Neke, When and if you do hit say 206...why dont you take out half and start with 103 again...I know, I know "edge"...but do yourself a favor and play it smart this year. Last year, you were well over 200k and then all of a sudden there was this huge dump. Please put the edge in round basket and play it safe this year...
Nice work! I can feel a 50K week coming up soon like last year. When Neke builds up to 200K look out above. This guys has steel balls and it takes that type of person to make huge gains.
"Pleased to have a third week of decent performance" Yeah, I would say that almost 10% (in a week, mind you, not in a year) would account as "decent performance" Hahahaha!!! Way to go Neke!!! Best (I mean... "decent") trading to you! Jorge
congrats neke... ...your journal is also great in that you are almost giving us a real-time, real-life case study on the profitability potential/loss in frequent trading. An education that you can only get by watching it actually happen. I'm really shooting for your success, because it validates the concept of trading as a legitimate occupation instead of the belief that it is only gambling.
>>Neke, When and if you do hit say 206...why dont you take out half and start with 103 again>> This is good advise, Neke. Of course I would think that because it is my practice. Set a level of some kind where you ALWAYS withdraw half and pay yourself. Depending on the investment vehicle and your broker's margin, the number of contracts you trade may be maxed out at $x, above which you cannot reliably get good fills. That is your level to withdraw and get paid.
That's great advice only if your goal is 206k. Neke's trades are based on the equity in the account and he'll never reach his goal of 1.2 million without the leverage of his gains.
Weekly Update for week 19 ended 05/23/2008 A good week, up 11.7K (9.1%). Made money Monday, Tuesday, Wednesday, Thursday. Gave back 6K on Friday. The week started on Monday with some bearish position (PUT) on SOLF after it ran above 26, finding no shares to short. Decided to pay the premium and spread. Closed later in the day for 9K. Tried to make some hedge with a CALL on BIDU after the show of strength. Both stocks fell when the market went south, realising a gain on SOLF and losing 6K on BIDU call. Tried to play the brave man, buying SPY CALL on Wednesday when the S&P dropped like 10 points in less than 20 minutes. I have got to stop this contrarian impulse: there was a genuine reason for the drop, as I found out later. I lost 4.3K there. Gave back 6K on friday with two bad bets. One was my automated strategy which I interfered with: Saw the position taken losing 4K, panicked and decided to close the position manually, only to see the stock recover. Had I let the system close it in its own time, I would have made 2K. That was a costly 6K override. Looking forward to more opportunities and continuation of run. Code: Balance B/F: 128,522 Net gain for the week 11,659 ------------------------------------------------ Balance C/F: 140,181 Number of Trades 34 Number of Profitable Trades 22 Since Inception of Thread 01/13/2008 - 05/23/2008 Balance B/F: 102,615 Net gain (Less Margin Interest) 37,566 ------------------------------------------------ Balance C/F: 140,181 (Up 36.6%) Number of Trades 437 Number of Profitable Trades 250 Expected Balance at this time to be on track for Year-End Target : 261,278 Status: Behind Target (Based on adjusted balance before withdrawals) Top/Bottom Discretionary Trades for the week TICKER ENTRY DATE/TIME EXIT DATE/TIME QTY PURCHASE AMT SOLD AMT GAIN/LOSS TYPE QFGRE 2008-05-19-09-33-11 2008-05-19-14-15-58 9000 31500 40500 8815 SOLF PUT STP 2008-05-22-09-36-10 2008-05-22-09-51-38 3000 141368 144779 3390 SHORT --------------------------------------------------------------- SFBFK 2008-05-21-14-08-12 2008-05-21-14-36-02 15000 35000 30900 -4355 SPY PUT BPJFP 2008-05-19-10-27-27 2008-05-20-09-35-47 1000 23290 17200 -6135 BIDU CALL