whoa. Well, I made $47 and spent $63 making it. I really missed out this morning. It seemed as though I just couldn't get filled. Maybe I wasn't trading to the best of my ability......but then again this is my 3rd week trading. Geez, out of all the past sessions, I've only been profitable on 1 day. I don't know what it is. It's like, something isn't coming together. I'm assuming that it's just inexperience. I was trained at my firm for one week and at that time I thought that the info really stuck with me. But as of right now, I feel like I don't know what I'm doing. I guess practice makes perfect. The more I trade the more I'll benefit from the experience. It's tough though. There are times when I'm so sure of the trade that I bid for the stock, get filled, and then offer it out. While I'm waiting to get my offer filled, the stock will begin working against me. Then I'm forced to take a flat. Which of course costs money. Sometimes, when I'm trying to get into a position, long or short, I get intimidated by the prints. I feel like I'm on the wrong side. For example, let's say that I was bidding LU at .60. There are 100k on the bid and 38k on the offer. Suddenly, the prints are hitting the bid in a sporatic frenzy. I'll drop my bid because I'll think that the stock will start to the other way. When in fact the stock doesn't do anything. Then I realize that I should have kept my bid, gotten filled, then offer it out to make the profit. But I end up wussying out and forfit the opportunity to make a successful trade. I get intimidated because I'm afraid of taking a loss OR a flat. I really think that my timid trading attitude is hindering my trading. I wish I could trade like the guy who sits next to me. He's normally unintimidated, confident, and honestly makes it look easy. It's funny because, he started the same day I did, and knows less about the market than I do. In fact, I remember him asking what "long" and "short" meant. Go figure.
What firm are you at, are the teaching you to be a rebate trader? The prints and size on the bid an offers in LU don't mean a damn thing because the volume is so incredibly thick. Evey day it is one of the top three volume stocks on the NYSE, I assume u are trading small size, 100 to 200 shares at a time and your commissions at the end of the day incenuate that you are over trading?
I'm at HLV Capital in New York City. I'm actually trading 1500 shares a trade. I think they call it scalping.
I don't know if you chose or the firm made you learn by trading LU. It is one of the worst stocks to learn tape reading from, the volume is just way to thick. If you can choose a stock with an avg. Daily volume of 2-8 millions shares a day, then you will learn a lot more about what prints can tell you about what's going on in the stock.
Cre8UrF8, My firm told me to trade this stock while I'm learning. Since I didn't put any of my own money up, I'm doing what they tell me to. They say that for now I have to stick to low probablity trades. Once I'm profitable making money in LU, I can begin trading larger size and volatility. Well either way, I'm feeling good this morning. I have to learn to be able to move onto the next trade.
LU barely moves.You get eaten up in commissions.I guess the firm has not much to lose,since losses,if any,are offset against the commissions you end up paying churning that stock to death.
I figured that. The firm figures that if you can make money in LU then you can definetly make money in more volitle stocks. Well, I made $105 today and spent $92 making it. I couldn't help it. I was getting these bullshit fills. I was able to shrug off the flats and puny fills. Now I just have to be able to repeat the process. "It's the cost of doing business." Somebody said that here and it has stuck with me all week. In fact, I kept thinking it to myself all day. Maybe that's the key.
sticking to good buy and sell rules today.....I was able to shrug off the flats. I took a 1 cent loss on 3000 shares today, but I'm still optimistic. I'm $72 right now and I've spent $86 so far...
I made $101 and spent about $115 making it. I wouldn't call it a great day, but I was able to shrug off a 1 cent loss on 3000 shares. I can sense that I'm becoming mentally tougher against losses. Thank GOD!!! Have a good weekend everyone!
It's interesting to see you diving into trading and thanks for sharing your posts. I am curious if you are going to owe your firm the drawdown you are incurring at this initial stage of your learning curve. IE do you owe them this when you are profitable later? I don't know how this stuff works, thanks! Please keep this journal going.