I didn't notice how it closed yesterday or I probably would have had fewer shares, but likely still short. It was an opening orders trade. It gapped x% with no news, therefor I was short. Of course there was news, but nothing that was out before the open. One of the things that makes oo's so fun.
Ha! I'm old, but my heart is strong and can handle a lot of abuse. The office implements within reach of me at 9:45 this morning did not fare so well.
Lescor, thanks for the awesome thread. I just started trading prop believe it or not thanks to you and this thread. Today was a bad one for me too! After two weeks of solid gains in a sim account and my retail account I started my prop trading yesterday and had a good day, then today I took a hit and it caught me off guard. Talk about humbling!
Good day, lescor! Sorry for my english, not my native lang. Considering FO trade on friday, in addition to previous comment, maybe scanning stocks for unusual volume just day before today's open. For example, FO had around 2,51mil shares traded on 7-oct-10, which is much above(x2) last 30 days avarage of 1.27mil per day. Maybe excluding such stocks will impact results, of course to more positive. Or taking closer look to that kind of stocks may avoid these bad trades? With best regards, Leon
Lescor, Your trading must be much more automated than I thought. FO price action on Friday had much clarity.
Thanks for the tips guys. I already do run scans on prior day price action, this one made it through the filter. It's easy to look back with hindsight and say how obvious things were. However there are lots of instances where a stock will have that same price action, have a big gap up the next day and be a great winner on the short side. Bad trades happen with good setups, it's just part of trading. In this particular instance, there was news that was not widely disseminated before the open. Had I known that, I wouldn't have traded it. It's one of the biggest risks with this strategy, but it's part of the game. I ended up only losing about 2500 on FO by the end of the day. It was a great short, just not from my initial entry.
Congrats on the new career path, hope it's a profitable one for you. Remember this: If you don't come to the table with a large dose of humility, the market will provide it for you in spades.
Hi Lescor, Yesterday my opening order I has CF & FO , I end up losing CF more than FO . I don't know why I check news already but it still came in the order .I have questions for you , I hope you can help with that . In the opening if I want to keep it intil the end of the close of the market . Do you think that will be good idea , one time i watch the position after the opening I saw some position later on getting better , but some day it worser than before so i were wonder if you has ever done that before and let me know your idea about that if you have any experience about that. Thanks for your respond
lescor, if my quick math is right, your last three weeks have gone -6k / +15k / -19k for a net total of -10k thru that time. There are people here who would read that and scoff, convinced that "day traders" must be profitable every day or else they are total failures. There are people here who wonder if it's truth or fallacy that they must win every day in order to succeed as day traders. They come to this site assuming it is populated with winning, profitable traders. They read the cherry-pick, totally out of sample "trade calls" in some high traffics threads. They try to make sense of which trade blotters are real versus memorex in various other threads. In other words, the masses here are powerfully confused and purposely mislead. Big-time kudos to you for this public journal of the journey on keeping it real in our profession. The lone voice of honesty and reality in a sea of egotistical misconception. The masses here would want nothing to do with your three-week drawdown of -10k result. The very same masses would trade the final ten years of their lives to match your career trading performance, past AND future earnings. But there can't be one result without the other