New Trader EC's Notebook

Discussion in 'Journals' started by Ely, Sep 28, 2007.

  1. Ely


    1 trade today

    Bought BRCM at day's high and exited with 32 cents loss.


    The momentum seemed strong and NQ was having continuous up ticks. The market order filled me with 10 cents higher than the price i expected and I hesitated to set the stop loss as I planned. In no moment the price turned against me I wished to exit the trade with a smaller loss but staying longer in the trade I loss more.

    Even I set my rules and read it before sleep and before sitting in front of computer I still made the same mistake.

    So far most of my profit came from a more trendy price move in the late afternoon. And all my major mistakes were made in the early morning session. I think I'm still not sharp enough to face the fast movement in the morning yet.

    I hear the market is laughing at me. There is no other attitude should exist except for be humble and listen to the market. It likes to do whatever it wants to. There is a long way to go toughen my mind and sharpen my execution.

    I will go back to read Harvey's book again thoroughly.

    I haven't reached my $200 weekly max loss yet. But I don't feel alright to keep trading. Seems some other traders are experiencing a loss too probably I should stay hands off for a while.

    More reading and observation.
    #11     Oct 16, 2007
  2. Ely



    1 trade only

    Trading 150 shares. practiced scaled exit
    16c *100=$16
    12c * 50=$6

    -$15 commission

    Watched the market since 8:30am. I'm glad I resisted the temptation to enter trades in the morning.
    #12     Oct 17, 2007
  3. Ely



    4 trades


    -$35 commission

    Didn't make big mistakes. A little fear.

    It's a negative number but I'm happy with my improved execution. I planned the trades and traded my plan.
    #13     Oct 18, 2007
  4. Ely



    It's always easier said than actually done it.

    Today I'm so disappointed with my self.

    I made a string of mistakes. and turned winning trades to losing one.

    5 trades.

    -0.10*80=-8 I was up 40+cents with this trade, but ended up losing.

    -$45 commision

    What I did Wrong Today.
    1. The second trade is a "revenge" trade after been shaken out from the first one.

    2. The thrid trade I was up almost covered the previous loss but getting greedy, HOPE it goes further to turn my negtive number to a positive one. There were many opportunities for me to exit with profit or smaller profit when it starts to go to sideway. But I HOPED it turn back to my direction giving me more.

    3. I have reached my weekly max loss before the last trade. But I overtraded with larger size and it made my day so ugly.

    This is the 5th week of my trading. I had 2 disaster days so far and this is the ugliest since I was repeating the same mistake.

    I lost $280 this week.

    I was happy with my last 2 days execution I thought I've learnt to get disciplined. It's far from what I thought. I realized I'm very easy to get arrogant when there is a little achievement.

    Give enough room for profit to run but don't let a winning trade turn to a losing one. It's so hard to get it right.

    I will go back trading 100 share from next week.
    I will keep hands off if the market goes no direction.
    I will not trade during the first hour these days. I'm not fast enough yet. will keep observing.
    I will only trade stocks moving in a safer manner and only enter small risk setup which I will set 10~15 cents stop loss.
    I will use a limit order to enter the trade.
    I will put market stop loss order after I enter the trade.
    I will not move my stop loss.
    If there is reasonable profit I will take it.
    I will stop immediatly if a Max Loss is reached.

    What a good day plenty of movement but apparently it's not for a not-ready novice trader.

    I wish everyone trade well.
    #14     Oct 19, 2007
  5. Ely



    2 trades

    BRCM: 0.30*100=$30
    NTAP: 0.02*100=$2

    -$20 commission

    have to run some errands. Done my morning session or my day.
    #15     Oct 23, 2007
  6. Ely


    2 trades

    TASR: 0.20*100=$20, it was a $2.00 smooth move in 5 minutes I exited with a 20 cents profit....

    -$20 commission

    I have to go cook.
    #16     Oct 24, 2007
  7. Ely




    -20 commssion

    no direction. I'm done today.
    #17     Oct 25, 2007
  8. Ely



    AMZN: 0.13*100=13
    EBAY: 0.13*100=13

    -$20 comission

    Didn't lose this week. I'm content.

    Have a good weekend.
    #18     Oct 26, 2007
  9. Ely


    JNPR: 0.12*100=12

    -20 commission
    #19     Oct 29, 2007
  10. jnuke


    Which broker do you use that allows day trading w/less than

    25,000? just curious.
    #20     Oct 29, 2007