FPM (Follow the Plan Man!)

Discussion in 'Journals' started by deaddog, Mar 20, 2010.

  1. I’m starting this journal to keep myself honest.

    I’ll put my trading plan out there for the world to see and hopefully because I’ve made it public I’ll follow it or have to justify why I didn’t.

    My Objective is to make at least 3 times what I could by having a buy and hold portfolio of dividend paying stocks. That will be over and above the extra cost I will incur from being an active trader.( Software, data feeds, etc)

    I trade both Canadian and US stocks. I have accounts with 2 brokers, IB and TradeFreedom. I mostly use IB with Tradefreedom as a back up in case IB has problems.
    Mostly swing trades. I’ll let a swing trade turn into a day trade but don’t want to turn day trades into swing trades, It depends on price action.

    I’ll try and post in real time, or as close to real time as possible.

    My holdings right now are as follows;

    TSE:AET.un Buy Mar 18 @ 21.60 Stop @ 21.25
    TSE:MBT Buy Mar 18 @ 31.75 Stop @ 31.20
    TSE: TRE Buy Mar 19 @ 19.91 Stop @ 19.70
    COL Buy Mar 19 @ 62.99 Stop @ 61.75
  2. Stopped out of TSE:AET.un Loss of $196

    My rule for stops is that the price has to close below the planned stop. This costs me sometimes but more often than not saves me from spikes down. TSE:TRE is a good example this morning

    My rule for gap downs below my stop is to let it trade for five minutes. If it trades below the 1st 5 minute bar , the position is closed.

    If any subsequent 5 minute bar closes below the original stop a trade below that bar will take me out.
  3. UHS Buy @ 35.59
    Stop @ 35.20
  4. Buy WSM @ 26.65
    Stop @ 25.6
  5. Moving stop to 36.30
    Don't want to give gains away this close to the target.

    Edit: Stop Hit @ 36.30 +$210
  6. Where to put the trailing stop?

    I hate to give up a gain. On UHS my target was 36.75 ( about 3X risk.)
    When the price gets close to the target I use a 1 to 1 risk reward to determine where the stop should go. So when UHS hit 36.54, 21 cents from the target I placed my stop 21 cents and a bit below 36.54.

    As per normal I got taken out and then it went up again. Give myself points for following the rules.

    Todays P&L $18

    Overnight Hold
  7. WSM: Move Stop to 26.40
  8. TSE:TRE Sell 1/2 position @ 21 (+$213)

    Move stop on remainder to 20.50
  9. Out @ 26.40 (-$27)
  10. Buy FLEX @ 8.24
    Stop @ 8.00
    #10     Mar 23, 2010