I use small lot sizes cuz I'm a noob ($9.63 profit today!) *pic*

Discussion in 'Professional Trading' started by IronFist, Feb 28, 2007.

  1. Today:

    Short 600 INTC @ $19.93
    Cover 472 INTC @ $19.89
    Cover 128 INTC @ $19.89

    (no clue why it split the order into two identical priced lots)

    Profit after commission: $9.63!

    Recently, when I make my occasional day trades, I've been using $15k lots. Today I was feeling cautious so I scaled back to $11k or so.

    The price hit $19.88 for a sec, but I didn't get out cuz I didn't have a stop. Then it went back up to $19.90, $19.91, I got scared. I said if it hit $19.89 I would sell for a 4 cent per share profit. I put in a limit order and watched it fiddle around $19.91-$19.93. I got scared that it might start to go back up and I'd have to manually cover for a loss at a higher price and then cancel my stop at $19.89. It hit $19.90 a few times, but bounced back to $19.91 or $19.908 a few times, and I'm like "just one more cent down!" Finally, it hit $19.89, my order went through, and I was like "sweet!" Is it normal to be nervous as hell from the time you press "send order" until you press "send order" again to close it out?

    Naturally, a few seconds after I covered, it went a little lower But I'm happy with my $9.63 profit. Of course, if I was using InteractiveBrokers instead of Scottrade it would be a few bucks more profit (less commission).

    I wish I had more time to write now because I'd like to turn this thread into a "position sizing based on price and range" discussion.

    I cropped my indicators so you guys can't steal my secretzzzzzzzzzz

  2. I can't decide if I'd be more comfortable with:

    Big lot sizes waiting for smaller movements to take profits (shorter time holding the position). This way could get me stopped out earlier.

    Small lot sizes waiting for larger movements (longer time holding positions). This way might result in losses because I'm thinking "ok, I want need a 10 cent per share gain to make a decent profit," but at an 8 cent gain it reverses and I lose everything.
  3. Guy, in this market you should be trading for POINTS not pennies.
  4. is this a joke??????
  5. Nope. I was on PTO from work today so I thought I'd play around. I'm a total noob to intraday trading. I think this was my 5th or 6th intraday trade ever.

    Sorry I'm not a baller. I mean, I suppose I could've shorted 60,000 shares instead of 600 and made $963 instead of $9.63, but I just don't roll that way. But if you have something userful to contribute, please do.
  6. unless you have a redudant method you will probably lose more money than you make
  7. Ebo


    You don't "Roll that way"?
    How do you afford 'dose colorful charts dare?
    I picked my nose today and made a grand!

    You my friend are a P I K E R!
  8. Not sure what you mean by "redundant." I know what redundant means, but I'm not sure how it applies to a trading method unless you mean waiting for multiple independent confirmations or something.

    I can afford 'dose colorful charts dare cuz QuoteTracker is free.
  9. What is the purpose with this post Ebo?

  10. Ebo


    It is not in your best interest to start with me Michael!

    Take that as a friendly warning.

    #10     Feb 28, 2007