February Trading Journals

Discussion in 'Trading' started by Hitman, Feb 1, 2002.

  1. Hitman


    Yes I do include my numbers in team stats. It is a team afterall.

    That said, if it happens that my number becomes so big that an up day by me guarantees team victory, a bad day by me guarantees team defeat, then of course I will reconsider.

    That said with STOCKKBROKER pushing up his size, I doubt I can run away from the pack too much, he is on a 9 games winning streak afterall.
    #161     Feb 27, 2002
  2. Hitman


    The six games winning streak came to an end as I missed two huge bullets that were the best opportunities of the day. Fortunately the reduced commissions did its part to absorb the damage but I would have preferred a stronger finish for the month.

    28100 shares each way on 10 of 22 shooting, +59 before commissions, -467 after, 1 bullet. I find myself playing much tigher defense after the commission reduction, yes I clearly overtraded today, but every time I have an idea I just take a little bit right away without even thinking about commissions. This will hopefully pay off later.

    I am done with the overbought/oversold reversal plays off daily's, not for me, I would much rather play the trends and catch early breakout's. That said, I am very aware of the 3 day reversal set-ups on the daily's now, just to make sure I don't chase stuff.

    Pre-Market: KMI had a one million share insider sell yesterday, broke every type of daily support you can imagine. I said to the team that I thought this will be another ENE, and when it opened down 1 point I "DID NOT WANT TO CHASE IT". You really really need to know as many stocks as possible, I forgot that KMR & KMP are all heavily correlated. If I had a bullet on any one of the KM trios, I know for a fact that I would have got at least 2 points from a full position, and held say 200 shares into the halt. One little hesitation and I missed what could have been my best single trade ever. That for me was the news story of the day. The firm had poor winning percentages today but the top 30 guys put up great numbers, and without a doubt the KM trio did their part. This is the kind of stuff that make you see a ray of hope to make a killing even in this market, the bottom-up plays. What really made me spill blood was that after I missed the KM trio I said if I ever get another play like that I will not miss them, and I had two more opportunities in the afternoon and missed them both.

    9:30: Went long CRA, SPF, ROH, felt really weird because I thought the market had no reason to be strong and it ripped anyway. Got flat in CRA and missed the big pop when futures ripped. Lost 10 cents in SPF as a small seller showed up. Churned a lot of ROH and lost 5 cents per share traded. Put a lot of shares into MEL on BKX rally and churned away as the stock would not go up. Tried CCU and lost 20 cents, stock had news yesterday and I shouldn't have touched it today. Had 1000 shares EMN at 43 but when futures tanked I got out for 20 cents profit and missed a huge breakout later. Tried SGY on OSX rally and lost 10 cents and missed a decent move. The KM trio tanked hard and EP was unchanged, why did I hesitate to bullet it?

    10:00: Big move on futures and I went long 1000 HD, 500 TGT, lost 3 cents each as I dumped them as soon as I saw futures ticked back down and they would not go with RLX rally. TGT's news came out later and both tanked hard. Had DHI and out for flat. Deep in my head I knew the market was way overbought, and I really didn't want to go long, but with futures ripping like that I had no choice. I knew there was a divergence on Dow and Nasdaq and I did the best I could. Lost 20 cents in PX.

    10:53: Shorted MYG, EFX as Tony Oz 3 day reversal plays as I was bearish on the market. Market did tank but neither budged. Their daily charts were just too strong. MYG had a big offer at 39.1 where I had a stop at 39.11 but he took the whole offer in one shot and spreaded me 30 cents as I hesitated to cover, ended up losing 60 cents for my worst trade of the day. Really should have covered sooner like I usually do. Churned EFX.

    11:12: Went long DYN when the KM trio squeezed hard (actually I should have had KMP/KMR after KMI squeezed, but DYN was safer) and got 30 cents. Had EP and got a quarter, finally some decent trades. Churned more DHI, scalped a little PPG/FMC on chemical rally for minor profits.

    1:30: From Bloomberg, BBY revised their guidance, why didn't my brain make the link on RSH/CC? Should have took them immediately.

    2:00: Bulleted DNA, tough ride down but scored half a point for my best trade of the day, wasn't confident so churned or it would have been a much cleaner profit.

    2:35: News came out on CI, and the stock fell like a rock. I tried to bottom pick it with 100 shares at 93.50 and got out 93.50, may as well play Russian Roulette or go to Vegas if I am going to trade like this. WLP was unchanged, a MVP candidate team leader would have made everyone on his team bullet it. TGH was unchanged for 5 minutes, and I hesitated again, where is the confidence, where is the killer instinct?

    3:00: CI squeezed hard and I went long AET, not a bad trade as I took out 20 cents. TGH killed me however, as it lagged CI by five minutes on the sell-off, and lagged the same five minutes on the squeeze, which included a 50 cents gap down! Thankfully I only had 300 shares there.

    "I have failed over and over again, then I finally succeeded."

    Team Stats:

    7 active traders
    5 of 7 positive before commissions, -1150
    2 of 7 positive after commissions, -3214
    95300 shares on 27 of 73 shooting (37%)

    Top 3 Symbols: KMR, CI, WY
    Bottom 3 Symbols: KMI, EP, CAM
    #162     Feb 28, 2002