Haha, yes, it was a break through for me. To tell you the truth they are not applied fully to my swing trades in this journal for several reasons. The biggest problem here is that I am day trading without being at the computer (buying at open and putting in sell order about an hour into the day), so I have no way to manage the trade. My goal for this system is to take advantage of a perceived edge that I have found, I am betting on the belief that I have a statistical advantage to my entries and have found this to be so a large percentage of the time. Rule 2 doesn't exist in my methodology in this journal because of my profit target, if it is reached intraday then I am most likely out of the position, without the ability to day trade I have no ability to add to my winners. You'll see some aspects of rule 1 in my trading, I trade with no stops, rather I analyze the correctness of my position; the reason why I hang on to losses on occasion is because the market situation that I use for my entries seems to still be intact, the institutional buying that I look for can still very well come. Hope this answers some questions, in a few months I may have an extra 5k or so and may devote that to another journal where I plan to swing trade with longer holds (5-15 days) and follow the rules layed down by the phantom very strictly Oh, just wanted to add that my automated bonds trading script that I currently run profitably is based from the ground up on his rules. If you wish, I'll share the basics of it at least, maybe this weekend if I have time.
1/5/04 Current Equity: $2,762.06 Starting Equity: $2,500.00 (1/1/04) Current Return: 10.48% 2 Winners/0 Losers Past Trades IONA 6.59% 1/2/04 GMAI 2.07% 1/5/04
Pickin' up 936 SITI tomorrow at 2.95, this looks like a good entry for a swing trade up over the next few days but I'd rather stick to the plan, don't like managing these kind of positions EOD BUY 936 shares of SITI, Sls Intl Inc at LIMIT of 2.95 DAY
LOL, today should've been profitable but I messed it up. Got on comp at around 11:25, checked bigcharts (didn't have enough time to pull up real-time source) and saw 3.05 printing, I opened up freetrade and exited at market. To my surprise, I ended up filling at 2.83 (which was the bottom of that down move at around 11:25), that's what I get for exiting at market without a real-time bid/ask. Took a 4% or so loss, this shouldn't have happened but at least I learned a lesson; it really ticks me off when my system would have profited but my error caused a loss. Tomorrow's another day, actually, SITI was the only pick I liked for 1/7 so that will be my play again tomorrow, limit @ 3. BUY 883 shares of SITI, Sls Intl Inc at LIMIT of 3.00 DAY 1/6/04 Current Equity: $2,649.61 Starting Equity: $2,500.00 (1/1/04) Current Return: 5.98% 2 Winners/1 Loser Past Trades IONA 6.59% 1/2/04 GMAI 2.07% 1/5/04 SITI -4.24% 1/6/04
Sorry for not updating, I actually didn't have time to get on a computer to put in my SITI buy so didn't trade that day. Today I took ARTX from 1.8 to 1.84, another pick for monday will be posted this weekend. 1/9/04 Current Equity: $2,707.24 Starting Equity: $2,500.00 (1/1/04) Current Return: 8.28% 3 Winners/1 Loser Past Trades IONA 6.59% 1/2/04 GMAI 2.07% 1/5/04 SITI -4.24% 1/6/04 ARTX 2.22% 1/9/04
Didn't find anything good for today but found 2 nice ones for tomorrow, UDW and PHMD. I'm leaning towards PHMD, it looks like 2% would be pretty easy to capture in its recent ranges, so PHMD it is. BUY 1327 shares of PHMD, PhotoMedex Inc at LIMIT of 2.04 DAY
Filled a few seconds after open and got out a few minutes before close, talk about smooth. Btw, UDW would've been good for 2 also. Another pick tonight, I should have pleany to pick from with today's general down move 1/13/04 Current Equity: $2,773.45 Starting Equity: $2,500.00 (1/1/04) Current Return: 10.94% 4 Winners/1 Loser Past Trades IONA 6.59% 1/2/04 GMAI 2.07% 1/5/04 SITI -4.24% 1/6/04 ARTX 2.22% 1/9/04 PHMD 2.45% 1/13/04
I guess I was a little wrong about lots of good picks for wednesday, nothing good at all it looks like. Taking a play that I am not too confident in (but of course, who cares what I think, the market sure doesn't) because it looks like it came to life from a prelim earnings report, a little bit scared that volume will just suddenly drop off; oh well, the risks we take... OPTK is the play for tomorrow BUY 714 shares of OPTK, Optika Inc at LIMIT of 3.88 DAY
Hi, I was looking forward to reading about your bond trading technique. Can you please post to the journal or PM me? Thanks