Going to start writing a journal. Even if nobody reads it I think writing everything down will help me to focus more. I have been trading for almost three years. My first year was tough and my second year was a good base. Didn't make 6 figures but I did make a decent living and was getting better each month. This was not a great year...until December, then it became a terrible year. This is one of my worst months since I started. I never imagined it would be this difficult. This month has made me feel like a rookie again. I am amazed at how difficult it has become for me to make a few hundred bucks. The sick thing is that I still love to trade. If it was up to me I would never give up trading... but unfortunately I have many bills and they have to be paid...so I need to get this turned around soon. My first year trading I had to work nights and weekends....that was not fun. Again I am looking for a second job to make money. Having secondary income will definately alleviate some pressure, because trading is stressful enough, worrying about bills and Christmas presents just makes it more difficult. I have looked around for jobs, but in this economy an unsuccessful proprietary trader is not the epitome of a job candidate. Especially since I started doing this in college and majored in Finance(not a good idea in hindsight.) So basically I'll be writing my thoughts and trades each day. My style has constantly been in a state of flux since I started. News, technical, earnings, GapUp and Downs etc etc. The market has changed so much in the past three years. In 2000 it was so volatile and easy to make money. My style is now a mix... basically I am trying to find opportunity where ever I can. Be back Monday.
Got in this morning around 8. Nothing really caught my eye. Saw two nice "old school charts." PRX and ACS would be great breakout candidates three years ago but in this market the second day on breakout is 50/50 at best. Also was watching WTW on a negative article in Barons. Those don't work too often either but they are worth keeping an eye on. It gapped down two bucks and squeeeeeezed. Have been toying with Dons Open Strategy. Have been playing small but will gradually get up to 1000+ shares. Made $390 on open orders. That was basically it. One of my rules is: that if there is no volume and I am not playing anything I'll usually protect my profits and sit on my hands. By 10:00 ony 130 million shares had traded. Thats the worst its been in weeks. So I'll basically chill and won't trade unless its a gift.
10:45 and it an absolute chopshop. Take the money and run. Go try and get some Christmas shopping done. 3000 shares(one way) $451.00 Gross $380.83 Net
Back after a week off. Longest I have taken off in a year and a half. Very slow as expected. Blew a nice "bottom pick." In a thin market I should've waited it out. No news on tape and support on the daily. But in these markets the specialist can really move a stock 20-40 cents to try and shake some people out. 4000 shares traded round trip -24.00 Gross -67.35 Net
Last day of the year. Looking forward to 2003. Was planning on just playing the open and seeing if I could find any layups. Have been tweaking my open order strategy and so far it looks good. I am 5 for 7 (71%) so far. Up about 625.00 the past 7 days. But have been playing small (300 shares.) As I get more comfortable and feel the strategy is sound I will keep increasing my shares and orders. I do need to check my orders as I have missed two layup open order trades the past two days which would have made me an extra 200 bucks. Consumer Confidence came in terrible but I had no bullets when it was released and didn't feel like chasing anything in this market. One thing I have learned... the thinner the market the worse the specialist is. Gonna take the money and run. End this terrible year on a positive... even if it is a small positive. Happy New Year GOOD LUCK TO EVERYONE NEXT YEAR!! 2400 round trip $258.00 Gross $229.88 Net
The specialist is picking my pocket too. Consistently getting squeezed on thin stocks for .25 or more on 400-600 share positions. I will need to refocus entirely if I am to stay in the game for 2003. If the market continues to be like December, I will give up trading.
A new year. Volume is TERRIBLE. I like to see 200 Mill by 10:00 or I am very wary. Played the open. This strategy is the only thing working for me recently. Also played the 10 o'clock move. 5600 round trip $590 Gross $527 Net .19 per trade Avg.
Another light volume day. Basically flat. Today was a positive though as I continue to refine my open strategy. I would like to get to the point where I am entering orders for 30-50 stocks premarket, and taking quick profits. Today I continued with 500 share positions. Will do the same next week. 5000 shares traded -35.00 -91.00 Didn't see too many opportunities worth getting involved. Monday should be better.