Hello Everyone, I'm a daytrader. Always have been one, and I'll probably always be one. But, my "dream come true" is to find a way to make money without having to grind, grind, and grind each day. So, I have been working on a swing trading strategy for quite a while now. And I will post my trades in this journal. I have been a daytrader for 9 years. I have always made money trading stocks. Let's see if I can continue that tradition with overnight positions. If I don't, that's okay. It can't hurt to try. I'm willing to assume the risk...so I'm ready to give it a shot. Let's keep this thread positive and see where it takes us. Thanks, gotta_trade
I will now post the open positions that I presently have. 5/29/03..... SS... 500 PSS @ 14.83...... - .15 5/30/03..... B..... 300 POG @ 39.25...... + .34 5/30/03..... B..... 300 ESV @ 29.85...... + .15 5/30/03..... SS... 300 HEW @ 22.76..... - .09 5/30/03..... B..... 200 EVG @ 53.25...... + .01 Unrealized P&L: + $ 47.00 Realized P&L: 0
Looks much like the swing trades I'm currently doing. I backtested thousands of trades buying the first leg up or down of the pivot (as you're depicting) or waiting for the pivot to form and then buying the breakout. The later always trades much less and is much more profitable, so I always wait. Best of luck. Chuck
EOD: Monday, June 2, 2003 TODAY'S TRADES: Sold 100 POG 40.75..........(Realized 1.50 point profit. 2/3 of original position still open) Bot 300 FR 30.45.............(new long position) OPEN POSITIONS: 5/29/03..... SS... 500 PSS @ 14.83...... - .22 5/30/03..... B..... 200 POG @ 39.25...... + 1.85 5/30/03..... B..... 300 ESV @ 29.85...... - .12 5/30/03..... SS... 300 HEW @ 22.76..... - .17 5/30/03..... B..... 200 EVG @ 53.25...... + .57 6/02/03......B......300 FR @ 30.45........ - .08 Unrealized P&L..... + $ 507.00 Realized P&L.........+ $150.00
EOD: Monday, June 2, 2003 TODAY'S TRADES: Sold 100 EVG 55.08..........(Realized 1.83 point profit. 1/2 of original position still open) OPEN POSITIONS: 5/29/03..... SS... 500 PSS @ 14.83...... - .17 5/30/03..... B..... 200 POG @ 39.25...... + 1.22 5/30/03..... B..... 300 ESV @ 29.85...... - .38 5/30/03..... SS... 300 HEW @ 22.76..... -.14 5/30/03..... B..... 100 EVG @ 53.25...... + 1.66 6/02/03......B......300 FR @ 30.45........ -.12 Unrealized P&L................................. + $133.00 Realized P&L...(as of 6/1/03)...............+ $333.00 TOTAL P&L REALIZED AND UNREALIZED..........................+ $466.00
What is your exit and stop strategy? Isn't much interest in seeing your entries if we don't know your target.
I have no preconceived notion as to how high or low a stock can go. Anything can happen. But, I can protect myself by cutting my losses short and letting my profits run. So, to answer your question...."I have no target". Plain and simple...I have no profit target. Once my premise for entering the trade is proven wrong. I exit immediately. Simple as that. The problem that most people have is that they can't stick to that discipline, we must stick to it without getting emotional and having it effect our future trades. I scale out of all winning trades. I will book profits as the stock is moving in my favor. That's how I take in the money. But the trick is to be disciplined and consistent....and be consistently disciplined. Swing trading isn't my thing, yet. But, I will apply the same discipline and perspective that I have applied and always will apply to my daytrading and it will be interesting for me to see how it works out?? I hope this kind of answers your question?
My basic strategy is to go long the strongest of the strong stocks and short the weakest of the weak stocks. I enter these positions as close to support and resistance levels as possible, so if the trade doesn't work out my risk(loss) is minimized. I use the larger timeframe for trend confirmation and a shorter time frame for a trigger for entry. The trigger/shorter timeframe tells me that the train is about to leave the station. The larger timeframe tells me that the track is clear. My immediate timeframe tells me that there is a track. I'm experimenting with this method for swing trading. About half of my entries for daytrading are countertrend. I can be nimble and get in and out quickly. But, I believe it will be better for me to not fight the trend for swing trades. I'll let the market do what it wants to do and hopefully I can join it for the ride. I feel that my biggest part of my strategy is my discipline and market perspective. (the things that Mark Douglas talks about) If my swing trading doesn't prove to be profitable, that's okay. I'll just go back to the drawing board and try try again. I'm glad that you like the thread and hopefully we will both benefit from it.
EOD: Wednesday, June 4, 2003 TODAY'S TRADES: (no trades today) OPEN POSITIONS: 5/29/03..... SS... 500 PSS @ 14.83...... - .02 5/30/03..... B..... 200 POG @ 39.25...... + 1.29 5/30/03..... B..... 300 ESV @ 29.85...... - .09 5/30/03..... SS... 300 HEW @ 22.76..... -.24 5/30/03..... B..... 100 EVG @ 53.25...... + 2.75 6/02/03......B......300 FR @ 30.45........ +.25 Unrealized P&L................................. + $442.00 Realized P&L...(as of 6/1/03)...............+ $333.00 TOTAL P&L REALIZED AND UNREALIZED..........................+ $775.00