While the relatively light size I traded today made it impossible to have a huge day (never found a position worth going a full lot on with the lack of overall momentum), this was a huge game for me as for the first time ever, my entire line of offense clicked. For the longest time I have looked for something other than my bread and butter sector trading stuff, so when the market is choppy I have something other than a pure top down approach to go after. 15500 shares each way on 13 of 19 shooting, +1217 before commissions, +900 after, 1 bullet. The best story of the day is that my top five winners of the day came from 5 radically different strategies, PX was my bread and butter sector trade, GM/MRK were Don Bright open fills, HP was morning news, CTB was Bloomberg news, LNY/IGT a Tony Oz 3 day reversals . . . If I can get consistent production across the board like this, I will take it to the next level . . . Depth means increased consistency, and to me that means increased confidence to excel in difficult market conditions, and hopefully, more size . . . Pre-Market: Energy downgrades and given the way they have been overbought I thought it could be real. 9:30: Filled long on JPM/MRK, got 5 cents out of JPM, 30 cents from MRK, filled short on GM/TYC and scored 37 cents there, just 6 cents from TYC on a bad shakeout. Then I got filled on VIA instead of VIA/B, and VIA being a super thin stock hit me for 30 cents, very stupid mistake there. Got $200 something after the open which was a nice cushion on a choppy day. 9:40: Bulleted HP at 38.30, really hard to hold through the damn wiggles but still pulled out $200 there after commissions/bullet cost. Tried to bottompick BHI/DO and got out immediately for little losses. 10:18: Scalped 5 cents off MGM as I thought he will fill a little bit of that gap. Got half a point off PX on chemical move. Scored half a point off LNY. Tried to bottompick SPF/MDC on homebuilder rebound but it seems the sector finally ran out of juice and I lost a little overall. 11:38: Got just 15 cents from CTB based on a volume breakout yesterday. But later in the day there was news on revised earnings from Bloomberg, wish I took 1000 shares! Only got 400 and a 40 cents pop was still nice, churned a little away later tho as I thought there will be one more leg. Churned a little EOG. 2:30: Took IGT on a breakout retrace, too bad did just 300 shares and got 40 cents out of it . . . Tried CRA on BTK move but market was just too choppy and I churned. Team Stats: 8 of 9 active traders 64500 shares each way on 34 of 66 shooting +609 before commissions (4 of 8 positive) -886 after commissions (4 of 8 positive) Top 3 Symbols: PX, GTK, GP Bottom 3 Symbols: LE, MGM, MWD
Believe it or not I have in my hand a print copy of the latest expose' by Geraldo Rivera: ElitistTrader - the shocking underground workings of EliteTrader. This Fox News exclusive uncovers secrets Baron has tried to keep private since ET's inception. Little known "unwritten rules of conduct" that allow ET members with more posts to criticize members with less posts with impunity. There is a whole "brownie point heirarchy" to ET based on tenure and number of posts. Those who are extra good even get a special "star on the forehead." A special ever-present shrine has been built on ET showing members their inferiority compared to the majesty of these few elite senior members. One disgruntled former ET member even compared the lifestyle of these "favored few" to Hugh Heffner in the heyday at Playboy mansion. There is also a little known "vendor hazing" ritual that is too graphic to air on prime time. The special will air live 8/7 Central only on Fox network.
Not bad except that Rivera is in Afghanistan covering the war. Springer would've been good! I still like ElitistTrader Boxing the best.
Hitman, you are providing an invaluable insight to your work. Did you ever think about summarizing your experiences into a book for publish? I was wondering if you had a summary of your overall stats.. i.e. your net on 2001 on x number of shares and so on? I doubt many traders are doing better than you are. It seems like you put way too much work into what you are doing. Congrats!
" Not bad except that Rivera is in Afghanistan covering the war. Springer would've been good! I still like ElitistTrader Boxing the best." Actually, Geraldo is in the West Bank covering the Arab/Israeli problems.
Sammy: Every trader I know is doing better than me, because I only compare myself against those that are superior and never look at those who are behind.