There's a big difference between averaging down and building a position which is what I suspect Seanote was doing (as he previously said he likes to have 2000sh positions).
I am a swing trader and usually trade 2K lots. I only picked up 1K of BRCD earlier today due to the volatility. My indicators signaled long this morning after the gap up so I took half my position with the understanding that I would fill the other half on a dip. I normally due not average down or up especially if I'm daytrading. I plan on holding BRCD for a few days unless news or extreme movement dictates otherwise.
TODAYS EXECUTIONS: 14:28:24 BRCD BOT 1000 25.94 14:22:04 MLNM SLD 2000 24.54 13:16:17 HET SLD 2000 44.97 10:47:32 BRCD BOT 1000 26.56 09:37:17 BBH SLD 1000 126.91 OPEN POSITIONS (OVERNIGHT): Long DNA 2000 51.97 +1.70 Short IBM 1000 106.61 +0.99 Long HD 2000 48.62 +0.60 Long PKS 2000 17.01 -0.06 Long SBUX 2000 23.63 -0.06 Long BRCD 2000 26.25 -0.30 CLOSED P&L: $7,420.00 OPEN P&L: $4,750.00 TOTAL CLOSED P&L: $27,873 Last 8 Trading Days since joining the board: Avg. Daily Overnight BP Used: $650,000 which gives me a figure of $325,000 cash equity used. 27,873 / 325,000 = .0857 = 8.57% return in 8 days. ROI = 1.07% daily. Obviously these figures are somewhat rought due to exact Overnight (ON) BP used daily being an average estimate.
SCIO looks like a pretty good short now. Watch for more news and if no more is release by Mon open I might take it short. Does anyone know what happened with OVER today. That volatility is rediculous!
Seanote: Would you say that your results since you have posted to this board have been typical of your trading style? Are they above or below your average or are they in line with past results? I am also curious if you trade any differently since your trades are now "displayed for all to see". Do you feel any extra pressure to "perform"? I hope you continue to post your trades as I have greatly enjoyed it.
PASADENA, Calif., March 22 (Reuters) - Internet search engine company Overture Services Inc.(OVER) said on Friday it had extended its deal with AOL Time-Warner Inc's (AOL) America Online until April 24 in order to continue talks with the Internet services provider.