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Old May 19th, 2011, 02:54 PM   #1
upandcomer
 
 
Join Date: Feb 2008
Location: Minnesota, USA
Posts: 124
Hey all,

I've been trading stocks for a few years now and in February I started trading options. I don't believe in paper trading and believe the best way to learn about anything in the market is through using real money. As a result, I've learned a lot recently, but I'm down nearly 25% on the year.

The purpose of this journal is to document my journey back to an even P&L on the year. I plan to do this by limiting options trades, which I have been using exclusively for the past 3 months, and going back to what has worked for me (trading/swing trading stocks & ETF's).
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Old May 19th, 2011, 03:18 PM   #2
upandcomer
 
 
Join Date: Feb 2008
Location: Minnesota, USA
Posts: 124


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Old May 19th, 2011, 04:07 PM   #3
upandcomer
 
 
Join Date: Feb 2008
Location: Minnesota, USA
Posts: 124
Holding overnight, stopped out when 60min candle closes above trendline.

Also, commissions are $1.00 per 100 shares.



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Old May 22nd, 2011, 10:51 PM   #4
upandcomer
 
 
Join Date: Feb 2008
Location: Minnesota, USA
Posts: 124
I'm still short heading into Monday.

If spy gaps lower tomorrow morning by anything more than .5%, I will cover half of my position.

I have been working on letting my winners run however, so lets see where this week takes us.
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Old May 23rd, 2011, 03:01 PM   #5
upandcomer
 
 
Join Date: Feb 2008
Location: Minnesota, USA
Posts: 124
I covered all 38 shares at 38.61.

Last night I said I would cover half of the shares if spy gapped down over .5%. I did not do this because spy opened below its daily trendline-support. I then figured spy would trade lower to test the 100sma on the daily chart. I left for my 9 o'clock class and set a buy order for all 38 @ 121.61 (just above the 100sma). I decided to cover all shares because the market, if it reached my 131.61 target, would be way over extended.

pictured below are the daily charts showing this trade; the chart on the left is from last thursday when I put the trade on and the chart on the right is today.




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Old May 23rd, 2011, 03:41 PM   #6
upandcomer
 
 
Join Date: Feb 2008
Location: Minnesota, USA
Posts: 124
Forgot to add:
Starting capital = $2670
Spy short trade = +$113
Current capital = $2780
Goal.... $3500

+4.1% account gain on trade and since start of journal.

(Figures may be a bit off due to commissions and an 18$ options contract I am still holding)
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