i think it would be nice to find out your gains compared to the market as a whole/ a ball-figure number on your realize and unrealized P&L compared to say the DOW or spy. Nothing spectacular just guess the total amount of money on average you work with when you swing trade.
So far, I think my total position equity has not exceeded $75,000. I think it's mostly around $50,000. I'm not using exact and/or specific rules with my money management. At this point, I'm not comparing my P&L with anything. I'm just doing what I'm doing. I'm enjoying the process. My position size is basically: 500 shares for $10.00-$20.00 priced stocks 400 shares for $20.00-$30.00 priced stocks 300 shares for $30.00-$40.00 priced stocks 200 shares for $40.00-$50.00 priced stocks 100 shares for $50.00 and up priced stocks My worst case scenario stop-loss is around $500 per trade. If my P&L should increase above $5,000., I'll slowly increase my position size. I'll add 100 shares to my opening positions. Then if my P&L should increase to $7,500, I'll add another 100 shares, etc., etc. I'm not using any fancy math calculations with my money management. I'm just doing what feels right. I want to feel carefree with my swingtrading, and I feel comfortable with my current position size. I ask myself, "how would I feel if each and every open position was stopped out with the maximum loss?"...then I answer, "well, I'm okay with that." If I was trading larger size, I wouldn't be. I hope I answered your question? Thanks, gotta_trade
Hi Gotta_trade, I like your stategy. My MM rules are similar to yours. I trade 100 to 200 shares per stock, never risk more than 250$ per trade and add 100 stocks to my position size for every 1000$ I make. It is nice to see that someone shares my philosophy. I enjoy reading your journal. Good job! DT1
EOD:Wednesday, July 2, 2003 TODAY'S TRADES: Bot 100 UNH 50.36 (new position) Sold 100 MTX 50.17 (scaled out of 1/2 of position, + $2.17) OPEN POSITIONS: 6/02/03......B......100 FR @ 30.45........ + .53 6/10/03......B......200 MTX @ 48.00.......+1.88 6/27/03......B......200 DRL @ 45.10........+ .40 6/27/03......B......100 ITT @ 65.00........+ .98 7/02/03......B......100 UNH @ 50.36......+ 1.12 Unrealized P&L................................. + $531.00 Realized P&L...(as of 6/1/03)...............+ $1,892.00 TOTAL P&L REALIZED AND UNREALIZED........(as of 6/1/03).............+ $2,423.00
EOD:Thursday, July 3, 2003 TODAY'S TRADES: (no trades) OPEN POSITIONS: 6/02/03......B......100 FR @ 30.45........ + .99 6/10/03......B......200 MTX @ 48.00.......+2.06 6/27/03......B......200 DRL @ 45.10........+ .95 6/27/03......B......100 ITT @ 65.00........+ .33 7/02/03......B......100 UNH @ 50.36......+ .55 Unrealized P&L................................. + $583.00 Realized P&L...(as of 6/1/03)...............+ $1,892.00 TOTAL P&L REALIZED AND UNREALIZED........(as of 6/1/03).............+ $2,475.00
Thanks for the positive comments! I'm happy that some people are getting something from this journal. Have a good weekend everyone, gotta_trade
EOD: Monday, July 7, 2003 TODAY'S TRADES: Sold 100 DRL 47.00 (scaled out of 100 shares, + 1.90) Sold 50 UNH 51.78 (scaled out of 50 shares, + 1.42) OPEN POSITIONS: 6/02/03......B......100 FR @ 30.45........ + 1.43 6/10/03......B......100 MTX @ 48.00.......+ 3.06 6/27/03......B......100 DRL @ 45.10........+ 1.59 6/27/03......B......100 ITT @ 65.00........+ .49 7/02/03......B.......50 UNH @ 50.36........+ 1.62 Unrealized P&L................................. + $738.00 Realized P&L...(as of 6/1/03)...............+ $2,153.00 TOTAL P&L REALIZED AND UNREALIZED........(as of 6/1/03).............+ $2,891.00
Really enjoy watching your portolio grow, seeing those base hits you are getting. You are now starting to drive some runs in. Congrats, look forward to reading more.