NoDoji's Day Trading Log

Maybe we should all take mondays off

Nice going Nod. Sure was a nice carry over with ORLY.

If only they were all that easy: o )

 

Are you kidding, dude? You started with a minimum day trading account and it's up how much now???

 

Thanks, Bob, I too wish they were all like that!

I think you may have already left for NY, but I thanked you today for demonstrating patience in your trades. I've been working on that a lot and it's starting to pay off nicely.

Have fun!

 

I consider myself a "salty vet" in trading, although I only do it part time, but I have to say when I started out I wish I read a thread like this: With all the insight into what goes though a traders mind during the day. I hope the noobs realize how insightful this is to see what goes on in the mnd of someone trying to trade for a living!!!.

It is very easy to see that Nodoji goes into everyday w/ a plan....and tries to stick to that plan as much as possible, although the mind gets in the way sometimes, and she makes a point of telling us the mistakes that she does..and what she will do to change those mistakes.......
Great thread (and trading) NoD.....keep it up g/f!!!!!!!

 

Thanks, geez! I strive for the discipline you exercise in your trading. If I'd exercised your kind of strict trade management, I'd have saved myself many losses and turned out quite profitable last year. To all the new traders out there: It really is a GOOD FEELING to put in a stop and know that you will not lose more than $x on the trade. It's OK if the stop is hit. It does not make you a failure; it demonstrates wisdom and professionalism. And the ONLY direction you should move a stop is in your favor!

On another note, I just read some excellent advice in Alan Farley's "The Master Swing Trader": "Show a willingness to forgo marginal positions and wait for good opportunities to appear. Prepare to experience long periods of boredom between frantic surges of concentration. Expect to stand aside, wait, and watch when the markets offer nothing to do. Accept this unwelcome state as all successful participants do. The need for excitement makes a very dangerous trading partner."

Bob warned me about this many times, and encouraged me not to worry about missed entries, because more strong opportunities always present themselves with patience. I am JUST NOW starting to honor this advice, and see the incredible wisdom in it. This kind of patience allows you to spend more time letting your profits run, than worrying about losers.

By the way, Farley's book uses the term "swing trader" to encompass day trader as well and it's a truly amazing book. It's not geared to beginners at all. I tried to read it last year, got through very little of it, and was left scratching my head at most of it. I just got it again from the library this week, and several months of solid screen time and analysis has unlocked this book like a magic key. I'm ordering it from Amazon this week!

 

NoDoji:
Thank you for your sharing and for your inspiration.
The trading arena is quite rough, specially for some of us that moved from "swing trading" to "day trading". It's like learning to walk again.
You and many on the P/L 2009 thread deliver day in day out. It's quite remarkable.

Best!
From The Safe

 

+ $531

Short DRI @ 28.86, overbought. After much ranging, it took a dump and I covered @ 28.25 on the pivot from oversold for a $253 gain.

Offered 9.15 HOTT. My first inclination was to offer 9.10 which was the HOD and that inclination was the right one, because it hit 9.11 and dropped off nicely. So later I lowered my standards and offered 9.07, which eventually filled. Set a target @ 8.91, just a bit above the LOD and it filled a couple hundred shares at a time over a two and half hour time frame for a $160 gain.

Covered yesterday's ORLY @ 32.29 oversold pivot for a $100 gain, figuring it would stage a bounce I could short again.

Short ORLY @ 32.43 overbought. Exited @ b/e due to strong buying volume as the market dropped. The volume didn’t prop it up much from there and it ranged forever, before dropping nicely. Ahhh, patience!

Offered 22.00 GEOY when it was trading @ 21.30, figuring it had a remote chance of getting close and I’d re-evaluate an entry if so. It headed hard to 22.00 and I pulled my offer based on the large buying volume. It rallied hard through that price. This was a gapper with very large short interest, and I didn’t want to ride a squeeze on it. Keeping it on my radar for tomorrow.

Offered 13.29 MYL when the buying volume dried up indicating failure to make a new high, but missed the entry by a few pennies.

Short DRI @ 27.82 overbought. Covered oversold at trend line target of 27.65 for a $82 gain.

 

NOD QUOTE:Offered 9.15 HOTT. My first inclination was to offer 9.10 which was the HOD and that inclination was the right one, because it hit 9.11 and dropped off nicely. So later I lowered my standards and offered 9.07, which eventually filled. Set a target @ 8.91, just a bit above the LOD and it filled a couple hundred shares at a time over a two and half hour time frame for a $160 gain.
.................................................................

And to think RMBS was ticking me off b/c it took me 7 min. to get me out!
Nice work today....looks like you are cont. to stick to your plan.

 

Well, you pretty much mastered it.

Me, on the other hand..shorted SWN at 27.60 in the very beginning. Just look what it did later. I got scared again and exited way early. Again.

What am I to do?

 

I will tell you what to do, but I have trouble doing it myself! When you are shorting in a down market with no good news in sight and your position becomes profitable, place a stop @ b/e and don't look at the chart till an hour before the close