Well its another done day with little fanfare. GLBL have filled the gap from last Thursday drop, at the close. I had anticipated this but I am not willing to have an open position before the earning report at this point. All my research tells me the earning will be lower and it could gap down or stay even. I hedged the gap down by closing my two most risky position. I will try to re-enter, if the stock hit my entry signal the next couple of days. Trend is still positive. IVIL was still in a tight range today, no entry point at all even though there were good volume. Trend is positive. I wanted to go long on VISG today but it didn't hit my entry point. Still very good volume. I missed the BTUI entry at the open and it never came back to me. Tomorrow looking for entry into those plus QDEL and KNOT
Before the close yesterday Sell Short 2000 GLBL@13.14. After the bad earning as expected this morning. The price moved lower and I scaled out accordingly. bought 500 GLBL@12.91 bought 500 GLBL@12.75 bought 500 GLBL@12.65 bought 500 GLBL@12.40 for net around $900 I have to admitt I fat finger one order that I am not proud of I was going to buy back my 20 CALLS DEC15 GLBL@.05 but I put .5 and I got filled at .15 ......thats what I get for not double checking my order. I still netted around $100 instead of around $300. So I just place the note to myself "CHECK YOUR ORDER", Its hard on a fast moving market but what can you do. Looks like the stock is going down further today but like I said before stay with your system and take what it gives you and say thank you. as of this writing I have no open position.
I tried to initiate a few trades earlier but I got the dreaded IB "potential pattern day trader". It seems like I am done for this week since my account isn't over 25K yet. Here is a little recap of "week 1" starting from 11-10 to 11-17. starting with 21K. I had opened position on only 3 stocks(VISG,GLBL,KNOT). I went long and short on VISG,GLBL and only long on KNOT. Had a few option play on GLBL. start with = 21,000 Week 1 = 23,725.20 net(after coms and fees) = 2725.20 net % = 12.98% It is a great start but I am not expecting this kind of return every week. Leverage and trend help increase my return this week, eventhough I was on the conservative end of my system. I am intending to stay in this conservative mode for the next three month and reassess my position for greater R/R.
YES!!! doing nothing and still earn money woohoo...OK it was only .50 cent(IB interest). Well I'll be spending sometime this weekend totalling up my shares traded, and calculate my cost basis. This is always the most boring part of trading but hey the G-man got to take a cut of the earning right and I better do it right because I don't want him to take more of my hard earn money then he deserves. on a side note, I definately try my hardest to take this account over 25K by next week. The automatic PDT rule on IB is a pain. It took 2 trading days out of this week. I missed a quite few profitable entry point the past 2 days that would have made my account over 25K. but hey I am not greedy, it just this system is working right now and I want to reap the reward.. have a good weekend all.
the final tally is Shares traded 18000(RT) options 80(RT) total coms and fees paid -152.35 I guess the old adage is true, the only people that really makes the money is the one charging the fees. No matter if we have winning trades or losing trades the house always win. I can't wait until I can open my own house.
ah now I know why I don't like to trade on Monday. I was eyeing QDEL all morning for a good time to short and it was definately a good time when it was at 15.37. I wrote up my order to sell 1000@15.37 and place the trade it got executed. then I watch the book as the ask went up to 15.40. I thought to myself "oh no, what have I done. I sold short and the stock just went up. is the MM playing with me?" I was ready to cover when I look at my execution and it said I bought instead of sold. So here I am thinking I was losing money instead I was up a few cent. Since this wasn't the position I want to be in originally, I scaled out 500@15.48 and 500@15.54. Even though this turn out OK, it could have been a big mistake. I told myself I would double check my order on a previous post but here I am almost blundering away. Anyways no harm no foul, I'll post all my position at end of day....net around $130
opened two new long position today. ENMC 1000@5.25 ABB 500@8.68 I know this is a short lived event but as of closing prices tonight, I have a net liquidation of over 25K. I am pretty proud of the fact that this was one of my goal that I wanted to achieve this week. My goal for this week was to get over 25K for this week so I won't have to deal with the PDT rule on IB. I realized that it doesn't really mean I have 25K until I liquidate everything. Also my other goal was to try to finish the week over 25K and maximizing my return. If possible, i'll try to match or exceed my return from last week. And of course trying to achieve these goals within the boundaries of my system. my overall leverage is 1.5 which is well under my maximum leverage for my system. I just didn't get anymore entry signal today to work on...gobber..gobber...