July Trading Journals

Def:

Because someone earning a few hundred grand a year is probably not using IB/Quote Tracker, is definitely not a newbie and already makes more money than 99.99% of the people on this board and probably doesn't need my advice nor anyone else's advice for that matter.

Because a newbie is far better off trading with a firm than losing his own money, and the environment is far better for someone starting out into this business. Two newbies starting out, I will put my money on the one who went with a prop. firm anyday.

Because very very very very few traders can day trade, swing trade, options trade, futures trade at same time without conflicting their objectives. Most people are much better off at concentrating on one time frame / vehicle and ace it.

Because someone earning a few hundred grand a year probably wants to move on to the next tier in this business, and he can either start trading incredible sizes, run a hedge fund or a trading desk, and working with a professional firm is probably the best way to go for either one of those pursuits.

Because even if you do work for my firm you can still trade options, futures, swing trade, in any other account, if you feel like it. Even if eventually those will definitely collide and you will probably giving up one or the other anyhow.

Because no matter how good you are, there are always someone much better than you, and you will find more of those individuals at a professional firm than message boards or chat rooms, where you have people telling you they pull off 1-4 points off Nasdaq fast movers every single day but they can't do better than IB/Quote Tracker after you just blew a 15 games winning streak.

Because anyone who ever traded with bullets will tell you that it is one of the greatest advantages about working at a prop. firm, particularly in this bear market, and I can confirm that even if I don't use it as much as I should.

Because I don't want to see people giving up years of their life and thousands of dollars fighting an uphill battle, and I believe working at a prop. firm is without a doubt the best thing since real time data feed for a newbie day trader.

 

Hitman,

Do I detect a bit of sarcasm in your post?

You can't net at least ONE point (or maybe two or more) points off NAS fast movers each day? My GAWD, yesterday, SEBL practically fell STRAIGHT DOWN! Where were you??? Chasing some NYSE "elephant" for 20 cents??

Today, NVDA ran up THREE points by 10 am from the open, turned around and promptly dropped for TWO more! Where were you???

Then, ran back up for another TWO...

ALL BEFORE NOON!!

Where were you?

tradeRX

 

You can't grab a point or two with all this movement?

...And this is just ONE "fast mover".

 

Hitman:

First: i have nothing but admiration for your tenacity, and passion for the game! Really!

and here comes the BUT:

I think you may have missed DEF's point -- he is offering that there are other ways to play the game. Ways that are more appropriate for different personalities than your own.

There is nothing wrong with your style, or the way you play the game -- it just doesn't fit everybody.

I read alot of your posts -- they are hard to miss you are frigging everywhere! (part of your passion i suppose) and i don't recall you often giving much credit or allowance for other styles or approaches to this game. Must it always be your way for everybody in order for them to be successful? You come across as very black and white: i'm right your wrong, this way not that way -- in short very polarizing.

Now let me qualify that statement; i have not read ALL of your posts, and my memory may be faulty. So let's not get heated about this -- i am not trying to raise your ire, just trying to open up what i see (and i may be wrong) as a reluctance on your part to be accepting and inclusive of other approaches.

regards/greg

 

Looks like this week my performance came back down to the earth, yet another ugly, ugly game, and I had to rely on bottomfishing some stock I never trade to get back in the game. Just grateful that it is not a back-to-back loss, as I nearly missed every shot after what was an acceptable open.

Sorry, accidentally deleted today's number, +$480 before commissions, +$183 after, 9800 shares on 5 of 13 shooting, 1 bullet.

Getting this game is big for me psychologically, tommorrow there will be no journal unless I am done at 10AM, in which case there will be a very short journal as I am leaving the office at 10:30AM. My strongest game is the first hour, so I see no reason to miss tommorrow's action. I will pack for Boca Raton tonight, I will be back Monday night, expect a full recap on Tuesday, by then I will know whether I will stay in New York or join our firm's number one trader in Florida. Winning tommorrow's game will make this a good vacation for sure, as I have only missed one game this year and it was a sick day.

Pre-Market: News galore, DHI beat earnings (home builder), PCP beat earnings (aerospace), a large batch of OSX downgrades, PGR beat (IUX), DAL beat earnings (XAL).

9:30: There was simply no way I could get to everything, and I didn't want to do what basket traders at my firm do, put in market orders before the market opens. As a result I missed CEX/BTK rallies, Aerospace rally. Fortunately I was very suspicious of the oil downgrade and this morning they actually bought the oils. Saw SOX straight up and called IRF when it was up 9 cents when everything else was up a lot, Mrs. D took it upon my call but she held for nearly 1.5 point, and I was shaken out for a half point gain. Very very bad execution there. Took FLR on homebuilder strength, and got 60 cents, should have bought it again when it broke 40 resistance, missed another point. A great start as I was up $500, but unfortunately that were my best trades of the day and I would go onto a string of losing trades. Took MMC on IUX pop, all looked great until all of a sudden the index reversed and I lost 30 cents in him, and the IUX turned into a total sell-off!

9:47: XBD still going, thought there will be a second leg on futures and took LAB, got out and put up a bullet when all of a sudden a large offer showed up and stepped down to 27.95. I sold 500 shares immediately but this guy gives slow fills, I was filled at .75, and the offer stepped down to .68, tried to sell again and got a fill at .45, offer stepped down to .50 and unfortunately, the stock found support there, ended up covering everything at .50 which still more than made up for the bullet cost, just not the sweet trade I was looking for. Saw an OSX pop and took VTS long, very very bad execution, he wasn't doing anything and I lost patience, as soon as I sold for a dime profit a large BID showed up and it moved half a point.

9:56: Plain ugly trade, there was a seller in DNA and Mrs. D. was short, I didn't know and I jumped in, lost a quarter immediately. It was so weak this morning when futures and index poped it didn't move at all, I should have put up the bullet and shorted away! DRG reversal, took AGN on a fake low volume break out and lost another quarter point. Those specialists must have been day traders themselve prior to their current occupation, they sure know how to paint a chart to sucker people in.

10:42: Got a little desperate, tried bottomfish RE got out flat after commissions, bottomfished SFA and got out too fast for a 15 cents profit instead of holding on for the point move, this is a key problem with my bottomfishing game, when the stock falls hard, the bounce is hard, and I can usually afford to hold on for more than a few ticks. Tried SGR and lost 10 cents. Tried DNA again after he printed size, yesterday that's where specialist got long and he ran the stock up 1.5 point, today same size different game, he went short and I went long, lost 7 cents.

2:00: Took NOC bottomfish and got nowhere. Finally got a good bottom pick in CCI, the stock printed 1 million shares in one print and went below 10 (psychological support) to shake out all the stops, I knew the specialist was long, and I bought 1000 shares at .80, sold half at 10, sold other half for 10:20, on both moves I got out way too fast, it ran up to 10.50, the specialist had a lot of shares to unload and I didn't have the courage to hold. Since that million share print worked so well, I wrote a filter that scanned for large prints half a million or more, and it caught . . . PPE. What a dumb trade, the stock wasn't moving and somehow it printed 4 million shares but it was out of the market! Of course it didn't move and I lost a nickle in spread.

3:24: Tried DNA bottomfish and lost another nickel. Just not my day. That said, a good bottomfishing game will certainly help me on those crappy summer afternoon's.

 

Gh2:

If you read my posts I have never advertised my style and said it is THE way to go. I merely told people what I do and I even told them what are the critical weaknesses in my approach (trading too many stocks, instead of learning selective specialist habits). I told people what works for me and what doesn't, nothing more.

When it comes to trading or anything else in life for that matter I am very resulted oriented, there is no BUT, WHAT IF, I WISH's in life, and they don't exist in the stock market. You either have what you want or you don't, if you don't, there is no excuse, there is no morale victoriy, you lost because you weren't good enough, plain and simple. Too many people whine how hard they pushed along the way, if they can't finish, it doesn't mean anything.

Therefore, I suggest you read over my response to def and tell me if anything I wrote was opinionated instead of common sense. If you are serious about the game, you will understand my points.

 

TradeRX,

chill out. This is a community and your tone is really abrasive. Throwing a number like $1990 is a bit childish as there are many on this board that make ten times that amount. So what?

we are here to learn, and to help and support each other. If your post is not in keeping with the above then think twice about posting or go back and edit if you write something 'in the heat of the moment'

I personally like Hitman's journal and applaud his courage to open such a window to his world. I don't trade like him but that doesn't mean I can't appreciate his tenacity and passion and learn something here and there.

ps I totally second the motion for an ignore option

 

Traderx

I would like to profit from your wisdom. Please email me (macal425@aol) tomorrow at the precise time you get into a 2-4 point trend and also at the precise time you get out. I'll give you 50 % of my profits after 2 points!!!!!!

I can't wait, this is going to be so easy.

 

Hitman

Does Worldco or other prop firms require you to make a minimum number of trades or trade a minimum number of shares per day?