LEN shorted 200 at 76.85, stopout 78 -$260 TJX short 600 at 18.9, stopout 19.2, -$210 UIS bought 800 at 13.6, stopout 13.3, -$270 UTX bought 150 at 78.6, stopout 78, -$120 STT buy 250 if moves/gaps above 45.55, stop 44.6, now 45 (-$160) NSC bought 600 at 18.55, stop 18.25, now 18.5 . (-$30) AEP bought 400 at 29.65, stop 29.2, target 31, now 30 (+$140) DQE buy 700 at 15.55, stop 15.3, now at 15.44, (-$70) EIX bought 500 at 19.20, stop 18.85, now at 19.1 (-$50) KMI bought 200 at 54, stop 53.2, target 56.5, now 54 ($0) Total Realized Paper P/L: +$980. Total UnRealized Paper P/L: (-$170) A bad day, overtraded. In this kind of reversal of reversal of reversal, things are mostly chaotic and random, I should have waited out. Lessons learned, one more time.
AMGN short 200 at 65, stop 65.8, target EOD. BSC short 150 if moves/gaps below 73.4, stop 74.1, target 72.5. CHIR buy 200 if gaps/moves above 53.1, stop 51.2, target EOD. ESRX buy 200 if moves/gaps above 61.65, stop 58.8, target 65. FITB short 200 at 56, stop 56.9, target 52.8. GE short 400 at 29.9, stop 30.45, target 28.65. IACI short 300 at 33, stop 34.4, target EOD. STT short 250 if moves below 44.6, stop 45.6, target 43.8. TJX buy 600 at 19.15, stop 18.65, target 19.95. UTX short 200 at 76.8, stop 79.3, target EOD. WB short 250 at 41.35, stop 41.9, target 40.4.
AMGN shorted 200 at 65, stopout 65.8, -$190 FITB shorted 200 at 56, stopout 56.9, -$210 GE shorted 400 at 29.9, stopout 30.45 -$250 IACI shorted 300 at 33, stop 34.4, out at close 33.9 -$300 UTX shorted 200 at 78, stopout 79.3, -$260 WB shorted 250 at 41.35, stopout 41.9, -$180 AEP bought 400 at 29.65, out at close 29.6 -$40 STT bought 250 at 45.55, stop 44.6, now 46 (+$110) NSC bought 600 at 18.55, stop 18.25, now 18.83 (+$170) DQE buy 700 at 15.55, stop 15.3, now at 15.8, (+$150) EIX bought 500 at 19.20, stop 18.85, now at 19.63 (+$200) KMI bought 200 at 54, stop 53.2, target 56.5, now 55.2 (+$240) ESRX bought 200 at 61.65, stop 58.8, target 65, now 62.24 (+$120) Total Realized Paper P/L: -$450 Total UnRealized Paper P/L: (+$890) What a day ! After a month, now I am back to square one.
I would close out more long positions, leaving only one open. With the big market in this kind of grinding that has a down tendency, better not to stay long for too long. STT bought 250 at 45.55, stop 44.6, out at close 46 +$80 DQE buy 700 at 15.55, stop 15.3, out at close 15.8, +$120 EIX bought 500 at 19.20, stop 18.85, out at close 19.63 +$170 KMI bought 200 at 54, stop 53.2, out at close 55.2 +$210 ESRX bought 200 at 61.65, stop 58.8, target 65, out at close 62.24 +$90 NSC bought 600 at 18.55, stop 18.25, now 18.83 target 19(+$170) Total Realized Paper P/L: +$220 Total UnRealized Paper P/L: (+$170) My real money trading has been doing much better. In addition to the gain of the first batch of penny stock, I made another $900 all in this big down turn.
No doubt the initial good luck enboldened me, but the idea has its merit, it is not just luck. My position size averages $2000, a working one gains me $200-$400, a losing one costs me -$200 or so. It is more volatile, minimum 5% a day, and 10% swing is common. With the right sizing, my IRA account of $30K+ can have the benefit to let the statistics run its course. I doubt anyone can short those one dollar stock, so a long only cash account is just right. The only problem is the liquidity (yea, great insight). When it is spiking up, it has both liquidity and profit. Then it dies down, drifting lower and lower penny by penny, and just the spread is 7%. I am holding 5 positions of leftovers, thinking hard if I need to dump them. They all have some upward momentum left, but keep drifting down. Maybe I just need to be patient. On the other hand, if I hit the bid and close out, right there my $900 profit will become $700 in a second. Damn ! I did total 43 penny round trips, winner:loser 13:20. More losers. I think it is impacted by the recent heavy down trend in big market.
Thanks for your posting. People do benifit from your list. For myself, you brought my attention to STT, WM etc.
I caught cold from the many swift temperature changes in last week. So I did something I was not able to do until a few months ago - do nothing. Well, not quite, I still could not resist the temptation from action and managed to lose a few hundreds dollars on my real money account, but overall I did nothing. This is one of a few important lessons I practised in the domain of mental discipline. Learning those disciplines is easy, sticking to them is very hard. By losing many thousands dollars I at least now stuck to them most of time. Moohead: I apprecaite your kind word. Not many people in my friend and family circle views my effort in trading positively, actually almost all of them think I am just a gambling addict, or something close to that. Of course I lost many thousands in the eagerness to prove myself, and that just provided more proof that I am gambling and even worse, a losing gambler. #$^%!#%*!# The truth is: when emotion carries one away, a trader becomes a gambler, which by defination takes risk that outweighs the reward, as simple as that. With each passing tick, or passing bar, the original setup is constantly morphing, the risk/reward ratio is changing, if too hung-up to one's original prediction, one could quickly start to ride on a position with the wrong risk/reward ratio, thus becoming a gambler at that moment. So be diligent, and be objective. One sentence I have to keep telling myself.
NSC bought 600 at 18.55, target out 19.12 at gap-open at Oct 3rd +$310 So Total Realized Paper P/L: +$530. All paper positions closed out. Today I also closed all my real money positions. These penny stock once stop moving, they really stoped, especially those OTCBB ones. Not that the chart is looking like to go down, but they could hang around in the same place for weeks after weeks. I am getting impatient. And it is neither that they occupy capital, but they occupy the bandwidth of my attention, I waste my mental energy on these dead cats. I dumped them at the cost of hitting the bid, it seems to be a good move, one of my three new positions made a 5% move after close. Now the screen looks better and feels better, a good fresh start. Real money positions: TSCC bought 3000 at 1.32. XLA bought 3000 at 1.43. SPDE bought 3000 at 1.30.
DG short 500 at 21.25, stop 21.45, target 19.75. ESRX short 200 if moves below 59.55, stop 60.3, target EOD. FD buy 250 at 44.7, stop 44.2, target EOD. GE short 400 at > 29.9, if gaps/moves below 30.05, stop 30.4, target 28.8. GE buy 400 at 30.32 if moves/gaps above 30.32, stop 29.94, target 32.3. NE buy 300 if moves above 35.25, stop 34.8, target 36.4. RDC buy 400 if moves above 26.45, stop 26.05, target EOD. TGT buy 250 at 40.15, stop 39.7, target 41.5. TJX buy 500 at 20.5, stop 19.95, target 21.1.