So yeah...just started with a prop firm lately. Posted my first day Live on Friday but the thread disappeared. So here goes again....
well 2nd day Live..nearly doubled my gross while keeping my net pretty much the same. $14 of net due to execution fee since I'm only trading 100 shares.
didn't bother posting today. Boss had us practice playing the credit game and there weren't many opportunities for trades due to the low volume on the stocks we were in. Hopefully tomorrow is better.
Much better day today with higher volumes. Did better on the credit game flipping ATTN whenever I could. Changed my blotter to reflect my net without the stupid 0.20 execution fee since I'm trading 100 shares.
Didn't make near as many trades today for a couple reasons. First of all, the boss wanted us to only Bid on a stock that was in the positive for the day and only Offer on stocks that were negative. Second, the stocks we were trading barely moved at all for most of the day. Monday we get to go out on our own so I'll pick something that moves more.
What is this some kind of joke?? Making $10 or $15 a day? Looks like your boss will be making a killing on commisions. THere was once a guy here that started a thread scalping low priced stocks.. after a few months he quit.. there is no edge.. the game is dead... its just churn and burn.
scalping? $1 stocks, is really not a good learning experience, maybe paper day trade some bigger stocks such as XMSR RIMM?
this first week he's just had us experimenting with different strategies and "learning the ropes". Like I said, starting Monday we're on our own and will start being reviewed for share size increases.
Well today I was experimenting with letting my winners run farther and letting the losers give a little more also so there was more of a chance I could pullback on a losing trade. Unfortunately giving the losers a little more cost me but letting the winners ride more seemed to work OK. Some of the small losses I took intentionally because I credited in and out so I still gained in the end on net. Got burned at the beginning of the day as you can see because I wasn't paying attention to what the Nasdaq and S & P were doing and I shorted it. Lessons learned.
today's not worth posting. Didn't feel like giving in to the "slop and chop" so I barely traded at all. Got burned twice today because our quote server was delayed Other than that nothing to note. Hopefully tomorrow is better.