Weekly Update for week 24/50 ended 06/27/2009 More of the same. Down 5K (2%). Seems like each week, there just has to be that one discretionary trade that messes my week. This time, it was FCX on Wed. What started as an automated alert to short 1200 FCX at 49.08 became a discretionary trade as I averaged down as the stock kept going up. Finally closed all 11000 shares, and came back later to take revenge, buying 8000 shares. Lost 13K on the combined trades. Otherwise the week was spent taking numerous small-sized automated alerts. Desperately looking for a positive week. Code: Opening Balance: 225,370 Net loss for the week -5,034 ------------------------------------------------ Net Balance: 220,336 Number of Trades 38 Number of Profitable Trades 19 Since Inception of Thread 01/10/2009 - 06/27/2009 Opening Balance: 320,064 Net loss (Less Margin Interest) -99,728 (Down 31.2%) ------------------------------------------------ Net Balance 220,336 Number of Trades 582 Number of Profitable Trades 357 Top/Bottom Discretionary Trades for the week TICKER ENTRY DATE/TIME EXIT DATE/TIME QTY PURCHASE AMT SOLD AMT GAIN/LOSS TYPE HJQSL 2009-06-25-11-26-36 2009-06-25-15-57-43 8000 68400 74800 6243 FSLR PUT POT 2009-06-26-13-15-31 2009-06-26-14-45-30 4000 367476 370402 2903 LONG --------------------------------------------------------- FCX 2009-06-24-12-19-08 2009-06-24-14-02-29 8000 397936 394097 -3870 LONG FCX 2009-06-24-09-33-21 2009-06-24-11-04-27 11000 554363 545067 -9345 SHORT
You have a 61% win rate, but are still losing money. You might have scope to take some losses quicker and still win >50% of the time.
Neke, STOP TRADING You're in a death spiral. Look at your equity chart objectivley and then pull up a stock chart that looks like that. A slow grind down like that usually ends with a fast dive of a cliff where it loses half its value. Remember a chart is a chart. It's summer, the markets sucks anyway, take a couple weeks of to clear your head. Take the 5k you're going to lose next week and go to Aruba and just vege out on the beach with no TV or Newspapers or internet. You've proven you can make money in the market, now show some disipline and take a step back. The market will still be here when you get back. Anyway, thats the best advice I can give, do with it what you will. PS. To the idiots crapping on this thread, and you know who you are, get a life!
How can you know that? There are probably many winning trades where he averaged down as well first and that assumingly is the reason why he cannot stop doing it. Entries are bad I guess. Inability to accept being wrong and accordingly no proper risk planning in terms of position- and account size ratio. Index options are a nice turbo but since the SPY/ES is the one which is most rigged and manipulated for cleaner trend moves QQQQ, RUT and DIA are probably easier to trade.
It's always a boost to profitability to keep track of mistakes and see how much one has lost as a result of them. It increases awareness of what is damaging trading performance. Once you see how much bad habits are costing you, it's a strong incentive to stop repeating them.
a great, honest thread! here's some audio stuff that i sometimes use, when dealing with difficult markets, or trying to create alpha in a more controlled way: arikiev.com/kiev_podcast.htm it often works for me, people may want to check it out. before you dismiss this kind of stuff, just check it out, several podcasts, it has a good impact. i think there must be a hidden layer of meaning in some of the podcasts, which programs our subconscious for success . . .
Hi Neke, Not such a Big loss as the posts made it out to be.. Keep it up..unless there are bigger than usual looking losses, there can't be bigger than usual looking gains. I personally have lost more than 20% of portfolio in one day..And ended year positive..more than 100% gain.. Oh..Carry on..