to escape, hah. I had a bid out at 15 cents but the flutter up came before it printed.
Morning was a distaster, I had one trade that worked well (CTRN) and another trade that I should have had trailing stops on (FTNT).
Finally the market presented opportunity. Retail and the clouds came into play, both sold off, and produced second legs down.
Shorted DECK on a crazy clean bear flag at 84.50. Covered at 83.85 I only had 100 shares because DECK can move.
Bought DECK for a bounce as the market bounced and selling slowed. Sellers were holding it down. I bought as they broke at 83.64 and 83.77, and sold at 84.30 and 84.40. I held half to try and get a move to 85, but weakness came back in. I sold my last half to a buyer holding DECK up during the market's next push down. Good outs, well traded.
BEXP.... I hunted for shorts. I began to feel this could finally be the day where the market tries to roll over. Shorted BEXP in the 30.90s. It began to work, I covered a third at 30.55. It bounced. My target was 30, at least. I added on its bounce back up at the 90s. It tried to sell back down several times, but produced higher lows, which I wasn't excited about. Market made new lows and BEXP did not. Eventually I exited in the upper 70s in case the market was bottoming. Like 3 minutes later, BEXP FINALLY made it back down to the 50 cent area. Ouch, $120 opportunity cost.
Those are the only important trades to discuss today. Had a few scalps, a few stop outs.
But I fell into the zone, the market was behaving quite reasonably. Unfortunately, we did not tank.
I'm waiting for the market to tank.
Anyway, today put me at fresh P&L highs for the month, not by much, but I made back everything I lost in the last two days.
My winning day was big enough to outsize my recent losing days, which is a good sign.
-------------------------
I have shown myself that I can have a good day outside of earnings season. I can do this by waiting for good ideas. An entire sector came in play today, and I had edge, I felt market flow. I could have gotten bigger.
Now the test is to see if I can improve on my consistency outside of earnings season. It would be nice to finish $500 higher by the close of Friday and finish the week strong. This would help me out with my mental agony through the weekend.
-----------------------
I am going to Vegas NEXT weekend. Friday, Saturday, Sunday, and coming home Monday. August 26-29 I need a vacation, hopefully I find some resolve on my trip. I am going to avoid the casino until late Saturday or Sunday afternoon. I want to enjoy myself rather than worry about profits and losses and making money.
So if any Las Vegas traders want to buy me dinner or a lapdance, you are more than welcome to. Message me for my cell number.
I am going with a group of friends for a birthday, however, we all tend to split up as some of us gamble and others do not.
If you live in Las Vegas we should get a drink, talk markets and look at females.
Everyone else, look for me on TMZ and E!!! with Holly Madison. They'll be like "HEY HOLLY WHO'S THE NEW GUY??" She'll be like, "um he is ksmetana the famous noob day trader his august win rate is 41% and i lik that in a man and sometimes he wears a pocket protector that is cute lol <333"
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
8/18/11
Gross: +238
Shares: 5,800
Net: +212
------------------------
Not bad for a half day. Could have gotten bigger because I fell into the zone.
My big regret for the day is Children's Place... PLCE.
I saw that bull flag at 39.50. Relative strength. I bought 39.50. I sold at 39.47 as the market fluttered down. I began thinking if the seller held, it would be a good short if the market made a new low. I shorted. Got stopped out as it broke 39.50. nooooo!!!!!
Anyway, the cloud was in play today.
I also bought a dip in CACI that worked nicely.
Had a silly trade in SNDK that could have easily been prevented.
But yeah, PLCE was the trade of the day and I missed it.
-------------------------------
Note: This is the last day I will post my blotter. I feel I am falling into things, I am more consistent now. I do not wish to expose my edge any more.
This journal will be overweight on my losing positions, market read, and ways to improve.
If I experience a drawdown, I will bring things back to normal.
I am far from perfect, but I know I am good enough to do this. It comes down to discipline. Still need to find my balls.
------------------------------
I also need to study for the series 56....
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
Quote from ksmetana:
I now realize, I am a middle-aged good looking adult male.
Quote from ElecEquity:
Not that it matters, but I had the impression you were in your 20's.
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
Quote from ksmetana:
I am 27 years old
Quote from ElecEquity:
Ok...then you're saying that I'm middle-aged too? I don't consider myself middle-aged.
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
Quote from ksmetana:
27 x 2 = 54
54 is pretty damn old if you ask me! I've already had my mid-life crisis.
Everyone over 35 wishes they are under 35.
No one under 35 wishes they were over 35.
Quote from jj90:
Money 1st, bitches 2nd my brother. Get those priorities straight.
Quote from Builder17:
this just made my weekend.
kurt youre 27 and (self described) good looking. the world is yours my friend.
someone suggested reading to you... have you bought books like Mystery Method or The Game yet? change your thinking. you are the prize.
congrats on the bigger days this week. something must be working.
have a good weekend
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
Quote from ksmetana:
Thursday night we are driving up to Area 51 to look at the aliens.
__________________
"Of all the gin joints in all the towns in all the world, she walks into mine." Rick Blaine
Well we are leaving Los Angeles after 6pm when I get off work. So we wouldn't make it to Area 51 until like..... 1 am or something.
And we don't have a 4 wheel drive jeep or anything, just my electric lime Saturn... So, we'll just find a spot to to watch the UFOs in the sky. Maybe we can sight-see a little in the morning, but there are no aliens out during the daytime so what's the point.
Plan B for this Thursday road trip is to drive all the way down Zzyzx Road, you can google that, many of you probably do not know what it is since you don't pass through Baker.
Area 51 is a long drive, I'd rather go during the day and get a good spot rather than wing it at night. But I think we're all pretty set on seeing the aliens, so...
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
Quote from ksmetana:
Well we are leaving Los Angeles after 6pm when I get off work. So we wouldn't make it to Area 51 until like..... 1 am or something.
And we don't have a 4 wheel drive jeep or anything, just my electric lime Saturn... So, we'll just find a spot to to watch the UFOs in the sky. Maybe we can sight-see a little in the morning, but there are no aliens out during the daytime so what's the point.
Plan B for this Thursday road trip is to drive all the way down Zzyzx Road, you can google that, many of you probably do not know what it is since you don't pass through Baker.
Area 51 is a long drive, I'd rather go during the day and get a good spot rather than wing it at night. But I think we're all pretty set on seeing the aliens, so...
__________________
"Of all the gin joints in all the towns in all the world, she walks into mine." Rick Blaine
As posted above, the game is a must read.
This week's goals:
Profit:
I will not be trading on Friday due to my Vegas trip. This leaves me with 2 full days and 2 half days of trading.
While I want to push for a $1000 day, a reasonable goal for this week, is $1000, it would be a good way to close the month strong, and give me good vibes for my weekend getaway.
Trading:
Looking to remain consistent. Stick to the plays I know. Size up whenever possible. Take profits in the face of price waves for high probability outs.
My ideal setups are more difficult to find when individual stocks do not have news making them in play. I will have to rely on correlations and tape reading. Attack good setups if they appear.
Be anticipatory. Use level 2 analysis to be in the money before the dumb money entry.
I think a $1000 / week goal is a good one for now. That is a decent payout to make an early living in the game. It would allow me to quit job #2. One month with consistency at such a target would be enough to allow me to do so.
If I can go full time, I can completely dive into the market, and never lose my market feel. I will have time to adequately analyze the market. I really, really want to get there. I would also be able to move near the trading office, allowing me to get more sleep and save gas money.
My full potential is greatly inhibited by my forced disconnection from the price action.
--------------
The test of consistency outside of earnings season continues.
Granted, we have some movement in the markets, which presents opportunity for money to be made. The market is rarely like this. Movement like this is a gift. It can not be used as a real indicator of improvement. At the same time, it must not be taken for granted.
However, if I can continue to do well in this environment, I will be in a great position for the next earnings season.
I have bad feelings about the future of the market. I feel there is growing pressure to weed out the intraday guys. HFT is giving everyone a bad rep. I don't mind HFT, but whatever they do to them can very likely impact the day trader. I hope the career itself can continue to exist. I have a bad feeling the series 56 is only the beginning. Big money wants the momentum leaches out.
---------------------
The girl asked me if I'm in love with her. I told her I'm waiting for Winona Ryder.
Must stay focused. Keep my eyes on the market. Profits must be my priority.
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
8/22/11
Gross: -101
Shares: 7,600
Net: -135
--------------------------
Today, some oil / gas names were in play, along with gold / silver.
I did not play gold / silver.
I found the oil / gas trade too late. Though, when it came time to enter on some sick looking setups, murphy's law says, "Sorry KSMETANA, these stocks are unshortable."
Great.
Let me take these crappier trades instead, thanks.
Well, I could have made money today easily, but I hesitated all over the place. That is the truth.
Got owned in the morning taking silly trades.
Focused on CTSH for a while. Blew it. I was watching it on its first dip to the 57.60s. Didn't buy enough. Also missed the buy on its second dip.
Only GOOD trade today was UPL. Did not bounce with market, held its downtrend. Relative weakness. Shorted 32.75 area. Covered near 50 cents and then the upper 30s. My target for my last portion was 200 shares, but the market blipped up, some upside volume came in so I bailed to capture my profits. UPL hit that target...
With I bought more ETP down at 41.52. Bids at 50, low selling at the level, prime for a good R:R bounce. Only got 100.
My morning P&L low was -91 gross. I then ground up to +42. I am finishing at -101.
Trade of the day however, was shorting CTSH up there. That thing was bound to get dragged down eventually. It was an easy short once it began to roll over, but I hesitated.
Really sloppy today. Mondays are historically my worse day of the week. Not a good way to start off the week. I felt bad about everything I was doing today except for the UPL trade. I had a legit reason to short that UPL.
My big loser today was CLR. I tried buying it twice. First at 50.50, second at 50.28. Market was bouncing. CLR was stubborn. CLR sent me from -21 to -100 in 15 minutes during midday.
Ouch.
I knew I was not selective in almost every trade I took. I was 'limping in,' hoping for some price flutters in my favor. Really pathetic stuff.
I should have focused on CTSH, which was in play, and I tried a lot of counter-trend stuff today, which ate me alive.
Not a good day for me.
Tomorrow, I need to be more patient. There are plenty of opportunities floating around in this market. Do not chase performance. Wait for the setups you know work.
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
8/23/11
Gross: -138
Shares: 18,060
Net: -219
------------------------
And so the post-earnings drawdown begins. Smack smack smack.
I learned to a trade in an unforgiving trading environment, where absolutely no setups worked well. There would never be follow through, it was dangerous to hold positions.
In this market, there is follow through. The longer you hold, the more you're rewarded. For this reason, I can not do well in these blast up and close at highs days. I am terrified to buy anything after 12 noon. I am used to everything failing.
That being said, it was an easy trading day if you just looked at the charts, and let them do the work for you. I'm so unwilling to buy stock, my market bias gets in the way of DAY trading decisions.
It was a very frustrating day for me.
I shorted gold near the open via the GLL. Gold began to sell off but bounced. Gold sold off later, but it didn't pay anyone out for the trade off the open. Bastards.
Watched OVTI, MDT, and OCR in the morning.
Bought some OVTI around 25, sold after 25 cents. I didn't get size. Not even worth discussing my OVTI trades. I wish I bought that last dip. I'm just not used to the market closing at highs so strongly. I'm so used to topping out and selling off, etc. I had no conviction in longs.
I did buy MDT, which formed a asc triangle up at 32.75 or whatever. Triggered an entry, and failed. The only trade that would have def made my day.
Bought light size OCR on a dip to 29. It was tough to have conviction. I don't normally like the idea of buying companies that are trading higher on news of an acquisition. Traded it later, it was one of my only money makers throughout the day.
Uhhhhh, missed the bottom in TIN. Tried buying a pattern after it consolidated after the bounce. Was in the money like 30 cents, pulled back, stopped me out, and ran back up 30 cents, and eventually traded lower, and then formed a higher low at the whole. Did not buy that higher low either, I noobed this one up due to P&L woes.
Bought WCRX news that came through, lame. FDA APPROVES DRUG. I buy and look up the drug. OH, the drug is already on the market. Morons. News idiots only lose me money.
They screwed me again in DE. News comes out in DE. He's yelling on the intercom, "Hi I'm a moron!" Getting very excited. I was in at good prices. He couldn't seem to just say the news like a normal human being. Something about a "stake." Price flutters down in a matter that makes me think the news could have been bad. I tap out livid at the news idiot who can't just say wtf is going on. Then, DE runs. He really couldn't just say, "Whale announces 5% stake in DE, positive for DE, noobs will follow the whale into the stock." Hah, I guess we don't pay them good enough for that kind of service.
Shorted AMP at 42 for a scalp. It was the only short I could find to trade the earthquake panic.
Bought CNX as the seller left during the earthquake panic down at 41.10. I wasn't able to get as many shares as I would have liked. Definitely one of the top regrets today. I could have gotten like 800 in the teens, but I was a noob and was afraid to size up 7 cents past the entry.
Bought the S news, got like 9 cents on 400 shares lol.
Shorted CERN at its late afternoon bull flag. Scalped a third on the flutter in my direction. It bounced with the market, stopped out for a small loss on the remaining position. Then it ran. The bull flag was legit, they just trickled the price down to get the weak hands out.
-------------------
Owned.
0 for 2 this week.
-354.17 net this week.
No good.
Draw down.
Piker noob.
Market had plenty of opportunity today, I just couldn't hang. I am good, but I'm also afraid. I am not used to the market throwing out free money.
Tomorrow is a critical day. If I lose money tomorrow, my upward P&L trendline for August will be broken, meaning something has changed.
Tomorrow is a must win.
I must stop being above the market.
Find what will run. Get a good entry, attack. Take profits accordingly.
Trading is so simple, we complicate the hell out of it.
I have not been getting sleep lately, maybe 4-5 hours a night. I need more sleep. I feel slow, I feel a step behind the market.
Tomorrow is a critical day.
I am in a 2 day draw down.
I'm going to piss my month away very quickly since my winning days are not big enough. I do not size up, leaving me with less from my knockout trades.
Piker noob.
I am now up +733.55 net for the month.
They took out 195 for the lame series 56. Study guide is like 100 or whatever. And data + lame office fee = antoher 250. Soooo, sweet, a +200 month, drag me outside and shoot me.
Yesterday I will accept as a losing day. But today should have been a winner, no doubt. Tomorrow needs to be a +500 day.
-------------------------------------
Las Vegas traders:
You are welcome to buy me drinks or a lapdance this weekend during my Vegas trip. Message me for my cell.
Also, if anyone has a couch or extra bed or something, a lady friend and I want to roll up a day early and we don't have a hotel for that day. It would be Thursday night.
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
Are you breaking your rules? Or are you taking trades that you would take any other day and shit is just not working out?
It's okay for shit not to work out. For you to have winning days, you're also going to have losing days and sometimes these will come one after the other.
However, I feel like every time you have a losing day, you're beating yourself up about it like you went on tilt, were breaking rules, etc. I can't even read through your entire report, it's so depressing. Should have, shouldn't have, so on...
Keep your head up. Bad days happen and that's okay. It's part of the curve. If you're breaking rules, okay...but learn from it and go kill it tomorrow.
**And please stop placing so much focus on your day to day/monthly PnL, especially when you're in the final trading days of this month...you're putting unnecessary stress on yourself that will impact your mental/trading.
8/24/11
Gross: +27
Shares: 11,800
Net: -26
--------------------------
Hahahahaha. I was gross +214 at 10:43. Landed good buys in DY, SANM, and AEO. I then bought GG as gold bounced initially for some good money.
At 10:43 I was feeling good and in the zone.
After gold sold off, and bounced. The question came...
Will it make a new low, or was that the day's capitulatory bottom.
I had missed morning entries in all the good stuff, like MHP.
I started buying some relative strength stocks, like HAIN and CIT. Looking for dips / consolidation / etc. Most did not continue.
I had a string of losers as gold bounced further than it should have and prices seemed to react to a potential bottom in gold. Then, bam, gold sold off, giving a boost to the market, sort of.
The trading past 10:43 was very difficult imo. You could have jumped on the gold short, but you would have been chasing. It could have made a higher low. Whatever. It wasn't easy.
Shorted DY as the market sold off a bit. I was 20 cents in the money on 400 shares. I let the price come all the way back and stop me out.
I had a complete breakdown in trade management and money management discipline. Things got worse and worse as I became more and more upset with my lack of discipline, eventually to the point where I did not care anymore.
I turned a 200 net day into a -20 day but trading CRAP at midday.
I am sinking into my bad habits. Today was the day I needed that money to continue my month's up trend.
Tomorrow I have a half day to see what I can produce to close the month. I will only have 2 trading days next week in August.
I am shocked and appalled that I did not respect the trade management and money management techniques that have made me consistent for a few weeks.
Not a good sign at all.
I've been ignoring the girl, trying to break out of the friend zone and be nothing. It is a toxic relationship.
I got a little more sleep last night, which is probably why I had a good morning.
I just checked my trade log.
Every single trade after 10:43 was a loser.
My risk reward for the day was over 4. My win % was 20%. hahahahahahhahahahahahahhahahahaahahahhaha
ahahahahhahaha
omg I just looked at my last loser, PSS.
I bought 800 at 10.20. It began to work. Stopped me out at 18 cents hahahahaha and ran. Oh I'm such a poor, disadvantaged market participant.
Good stuff.
Well, I'll try and close the week out with a good half day tomorrow hahaha.
Leaving the office will allow me to keep whatever I make, assuming the market pays anyone out.
Tomorrow could be dead as it seems people have placed their bets for Friday. Could be a very dangerous trading day for day traders. Computer driven smack down.
Oh yeah, I won't be in on Friday hahahahaha, I get to miss the craziness.
---------------------
I think the problem is that I am not sticking to the select setups which act as my profit engines.
I am trading at will, on impulse, chasing performance.
The best setups of the day made my money today. The stuff that is not part of my plan took it away.
I will read this before I trade tomorrow.
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
Gross: +276
Shares: 5,400
Net: +252
--------------------------
Financials were in play today but I did not get involved much as I noticed other traders having trouble with choppiness. I eventually shorted MS at 17.36 for small size because it was the only thing that looked safe and defined.
My winner today was PSS. It stopped me out of a winner yesterday, I got my revenge today, shorting up at 13. Covered on the way down, my best price on the cover was 12.22. I held the last 100, got stopped out as it blipped up out of nowhere.
Missed the GES short near the open, phew, I wanted that one so bad, I turned my head for a second and bam. I eventually shorted it later at 32.25 area. Was hoping for a new low but didn't get it. Basically got like 20-30 cents out of the position.
Bought GLD near the open for a 50 cent scalp. Level 2 trade, I'm actually surprised it worked, GLD typically owns me.
I wanted to short PDCO today on that bear flag below 28, but I hesitated as it wasn't clean enough. Later it set up at 27 for the short, but you can't get filled on the short side due to the lame ass 10% uptick rule. Ugh, that would have been an awesome one.
R:R today was 5.
% winners = 61%
Well, I didn't make much money, but at least I get to go on my trip feeling better than yesterday.
-----
Area 51 is a no go, the little alie'inn is sold out. I booked a room at Hooters for Thurs night, and then switching hotels when the other knuckleheads arrive on Friday.
Today's biggest regret was not getting short GES on that great setup off the open. Those are the best ones to attack because of all the room they have to run.
I'll return to the markets on Tuesday next week.
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
Good luck in Vegas. winner winner chicken dinner.
8/30/11
Gross: +228
Shares: 7,800
Net: +193
-----------------------
Definitely not an easy day for day trading. I think if you finished positive or flat you did a decent job...
That being said, a few opportunities were out there, but after seeing the crappy action all day, it wasn't quite enticing to get involved.
Made some early money in BA trading the news.
Today's winners included CLX, RGR, ECL, and BA.
The loser I want to discuss was JWN. It was my biggest loser of the day, but one of my favorite ideas that came through.
When the consumer confidence number came out the market made a sharp move down. Retailers such as JCP and M traded lower, but JWN was being held up by an unrelentless baller paying offers.
It tried collapsing with the others, but by the time it was ready, the market bounced and did not make another move down.
If the market continued to trend down it would have been a sick trade.
The problem with JWN, was that I let it go against me too far. When it became clear the market was not going to make another push down, I did not cover my short. Too bad.
Other regret of the day was not getting more CLX on my 70.03 buy before the close. I only had to risk 3 cents due to my level 2 analysis. I suppose, after the crappy action, I didn't trust anything.
I gamed for volume to come into the close in CLX. Missed the peak of potential outs, it missed my offer by 5 cents. Still closed the day stronger than I expected to, and got the week off to the good start.
One more solid day tomorrow and I will close the month strong.
-----------------------
I did not jump off the Stratosphere in Vegas. I drank a lot and stayed up for 48 hours straight, drinking and playing craps, going to the pool, clubbing at Caesar's Palace, etc. When it was time to jump on Sunday, I was dead tired, and I slept for like 20 hours in the room hahaha.
On Monday we went to the Hoover Dam and that was an awesome sight. It was 111 degrees out though.
It was a fun trip, but I spent a bit more than I would have liked.
I lost 80 playing blackjack, and like 200 playing craps.
However, I got a LOT of hours out of craps.
I found a system that limits my exposure to setups I like.
I would only do line bets until the shooter rolled a six or eight. With the button on a six or eight, there is a good chance for the roll to be a good one. I would bet on eight, and place a line odds bet. It worked decently, however, when it came time to really make money, I'd get owned, as always. I was a few rolls away from having a great trip. I was 1 roll away from hitting the fire bet too. Ugh.
My day trading mentality allowed me to get a lot of table time and get a grip of drinks...... Unfortunately, the hot roll I needed didn't come to validate my system. Maybe next time LOL.
Hoover Dam was definitely the highlight of the trip though. Those dam turbines are intense.
I had opportunities with females on the trip, but did not pursue.... My love basically told me to not move on yet. hahahaha, the day before my Vegas trip too..... I don't know what to do with that anymore.
I just need to focus on my trading. If she comes around, she comes around I guess.
------------------
I have attached a picture of myself with the dam turbines. I'll post better pictures as they arrive. My friends took most the pics and have not yet uploaded them.
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
8/31/11
Gross: +129
Shares: 10,400
Net: +83
--------------------------
Today is normally a full day of trading for me, but I have to cover someone's shift at work, so I have to make it a half day.
Today was a +300 day easy and I made one crucial mistake, well, arguably two.
There was a sequence where I had about 5 trades at once, it was incredibly active.
Oil stocks were breaking out before the number. I had some JNPR short. CAT long. HAL long. SLB long. GCO long.
So much going on that I forgot to put a stop in GCO, and it broke down hard against me, lost $100 on that trade.
I attacked the hell out of the HAL breakout, the paying was intense. I sized up correctly relative to all my other positions this week. It ran, it printed 40s, I should have been out of half in the 40s. The intense paying impacted my profit taking techniques. Also, it was before the oil number, I should have taken some risk off. I had +250 unrealized before the oil number. The oil number was no good, and my SLB stopped me out, and HAL gave back most of the move before I took outs on the majority of my position.
Ouch.... I should have been out as soon as that weak oil number came out. Grrrr
That's really all there is to discuss.
I also hesitated in buying the tower stocks on the T news. I tried bucking the trend in SBAC a few times, lost on each attempt.
So today's mistakes: Not taking off half near target A in HAL. Not exiting SLB for a OK profit after the oil number.
At least I close on P&L highs for the month.
Today should have been a better day, I was all over it. I consider today a better win. I am happy with how I closed the month. My consistency is still here.
-----------------------
August Results:
Gross: +1989.41
Net: +1233.95
Shares: 167,880
% Winners: 41%
Reward / Risk Ratio: 2.25
Net Positive Days: 9
Net Negative Days: 7
Another important benchmark, is that I am closing the month net positive overall (since I began in November).
Results since November:
Gross: +7800.34
Net: +372.12
Shares: 1,280,000
% Winners: 40%
Reward Risk: 1.92
My trading efficiency stats are trending higher.
August is my strongest month to date, for P&L and trading stats.
-------------------
Looking to September...
My short bias in late August held me back, as I did not attack long entries. September could be an even better month for me if the short side finally comes back into play.
It is important to note what worked this month for me.
Identifying the right stocks.
Waiting for setups that I know work.
Waiting for the level 2 analysis to trigger an entry.
Taking profits on a portion before my first target, typically at wave peaks.
Adding liquidity. My listed net is not my actual net. My actual will be a little better due to the increased amount of adding I do.
I failed this month in sizing up. This is one of the last major tweaks I need to make to take my trading to the next level.
-----------------------
I forgot to attach a pic yesterday. Here is a pic of me and some of the people I went to Vegas with. I'm the guy in the gray Foreign Exchange shirt. This picture was taken at the Bellagio after I had a corned beef sandwich and a glass of grapefruit juice at the Bellagio Cafe.
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
Just got word we are switching to Lightspeed tomorrow.
I am weary of this, I don't like change, but whatever. I was very happy with Blackwood.
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
Hello everyone,
I have been told that I am no longer allowed to have a trading journal. This is a very sad day.
I really did not want to end this journey like this, I wanted everyone to watch my battle, to see someone do what most consider impossible.
Let me tell you, impossibility is an excuse for not having the will to succeed.
I felt this journal held me accountable. It was my emotional rock.
I spilled my guts here, it has been my only outlet for a long time, since I have no one to discuss trading with in my personal life.
I've had this journal since March 2011 and took a lot of pride in it. It was my child. I dreamed of a day where it would grow up into something to be proud of.
THIS was my battle, against all the odds, my proof that I succeeded. The proof of my blood, sweat and tears.
This dream is now gone.
Everything I have posted about trading here is my own. My own methodologies. My own system. The beginnings of something great.
I am leaving this journal with my best month to date, and with my trading stats trending higher.
It has been fun, I will deeply miss posting here. I worry how the loss of this journal will impact my trading.
I may consider writing a private journal, however I feel they are worthless, as there is no audience to hold you accountable. It would be nice to continue writing, and then one day post it once I leave the prop firm environment.
To other new stock traders: It is possible. Be strong, immerse yourself in the markets. You CAN make money, and you CAN beat the prop shop model. Your greatest tools to do so are patience and discipline. It's not easy, but if you can stick around long enough to get the right amount of experience, you'll do fine.
So with great sadness, I say,
So long, the greatness that was this journal is no more.
I may pop in to post updates about my life, I'm sure you all want to know if I ever get the girl.
Goodbye.
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
Wait. How do they know you are writing a journal? And how will they know if you write a journal in the evening from home with an alias? Does your firm actually read ET? I highly doubt that. Hell even hitman came back as another alias at some point. Although I think it was to sell. LOL.
__________________
"Of all the gin joints in all the towns in all the world, she walks into mine." Rick Blaine
What a shame, I just discovered your journal and have been reading through it and now tonight is your last entry.
Best of luck with your trading.
Quote from OsbourneCox:
What a shame, I just discovered your journal and have been reading through it and now tonight is your last entry.
Best of luck with your trading.
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
Quote from Maverick74:
Wait. How do they know you are writing a journal? And how will they know if you write a journal in the evening from home with an alias? Does your firm actually read ET? I highly doubt that. Hell even hitman came back as another alias at some point. Although I think it was to sell. LOL.
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
Quote from ksmetana:
Good news.
Beginning August 1, my commissions will be lowered to $2 / 1000 shares.
Just FYI, if I had these rates since I began, I would be net positive.
This gives me a chance to really grind my account up.
Just gotta survive July!
Quote from TimHdsn:
Kurt,
Just discovered your journal, sad to hear you won't be able to post it anymore. I think it was very helpful for new traders like me.
I noticed you've mentioned that commissions eat quite a bit of your profits. You said you'll be paying $2 / 1000 shares. Does this mean you get 100% payout and just pay $2 / 1000 shares? Because the prop firm I signed up is giving me a 60% payout plust I pay the ECN fees. So yours sound like a better deal to me.
Tim
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
No I don't pay any commissions, just ECN fees and platform fee but I don't think my payout rate is that great. I'm hearing from others traders that they're getting 85% to 95% payout. So still not sure if I got a good deal or not.
I'm trying to add liquidity, still working on that. Sometimes I think I've added but it turns out I haven't.
Quote from TimHdsn:
No I don't pay any commissions, just ECN fees and platform fee but I don't think my payout rate is that great. I'm hearing from others traders that they're getting 85% to 95% payout. So still not sure if I got a good deal or not.
I'm trying to add liquidity, still working on that. Sometimes I think I've added but it turns out I haven't.
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
Can't discuss trading.
I'll just say I've lost money every single day since I had to quit writing my journal...
Suffering a drawdown.
Momentum destroyed by the software switch and murder of my journal.
Mixed messages from my love. I get hope, then I get pounded, time and time again.
Applied to a customer service job at a broker in LA. It would pay me enough money to move closer to the trading floor, letting me save money on gas. I'm overqualified for it, hopefully they give me an interview.
Not feeling confident anymore, not going to attack the market. I feel lost and edgeless. It seems every time things go good, the universe finds a way to smack me.
Series 56 costs, platform switches, love life misery, etc etc.
I was hoping to continue the good trading into September, looks like I have to sit back, trade light size, and be super super selective until I feel things click again.
I wish I could talk about trading here, I can't describe how frustrating and silly my losses have been.
Might as well just trade lightly and very tight until earnings season. I think earnings season will provide a lot of opportunity as companies beat or miss. Prices will have good movement due to where the market is.
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
You should've seen the aliens man. The aliens.
__________________
"Of all the gin joints in all the towns in all the world, she walks into mine." Rick Blaine
Quote from Maverick74:
You should've seen the aliens man. The aliens.
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
Quote from ksmetana:
What is your payout?
The broker has to make money somehow. If you don't pay commission, you have to give them some P&L. If you are profitable, you want to keep more of your P&L. If you are mediocre or still learning, etc, you want lower commissions, imo.
Kurt, I have to know what's going on with this reality show. Did you take the Princess out to the Olive Garden yet? You have to give us some sporadic updates. Don't leave us hanging. 
__________________
"Of all the gin joints in all the towns in all the world, she walks into mine." Rick Blaine
I've had a crush on this one chick (not the 'princess') for like 2 years now. I've never spoken to her. The other day I find out we have a mutual friend. It turns out this chick, uhhhh..... has a long term affair with her soccer coach? lol then the next day I am eating at a restaurant, and I notice she's sitting right behind me all alone. I get up to get a refill but I woman out and I don't say anything lol
There is another girl who has been flirting with me lately. She's cute seems fun. We'll see.
My trading has been terrible. This is turning out to be my worst single month to date. I have been getting slaughtered ever since they killed my journal. As most of you know I called this crash and I remained bearish during the bounce. My bias against the market prevented me from taking conviction longs. If you look at the charts, you'll see we've had a LOT more up days than down days (which is expected but I'm an idiot). I was very hesitant in taking longs, and when they worked, I was not keen to hold them. I finally began to adjust, and slam, we FINALLY get another sell off, but now the market has me bounces instead of leaning on shorts =)
I am not permitted to speak beyond that.
My worst month to date. Let's just say, I have given back everything I made in August and the last half of July.
That being said, others are doing quite well. I've been struggling personally. I need to get over the death of my journal. I've adjusted to the new software alright I feel. I'm getting stopped out a lot. I'm on the wrong sides of sides of trades. Yet, I suppose my win rate isn't bad, my R:R is terrible. I guess the movement in the market hasn't been as smooth as I expected, I'm not confident and I'm lacking conviction. I should say, I know the market and I make good macro calls, but day trading it has been difficult for me.
-------
My love remains with bozo the boyfriend. She confessed her love for me one day, but still was unable to leave him. I guess she's been with him too long, afraid to leave, stockholm syndrome..
We should be together but we're not.
Now I am failing in trading and I will not be able to buy her a house or a wedding ring.
I need to settle down, and remember the basics that produce a good month for me. Patience, selectivity, size when necessary and take profits.
Basically my life has followed the following cycle recently:
Wake up
Go lose money in the stock market
Go to job #2
Fall in love
Leave job #2
Get angry and convince myself she's no good
Sleep
Wake up
lose money in the stock market
etc
etc
etc
My P&L is at its lows from a month and a half ago thanks for series 56 and data fees.
Ready to do what I did back then, and say "fawk it." Hermit mode time. Super selective, only trades that are juicy for size.
I ask my love out all the time and get rejected over and over again.
It's fun
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
kurt interesting journal. too bad it died early. good news is earnings season around the corner. prime time for you right.
Did you pass your 56 test yet? What study material did you buy?
What's the scoop?
any updates?
Kurt, how are ya doing man? Earnings season is here. How are we holding up?
__________________
"Of all the gin joints in all the towns in all the world, she walks into mine." Rick Blaine
I have not been trading lately. I suffered a serious draw down after my broker killed the journal. I am waiting for the hearty part of earnings season, I'll get involved again next week.
I am going to start trading remotely instead. I find I can remain much more calm and rational while at home. I don't have the emotion of other traders impacting my decision and the annoying clamor of the unreliable news guys on the squawk. There is no sense of competition, no people making money, forcing me to believe I should be involved.
I have also found that since I do not have as many monitors, I am forced to focus on a select few stocks. I tend to trade these stocks better once involved.
Another important update I'd like to throw out there....
I had a night of passion with my love. hahaha, that's right. Step aside Hitman. Maybe you are more capitalized than me, and you can toss money around more insanely, but I now know the feeling of making love to my dream girl. Was it worth the stress and pain? Absolutely. I could blow my account tomorrow and die a happy man.
We are not official or anything yet.
But this was a big leap for the cause.
And so I speak to you as a new man,
a battered piker trading account.
I'm tired of playing it safe, I'm ready to go hard or go home.
I have some reserve capital I saved up.
I am not going to be the little girl trader I once was.
I'm done being afraid.
Quit the gambling, quit trading the intraday tape painting. Wait for real support and resistance. Trade real ideas. Trade things with real expected movement, not hopeful movement derived from the charts.
Of course, it seems difficult for me to regulate myself without a public journal. Oh well.
Wish I had enough money to trade retail.
I will still not be posting much here. But that is your current update.
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
Hey Kurt, did you know that your last name means "sour cream" in Russian?
Anyway, good luck with your trading, and check out videos on these two sites:"
www.timesales.ru
www.pennystock.ru
Quote from Builder17:
this just made my weekend.
kurt youre 27 and (self described) good looking. the world is yours my friend.
someone suggested reading to you... have you bought books like Mystery Method or The Game yet? change your thinking. you are the prize.
congrats on the bigger days this week. something must be working.
have a good weekend
Congrads on getting laid tho. It will increase your P&L tenfold. Just dont lose your head in "love"
Quote from cyoungmark:
Dont buy books like Mystery Method or The Game. Girls sniff that shit out nowadays along with any other lame pickup methods. The honest best way to pick up girls, is to be happy with who you are, and although it may sound cheesy, be who you are. I speak from MAD experience
Quote from ksmetana:
I have not been trading lately. I suffered a serious draw down after my broker killed the journal. I am waiting for the hearty part of earnings season, I'll get involved again next week.
I am going to start trading remotely instead. I find I can remain much more calm and rational while at home. I don't have the emotion of other traders impacting my decision and the annoying clamor of the unreliable news guys on the squawk. There is no sense of competition, no people making money, forcing me to believe I should be involved.
I have also found that since I do not have as many monitors, I am forced to focus on a select few stocks. I tend to trade these stocks better once involved.
Another important update I'd like to throw out there....
I had a night of passion with my love. hahaha, that's right. Step aside Hitman. Maybe you are more capitalized than me, and you can toss money around more insanely, but I now know the feeling of making love to my dream girl. Was it worth the stress and pain? Absolutely. I could blow my account tomorrow and die a happy man.
We are not official or anything yet.
But this was a big leap for the cause.
And so I speak to you as a new man,
a battered piker trading account.
I'm tired of playing it safe, I'm ready to go hard or go home.
I have some reserve capital I saved up.
I am not going to be the little girl trader I once was.
I'm done being afraid.
Quit the gambling, quit trading the intraday tape painting. Wait for real support and resistance. Trade real ideas. Trade things with real expected movement, not hopeful movement derived from the charts.
Of course, it seems difficult for me to regulate myself without a public journal. Oh well.
Wish I had enough money to trade retail.
I will still not be posting much here. But that is your current update.
__________________
"Of all the gin joints in all the towns in all the world, she walks into mine." Rick Blaine
Kurt, anything to report? Did you score that dinner at Olive Garden yet?
__________________
"Of all the gin joints in all the towns in all the world, she walks into mine." Rick Blaine
Quote from Maverick74:
Kurt, anything to report? Did you score that dinner at Olive Garden yet?
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
attachment
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
previous post was an old forecast that came to life
attached to this post is the ksmetana 2012 prediction
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
Quote from Builder17:
agree with this. but those books arent a bad place to start for anyone, and encourage the idea of talking to as many girls as possible to get comfortable. also to your point, believe one of the conclusions in The Game was that the author realized it was more about his lifestyle (which included being happy) that was great for him as well as attactive to females.
kurt congrats.
I agree, the pursuit of women and trading have many parallels. Then again, trading can be applied to most aspects of life. I think I have spoken about it a lot throughout my journal.
----
ksmetana is endorsing Ron Paul for President.
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
Oh so true. If you are disciplined and live a healthy life outside of trading that will carry over to trading. A good nights rest, a healthy diet, exercise, and perhaps a hightened level of spirituality will rub off on your trading. Also, having the support of a loved one is tremendously important. Kudos for being able to accomplish that.
Quote from ksmetana:
I agree, the pursuit of women and trading have many parallels. Then again, trading can be applied to most aspects of life. I think I have spoken about it a lot throughout my journal.
----
ksmetana is endorsing Ron Paul for President.
Quote from ksmetana:
The Tour of Italy is the best item on the Olive Garden's menu.
As I type this, I am sitting here, next to my love.
She says, "I literally feel like I'm going to burst. It's as if I'm a balloon of happiness. It feels so good and refreshing. Everything I experience in this world, I want to do with 'ksmetana' by my side. I am so in love with him."
Needless to say, I got the girl. We are madly in love. Patience and persistence paid off. A love story documented via a trading journal.
As for trading, I still have not taken the Series 56. I will soon enough, but right now I am enjoying my free time, enjoying the time I spend with my darling, and getting lots of rest. It feels good to be able to go out with friends rather than go to sleep so that I can wake up at 4:30 am every day.
I have come to realize the daily price grind is not for me. I want to trade the markets, not minor fluctuations in stock price.
True money is being made via automated trading and 2-4 day discretionary holds.
My firm is holding my seat for me, I will return to the markets in January, so that I can fully enjoy the holidays with the love of my life.
__________________
"Of all the gin joints in all the towns in all the world, she walks into mine." Rick Blaine
Quote from Maverick74:
Hey Kurt, still in love? Married? Kids?
Did you start trading again in January? Maybe you bought an Olive Garden franchise. Give us an update.
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
Chin up mate.
I am new to your blog and enjoy your frankness I can be like that sometimes.
There are millions of opportunities and new people to love in your future. Your experience with the prop shop is invaluable, worth millions if you want it to be.
Good luck.
Quote from ksmetana:
Hello old friends,
My darling left me the night before Valentine's Day. The week prior I was still the love of her life and she bought me Laker tickets. That day she broke up with me and sold the tickets. She gave me a number of reasons all which to me seem like excuses for her to date a guy from her college classes. He plays the guitar.
This is not the first time in my life I have been ousted by a typical, slimy LA hipster.
I am not currently trading. I am leaving the prop shop environment for now. I am very close to getting a job that pays 45k. I will disclose more details once I am officially hired.
I am going to make an account with TradeStation and trade for myself, on my own time. I am going to set up a 4 monitor trading station. I'll be a swing trader with a few day trades here and there during earnings seasons.
I am very happy with all this. The experience at the prop shop showed me how the market operates on the intraday time frame. It showed me how the markets trade, how and why daily bars actually form. I can look at charts and know exactly what actually happened.
However, the prop shop is not for people with accounts of 5k or less. It is true when they say, it needs to be money you can easily afford to lose. Otherwise, you end up fighting fees and daily performance rather than trading the market. This being said, the prop shop is not for me anyway, at least not now. I was denied better technology, issues all sorts of random fees, etc. At the same time, it is both a good and bad learning experience.
Maybe not bad at all.
You learn the markets on a very fine level. You also mature as a trader. It just takes time and mental strain, as you all saw.
This being said, I'm not broke and my life is not ruined. I am fine. I know I need more capital and that is what I'm going to do, get more capital.
I look forward to a solid stable paycheck and making real multi-day stress-free trades that make use of my market calls and know-how rather than grinding for dimes and quarters. Instead, I can write programs to do that for me.
----------------------
Anyway, to sum it up, I am seeking a higher paying job with a company you've all heard of. I think my chances are good.
I'm going to build capital, get my own place, date new girls, pursue my hobbies, go on trips, etc.
Once I have my account up, I will come back here and start my journal again, and no prop shop will be able to shut it down, because I'll be trading for myself.
I miss my love so much, it hurts to have to move on, but I know I have to.
I will focus on myself, if she returns one day, so be it. She has made a poor decision. She was obviously attracted to me, very much in love with me. Hell, on Christmas she told my whole family I'm the one. She even told me that if she ever did anything like this to not let her go.
Whatever, if she comes back to me, we're going to have to have a talk. I can deal with emotional issues, but there are other things I can't deal with.
Went to a strip club on Saturday with a friend lol
In 2 months or less I should have my own place, a good job, and a better life for myself. The company will probably pay for my MBA. Hopefully her new love interest gives her the life I couldn't give TODAY.
In the past, I would have fought for her. But she wouldn't commit, she wanted to keep her options open, etc. And as wonderful as she is to be around, that is not the relationship I'm looking for.
Moderators...please move this thread over to OWN.
http://www.oprah.com/own
Thanks!
__________________
"Of all the gin joints in all the towns in all the world, she walks into mine." Rick Blaine
Have a laugh, Hitman. She did you a favor which you will realize when you gain some perspective after additional life experience and making your first million or two. For your sake you will eventually cease viewing relationships from the woman's narrative. The fact that a guy sees being dumped before going through the bullshit of Valentine's Day as a negative...well there's a problem right there.
Quote from ksmetana:
My darling left me the night before Valentine's Day.
Quote from ksmetana:
I miss my love so much, it hurts to have to move on, but I know I have to.
Quote from ksmetana:
I will focus on myself, if she returns one day, so be it.
Quote from sam0182:
the game is a must read.
All the relationships where I know the girl loves her guy is when the guy is strong and doesn't live his life just for his girl. Don't put his girl on a pedestal. Regardless of how some want to. Maybe this girl is into this guitar dude because that guy is really into his guitar work. I recall one of my college friends trying to learn guitar to get attention from girls. He missed the point. Be confident in who you are and your own convictions (be it guitar, sports, or trading). If you believe deep down you will eventually be successful with trading and if she believes you, then that is your guitar. Of course, easier said than done. Trading is tough and I've often had my own confidence shaken by bad trading days. Focus on yourself. When one focuses too much on their girl, it can definitely mess you up psychologically. Haven't lived in LA but heard that dating is tough down there.
In reading some exerts from your journal, your Prop trading firm's rates seem really high. Focus on doing more limit orders and with direct access platforms, you should cut down on fees with ECN rebates with limit orders. I just remember reading your journal and you were just getting eaten alive with commissions. I personally try to avoid market orders. I only use them when I absolutely have to.
Good post. Her long term crush, even while she was dating her ex, was a nobody musician who continuously put his music before her. Seems that is what she really wants. I guess after I stopped trading, I lost my 'guitar.'. Wasnt doing much except spending time with her and going to work.
Tonight i went to a Macallan scotch tasting event in downtown LA. Before the tasting we went to get some drinks. Despite my objections, My friends got ahold of my phone and texted her "Don't text me anymore. it is your loss."
She replies "trust me, i aint losing shit hahahaha"
Guess that seals the deal haha. Few weeks ago I was the love of her life, and now I ain't shit. Madness. I mean, she has completely forgotten about all the good times we had, all i did for her, our story, everything. This type of crap really makes me want to rethink my positions on love. But I refuse to let her emotional issues ruin the quest. As cool as she was, she's just too volatile, she has some growing to do.
But whatever. I have my job interview today, hopefully it goes well. Hell, with the money I can start playing the keyboards again and join my own band lol.
Time to just focus on myself, get a nice salary, and put myself in a position for healthy trading, not desperate trading.
Dating in LA is probably just as hard as any other major city. Just depends what part of LA youre in. Its very superficial, everyone is really into themselves. I guess LA Is saturated with entertainment industry douchebags, that is the difference.
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
You have to realize that women are emotional beings. That is where they can act like you're perfect for them one moment and think the opposite in another. Lame I know. On the plus since however, since they are emotional, they are also more able to switch around and forgive easier than guys. Like me, I can hold a grudge for long times but women are not like that. If you screw up with them, that is not to say that you can't win them back. Some guys think they have to walk on eggshells to please their girls, that is not the way to behave. Be confident about who you are, if they want to jump on your ride, it is your ride. You run the ride. Of course, they all test you but in the end, it is your ride, they're either in or out. I sense that you were putting her on a pedestal. Mostly likely you like her looks (most guys all think that - looks matter) but really don't let that distract you. Don't let them boss you around. The minute they do, is when they start looking elsewhere. Make them wonder about you not you wondering about them or at least not give that impression. It's fine to be concerned about their well being but don't over do it like you live your life for them.
Guys who are good at playing on women's emotions know this and can work them over. Their minds are a little different but all in all they behave similarly.
Never lived in LA but yeah superficial if people want to just get in a competitive entertainment industry. People make connections, not necessarily friends. But then again, life is about what favors one can get in exchange for another and so forth.
I lived in SD for a while. I loved SD. Perhaps you should move down there. Lot of hot girls down there. Well you have a job to work on. Never considered LA myself. Too much traffic and smog. Plus like you said, Superficial people. SD is much more laid back and my style. Wished I was still there.
In your spare time, read some trading books to gain more info to be a better trader. Just sounded like your Prop Trading place had a bunch of people dishing out misinformation. If they really wanted you to succeed and if they were consistently profitable. They'd tell you all the ins and outs but I suppose they don't and put you through the ringer. Don't give up on it. Do reading and even paper trade. Nothing wrong with paper trading. Been there myself. I've only been trading 4-5 months. I've improved to be a break even trader so there is a method to the madness out there. It's about how bad you want it.
Yeah mentality matters but so do technicals like setups and entries. Someone here gave me some good advice when starting out: when you're not as sure of the direction of the market, wait and wait for the highest percentage trade possible which is very true. Don't just into a trade because you feel like it.
Quote from ksmetana:
My friends got ahold of my phone and texted her "Don't text me anymore. it is your loss."
Quote from ksmetana:
Time to just focus on myself, get a nice salary, and put myself in a position for healthy trading, not desperate trading.
Quote from sfbayarea:
Don't put his girl on a pedestal. Regardless of how some want to.
2nd interview on Friday with the VP Finance. Wish me luck.
Anyway, market is near 1400. Watch for the massive squeeze. Try to sell the upside capitulation. As I said earlier in this journal, the market will make a new high and squeeze up. Here it is. The top is coming. Be ready to sell.
Kurt
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
Quote from ksmetana:
2nd interview on Friday with the VP Finance. Wish me luck.
Anyway, market is near 1400. Watch for the massive squeeze. Try to sell the upside capitulation. As I said earlier in this journal, the market will make a new high and squeeze up. Here it is. The top is coming. Be ready to sell.
Kurt
__________________
"Of all the gin joints in all the towns in all the world, she walks into mine." Rick Blaine
Just realized I did not post my recent prediction in this thread, I put it in another thread, leading to an invalid reference in my last post...
"01-27-12 12:08 AM
I'd be very surprised to see the market break 1400. But if managers are chasing this rally and shorts are covering, we very well may break it, creating a significant short squeeze to 1500.
That is all easily possible.
The dollar index has been bouncing since August 2011 due to the outflows from the Euro, commodities and the stock market. Bonds are slightly coming off highs but without a significant correction from the blast higher when the Fed announced its plan to buy. The fed did not announce a new purchase program yet bonds remain consolidated near highs.
Job market stagnant. Housing sector not improving.
China potentially slowing...
There is no reason for the market to make new highs other than a potential short squeeze and the market is ground higher in light volume. Smart money is waiting for the morons to buy 1450 or higher. Smart money will sell to them, the market will snap lower, and the market will return to its range.
It feels to me as is AAPL is leading the market higher via the QQQQ, which has been outperforming the S&P.
The market can just as easily collapse from this current area, since no one in their right mind should buy 1400.
We are sideways, and potentially approaching the 2nd leg of a bear market.
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And so rather than predict the 2 potential outcomes (failure at resistance or short squeeze beyond 1400) I'd rather say that the short after the blast beyond 1400 is a strong sell.
In my long term account I am still 5/6 cash and 1/6 stocks after bailing before the recent correction. I did NOT aggressively buy the dip. I just slowly added some money to stocks after the market bottomed. If we blast up I'll sell that small portion and think about the potential dip in bonds.
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The really interesting thing is.... with the market where it is, and the economic data where it is..... if things did improve..... it looks like we could test 07 highs, which makes absolutely no sense! Hell, right now we are nearing 08 highs, as if the market shrugged off the entire mortgage crisis!
I have to think this entire bounce from 08 lows is a combination of hope and a natural inverse-correction of an overstretched 08 sell off.
Due to the sluggish speed of the economic recovery, I expect a sideways market with ups and downs for quite some time (years) with bear market potential. I expect an eventual sell off to S&P 1000, even if it is just for a day. I am a big time buyer down at S&P 1000, which is exactly why it may not reach there. I missed the buy on the dip because 1000 was my target, it was too good of a target to be true. Though, I still think a nice news nugget can make the move happen. A break of 1000 would be intense.
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I'm not sure what the bulls are thinking, trying to take us past 08 highs... But whatever, let them hold their noses and buy.
I guess it could also be a bet on the complete destruction of.... the dollar? Sure, I could buy into that, but also into the destruction of the Euro....
But would that really prove well for stocks?
Buy gold?
Buy land?
What gains value in the event of an economic meltdown?
Just shorting I suppose.
I don't know really.
Either way, I repeat
1. Sell the blast past 1400, the market needs to shake everyone out to go lower.
2. Buy S&P 1000 unless there are signals of an apocalypse lol. The S&P is not worth any less imo."
////////////////////////////////
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From another thread:
"03-20-12 12:50 AM
Market will squeeze up, money will flood out of bonds, mutual funds will keep pumping, and money managers will chase, creating an exaggerated move up. We are getting close to the multi-year high. Something like this needs to happen so that people can lose money in a market that everyone is either skeptical or hedged. Anyone realize that the market has basically shrugged off the mortgage crisis? Shrugged off euro concerns?
Apple is becoming parabolic, a significant break above 600 will create an upside vacuum, creating a short-term blow off top.
My advice? Watch the bond markets. When the yield becomes attractive relative to market opportunities again, we will see the top in the stock market.
Gold may be forming inverse head and shoulders. Dollar index not making significant bounce off lows.
Watch for several things to happen at a similar time:
1. Dollar new lows or continued stagnation
2. Gold approaching highs
3. Sell-off, stabilization and retest in the TLT
4. Euro weakness
5. Weak job numbers into spring
6. Stock market top and move to range low S&P 1100 area.
Continued currency weakness and devaluation leads to cash flow into metals and bonds. Stock market will not double dip because money must remain in assets, stock market has a forced floor. Additionally, businesses aren't struggling. Growth may become stunted, leading to multiple contraction, but not enough to warrant a sell off to 2008 levels.
Though, there is the chance of a financial meltdown leading to another housing market crash, 401k liquidation, etc. I can't say that won't happen, any number of events and factors can trigger it. However, I see the probability of this happening trending lower and lower.
Long-term, we are at the mercy of the debt problem, the Fed's willingness to print more bills, and overseas growth rates. Unless a new industry comes in, we can expect to be range bound for quite some time.
It is not unwise to sell up here. Let the market come in, and buy as low as you can before the holidays. The opportunity might only last 1-3 days, before we pop back up and begin another grind up to range highs.
That is March's theory."
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
The Case of the Bulls:
Let's see, what if things are better than we think.
We had the expansion and industrialization of the USA throughout the 1900s. Then the internet, computers and the tech pop... leading us here. Powerful upper class, weakening middle class, hopeless poor. With the population becoming fed up with the status quo, more attention is being given to reformation of tax codes, etc.
Here's the point...
(If it happens) The rise of the middle class could be the next bull market. Companies are leaner and meaner after cutting down operating costs during the 08 crash. As tax rates go up on the rich, and policies are implemented to benefit the middle and lower classes, the majority of the population benefits. The rich have sucked up loads of money from the masses, their posture is society is secured. They have corporate control, all is well. *Note: if we tax the shit out of the rich, they might just establish themselves outside the US*
Now, Obama and friends start to play Robin Hood. Take from the rich, give to the poor. The lower classes benefit, boosting small business, creating jobs, boosting housing, etc. Of course, all this activity of the underlings feeds back up to big business. This comes in addition to the growth US companies are already experiencing overseas.
Combined, this process could take us back to 07 levels, maybe higher.
But wait, let's not forget about the elephant in lingerie hanging upside down on the sex swing. The national debt and toxic mortgages. I think we all look at the national debt and think, no one is ever going to fix that, not in our lifetimes. Furthermore, bank income will remain subdued as long as the housing market and jobs sucks.
Warren Buffet bought the dip. He says, "tax the sh!t out of me." He knows that if the middle classes grows, he's going to make a gdamn killing on that investment.
So, that is the bull bet. Only logical reason we are trading up here other than asset inflation at the expense of currencies, and the fact there aren't many safe havens out there right now. US Equities are one of the safer things to be in. However, money doesn't stay still. If we are here only out of necessity, eventually that will change.
Who will lead the middle class to glory? Obama Osama? Richy Rich? The 99%?
Haha, who knows. Maybe in 20 years when all the geezers have died off the 99% generation can win some seats in congress. Until then, business as usual.
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
Well, even though all my interviews went well, but someone came in with 'more experience.' I really thought I had that one. It was an nice office job with Airgas - ARG. Would have been perfect for me... Oh well. Time to continue the hunt for proper pay. I know all my fans can't wait for ET's favorite to get back at the grind, but it is a cruel world that prevents most from achieving their true potential. I will have proper trading capital.... one day......
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
Quote from ksmetana:
Well, even though all my interviews went well, but someone came in with 'more experience.' I really thought I had that one. It was an nice office job with Airgas - ARG. Would have been perfect for me... Oh well. Time to continue the hunt for proper pay. I know all my fans can't wait for ET's favorite to get back at the grind, but it is a cruel world that prevents most from achieving their true potential. I will have proper trading capital.... one day......
__________________
"Of all the gin joints in all the towns in all the world, she walks into mine." Rick Blaine
Quote from Maverick74:
Kurt, go apply at M&N Trading in Newport Beach, CA.
http://mntrading.com/
__________________
"Of all the gin joints in all the towns in all the world, she walks into mine." Rick Blaine
Quote from ksmetana:
Well, even though all my interviews went well, but someone came in with 'more experience.' I really thought I had that one. It was an nice office job with Airgas - ARG. Would have been perfect for me... Oh well. Time to continue the hunt for proper pay. I know all my fans can't wait for ET's favorite to get back at the grind, but it is a cruel world that prevents most from achieving their true potential. I will have proper trading capital.... one day......
__________________
"Of all the gin joints in all the towns in all the world, she walks into mine." Rick Blaine
I don't know but this is an interesting article from some guy that was at M&N Trading in Newport.
I would like to be back in OC or SD but judging from this guy's article, kind of sounds like a sink or swim place without much teaching. Just sounds like someone volunteering their services (like an intern) yet learning little.
Probably similar to what Kurt experienced at his prior prop shop.
http://www.wallstreetoasis.com/foru...g-some-thoughts
Quote from sfbayarea:
I don't know but this is an interesting article from some guy that was at M&N Trading in Newport.
I would like to be back in OC or SD but judging from this guy's article, kind of sounds like a sink or swim place without much teaching. Just sounds like someone volunteering their services (like an intern) yet learning little.
Probably similar to what Kurt experienced at his prior prop shop.
http://www.wallstreetoasis.com/foru...g-some-thoughts
__________________
"Of all the gin joints in all the towns in all the world, she walks into mine." Rick Blaine
As you all know, I am not a fan of the S&P above 1400. As I see it, we had a cap form on the squeeze above 1400, just as I predicted earlier. See attached chart. Now, I am really hoping for a break down below 1350, which looks like a critical level. Indicators rolling over.
Take it for what it is.
I will get aggressive down at S&P 1200 if it comes.
I missed the last buy when I called the last sell-off. Want to make sure I get this one. Though, I am conscious that the next sell-off could be something significant. Interesting times ahead. Ease in, keep cash around.
Dating the girl again.
Job hunt.... lol.
Probably should just go get my MBA.
*yawn*
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
Attached is my prediction for FB IPO. Might happen same day, might take a few days. Rush to buy off the start just like all the noobs who flood the servers on Diablo 3. Price becomes too expensive too fast. Sell off brings FB below IPO price, panic sell ensues, the real buy point arrives.
This is an e-mail I sent to my boss about the FB IPO:
"Here are the two recent predictions I made. Chart.png shows a technical prediction of the market dip we had / are having, along with potential areas the market can find support.
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fb.jpg shows my prediction for Facebook's price activty off the open of its IPO. In my online post, I said it could take a few days for a real sell-off to occur. That is exactly what happened. FB's actual IPO price was 38. It opened higher at 42, sold off to 38. Underwriters tried to hold 38 but couldn't. FB drops below 38. Retail panics. The hedge fund flippers panic. New buyers become skeptical. Hopefully, FB takes a big dive, eventually becoming emotionally oversold. That price will be the short-term buying opportunity.
Though, long term, I see Facebook more as a buyout target than a growth stock. Facebook makes its money by offering targeted advertisements. Companies can focus on location, relationship status, interests, etc and get a good bang for their buck. In order to grow with the current model, FB would need to get more and more users (which is why they want in China) or they would need to create more ad space around the site. Creating more ad site would work against the company and send users elsewhere. We all saw what happened to MySpace.
Now that Facebook is publically traded, the CEO must act in the best interest of the shareholders. This is where they screwed Zuckerberg, who seems to have no interest in selling. A hostile bid by say Apple or Microsoft could send Zuckerberg packing once shareholders take him to court. He is going to need to come up with a strategy to make Facebook worth its obscene valuation. Another option for him is to continue making acquisitions of rising social media companies, which would improve the Facebook product and create more online advertising space. Also, Facebook could start integrating more ad space into the mobile environment, or perhaps charging companies to own pages. For instance, they could charge Westfield Valencia to even have a page, since we are a company rather than an individual user. If I were him, I would charge companies for FB accounts.
Even then, Google is trading at 18 times earnings and Facebook is trading at 99 times earnings. Seems insane. The bubble has to burst. The stock has to go lower under current conditions.
I think Facebook's most valuable commodity is its user data. Its user data is probably the only thing that makes Facebook attractive. Selling this data to outside marketers would definitely create a jump in revenue. Corporations would LOVE to get their hands on the "biggest consumer database in history." If there is a chance at growth, that is probably where it lies. And, unfortunately for Zuckerberg, corporations will most likely get ahold of it, as it is probably in the best interest of the shareholders.
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And so, my grand conspiracy theory to contribute to the pot:
Internal FB peer pressure and manipulation tactics by big bank business analysts finally convinced Zuckerberg to go public. FB pre-IPO stockholders wanted a payout, and the banks want a route to that user data. The underwriters pump the stock and sell their shares to retail clients who buy into the hype. Soon after the IPO, the FB bubble bursts as smart money wants no part in these valuations. Retail panic sells, insiders panic sell, hedge fund / street flippers panic sell, FB stock tumbles and becomes either oversold or fairly priced. Big money gobbles up these shares at a significantly discounted price from the IPO, creating a price floor.
During this sequence, a number of things can happen.
1. Zuckerberg dishes out more shares on the company's way down to lock in capital, potentially losing his majority stake.
2. FB receives takeout bids. As FB finds a floor thanks to big money, watch for headlines that discuss FB being an attractive buyout.
3. Poor business decisions made out of desperation.
Unless Zuckerberg has something in store for his company, it seems to me the Facebook IPO is a massive multi-way scam designed for big business to oust Zuckerberg and break into FB's consumer information. Banks like JP Morgan already list Zuckerberg as a liability for the company. They want him out, and a clasically trained CEO in. Ivy Leaguers will only aim to create profit rather than enhance the user experience. The new set of shareholders at Facebook's bottom will welcome and vote for any changes that increase share value.
Basically, money on the IPO, the collapse, and the eventual bounce. Everything is already planned.
---
But that is just a silly theory. LinkedIn (LNKD), an already public social media company, is trading above its IPO price and at 626 times earnings hahaha. (Most likely because FB will use its IPO money to buy it)
Facebook could just be another classic tech bubble stock, though I tend to think it is not given its massive reach.
---------
Ok, there's my Facebook rant!"
Got a new demo account today, I'm going to begin backtesting intraday moves along with tracking discretionary swing trading, which I believe to be my strength.
But for now, more of my Facebook commentary:
May 29:
Me: Facebook continues to get smacked haha. Probably not a terrible idea to start buying some in the 25 - 26.55 area, but boy oh boy, a panic sell to 20 would be ideal...
Internet User: "you think 25 is low enough to buy? I thought that might be representative of what it's actually worth"
Me: it's low enough to start a position, maybe 15% - 20% of what you want to throw at it. At 25 you get a 34% discount from the IPO price. I think it is at around 25 where fund managers who didnt buy the hype begin to see risk / reward. FB WILL set up for a technical bounce, ideally, you want to wait for a panic sell off to happen for the best price. as far as what it's worth... if you valued FB at a similar multiple to Google, it would be worth as low at 5.50 haha. Value is perception. if you buy up here, you are buying to join the camp of new shareholders who HOPE the price can reach the IPO price again. Best way to play is probably through option spreads rather than stock itself. I wouldn't be surprised if FB bounces above 20 and touches 32 again. With all the shorts piling in, FB is going to get a lot of volatility... If you want to buy FB as an investment rather than a trade, make sure you save some cash for the teens. Though, it could take a long time for FB to break 20. I imagine the banks will step in and defend the stock somewhere in the 20s, they have enough trouble brewing with regulators.
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June 18
Here is that bounce in Facebook I was talking about. The bottom was my first buy point... It is important to watch the strength of this bounce. Expect the late shorts to enter this trade around the mid 30s, though you can never rule out a short squeeze. It would be standard for the price to test 38, though the buying fear and short value there make it unlikely. I would draw the absolute line ...in the sand at 35.50 - 36, marking a 50% retracement from 45, but the trader in me says it doesn't break far or long past 33 before retesting lows down near 25.50. With a IPO showing like that buyers want to see confirmed support. Price is drifting up with the market, both are flimsy moves. The next dip is very important for potential buyers. Likewise, this pop is very important for shorts. While considering all probabilities, like Griffin in Men In Black 3, a breach of 38 would indicate a beautifully engineered scam by Wall Street.
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
Looks like the buying is done in FB, got several downgrades. Gapped down while market gapped up. At lows while market still in positive territory. Looks like it topped out at 33.50, the exact point I said it wouldn't break. Now it will go test its 52 week low and a new low will signify a confirmed downtrend, making things pretty bearish. Downgrades give it a 25 dollar target, just about where it recently bottomed out. The short I called at 33.50 was sick along with the buy at 25.50 I called. Shorts will now hold their positions, waiting for a new low. This is where things get tricky as there are 3 general possibilities with unknown probabilties in the NEAR TERM. Stock can hold lows and attract buyers forming a reversal pattern. Stock can hold lows but meet sellers on each bounce forming a triangle pattern. Or the stock either blows through lows or consolidates and then breaks. In this situation you just hold your short position and wait and see. The outcome depends on what occurs as you near the low. Whales will battle and the minions will follow. The price behavior down there will determine the next move. "Let the charts do the work for you." They will indicate whether to buy, sell, or hold. Persnoally, my bias says the short trade works and a new low forms. Probably a panic sell to the low 20s, and that is where shorts cover the first portion of their trades bringing a bounce and buying chase. The strength of the downtrend then lies back at 25.50, if it can't break above things will be very bleak for this stock, high teens for sure.
--------------------
But damn, really? A part of me thinks the banks can't let this happen... A near 50% sell off from IPO in such a public stock. I'd like to think there is more of a sideways-downward thing that will happen than a legit downtrend.
haha, here comes the panic sell in Facebook. Those who sold the bounce are in for some serious profits, while those who bought the dip, gamed earnings, or have been holding since the IPO are done for. It will be interesting to see what happens in this tomorrow. A further decline beyond 10% will imply holders are bailing since the shorts can't pound the bids due to new circuit breaker restrictions. The circuit breakers give great info. New lows will stop out all the traders and scare the shit out of any investors. Normally it is a good idea to buy a capitulatory sell-off, and it may very well be if it occurs. However, given the absolute pain this stock has brought its holders, I doubt many will be keen to jump in. Stock is in a DOWNtrend until it proves otherwise and that is how it will be gamed. Those who have been on the right track, selling runs in the stock, are going to be patient in calling a bottom. In these high emotion situations, technicals rule over fundamentals, and the technicals will bring a sharp decline, a brief pop, and then a new low. The safer buy is to wait for that new low. Wait for capitulation conditions. Only other entry indicator would be a mountain of bids down near 20 bucks. The order books will run the show, everyone will be glued to them looking for whales to make plays. Some shorts will get covered tomorrow, some at the open, others toward the close depending on the stock's movement. People will not be keen to enter new short positions on a gap down like this, though a wall of offers may be enough to prevent a pop. A few different variations are possible, but FB has been a very easy play from the bear side.
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
Quote from ksmetana:
haha, here comes the panic sell in Facebook. Those who sold the bounce are in for some serious profits, while those who bought the dip, gamed earnings, or have been holding since the IPO are done for. It will be interesting to see what happens in this tomorrow. A further decline beyond 10% will imply holders are bailing since the shorts can't pound the bids due to new circuit breaker restrictions. The circuit breakers give great info. New lows will stop out all the traders and scare the shit out of any investors. Normally it is a good idea to buy a capitulatory sell-off, and it may very well be if it occurs. However, given the absolute pain this stock has brought its holders, I doubt many will be keen to jump in. Stock is in a DOWNtrend until it proves otherwise and that is how it will be gamed. Those who have been on the right track, selling runs in the stock, are going to be patient in calling a bottom. In these high emotion situations, technicals rule over fundamentals, and the technicals will bring a sharp decline, a brief pop, and then a new low. The safer buy is to wait for that new low. Wait for capitulation conditions. Only other entry indicator would be a mountain of bids down near 20 bucks. The order books will run the show, everyone will be glued to them looking for whales to make plays. Some shorts will get covered tomorrow, some at the open, others toward the close depending on the stock's movement. People will not be keen to enter new short positions on a gap down like this, though a wall of offers may be enough to prevent a pop. A few different variations are possible, but FB has been a very easy play from the bear side.
__________________
"Of all the gin joints in all the towns in all the world, she walks into mine." Rick Blaine
Nope, no new jobs yet. Hard to get calls back. Up for some promotions right now but even those are a pain. Tough to get a break.
Trading computer died a while back, in process of getting it replaced, then I can get on a demo.
__________________
I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
Here is my new trading computer:
http://www.tigerdirect.com/applicat...487656&CatId=31
Can't wait to build it and start demo'ing.
As far as a job, I have a pretty good prospect for a promotion, I would relocate up to Northern California.
--------------
And Facebook!!! If you've been following my Facebook analysis you probably wish you traded my words.
And so here is what I POSTED on Facebook this morning:
"Facebook below 20 bucks!! Interesting to see what happens tomorrow when the circuit breakers dry up. Next natural targets are 17.50 and 15, a seller came in to hold it below 20 today, probably UBS or someone dumping their stake while they can. 20+% drop in a few days should bring a bounce though, but damn, OG investors must be pissing themselves. No capitulatory move yet
but it didn't panic below 20, no stop flood, 19.49 might be the trigger...
doubt people want to enter new short positions here, could be a pop tomorrow, but longs might want to bail before the weekend, and new buyers have little reason to bother right now with no long setup other than oversold conditions, combined with complete lack of faith in this stock and new news out there saying that 70 - 80% of FB ad clicks are done by foreign bots... bounce is expected but i'd like to see a strong sell-off tomorrow thanks to the circuit breakers and poor buying environment
Theory 19: Zuck lands in prison for frauding companies and cooking the books
OR, maybe the bots are run by the banks and it's part of the mega-crime. hype FB at IPO, sell your shares, then short the piss out of it knowing that FB profits are fraudulant and the company is worth 30% of its Q1 book value! genius"
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I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
critical point in the markets here. looks like they're ready to pull the floor out under the bond market, stock market testing 52 week highs. this is either a great short entry at the top of a trading range, or the beginning of a massive squeeze. if you hear "stocks roaring" in the headlines in the coming week, rest assured, it has nothing to do with a healthy economy. i previously said something big is coming, this is the start of it, bonds have buckled and are at a critical support level, stock market is at a critical resistance level, who is going to press the button? the coked up money manager? the blindfolded retail dairy cow? r. murdoch or helicopter ben? one thing is for sure, the working class has to lose, and most of them have been told to "play it safe" in bonds, which have been insanely overbought. some are playing the range, some are positioned for a big shift, and others are going to lose on both sides. it's game time in cow town and the money is running wild. GLD is ready for a move, gas above $4, speculators running up food costs, this is the type of action you never want your favorite daughter to see. as a side note, FB ran a new low LOL.
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I am a God Damn Man of the Future. Power plants are fueled by the sweat from my brow. When they plug me in, the lights go out, in HONG KONG.
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