rofl...proving myself on elitetrader and getting myself in trouble with compliance aren't 2 of my top priorities with my trading.
Wouldn't classify myelf as such. Look at everything including price! SPY tells me everything if looking at the day from a bigger perspective (market). Have no interest in diversifying to other indexes. Add liquidity as well.
If you look at my prior sizing analysis, I should take smaller risk (position size) as my account size is just too close to my starting capital (that must be protected at all cost). Still working on completing and putting into effect my position sizing rules.
This is a prudent approach Neke. I was biting my nails every Fri. last year, knowing that you were as much as 100% invested in 1 or 2 option position. I find that I make less mistakes when risk management rules are adhered to. Would be interested to see how it works for you.
Weekly Update for week 4/50 ended 02/07/2009 Another nice week, up 25K (7%). Pleased there were no stand-out losers except the SPY put on Friday. Incidentally biggest gainer was POT put on the same day. Emphasis this week was reducing risk through reduction in holding time frame. While it works to give a smoother curve, some potential big winners were cut short. Code: Opening Balance: 336,435 Net gain for the week 24,942 ------------------------------------------------ Net Balance: 361,377 Number of Trades 17 Number of Profitable Trades 12 Since Inception of Thread 01/10/2009 - 02/07/2009 Opening Balance: 320,064 Net gain (Less Margin Interest) 41,313 (Up 13%) ------------------------------------------------ Net Balance 361,377 Number of Trades 87 Number of Profitable Trades 54 Top/Bottom Discretionary Trades for the week TICKER ENTRY DATE/TIME EXIT DATE/TIME QTY PURCHASE AMT SOLD AMT GAIN/LOSS TYPE PYPNR 2009-02-06-09-41-25 2009-02-06-10-55-54 20000 84000 96000 11678 POT PUT SPY 2009-02-02-13-57-00 2009-02-02-15-40-35 8000 655520 664000 8456 LONG ---------------------------------------------------------------------- SZCNH 2009-02-06-12-30-45 2009-02-06-15-39-26 60000 138000 132616 -6313 SPY PUT
I don't want to clutter your thread with pointless posts, I just have to say this though! Ride On Neke!!!! Keep it up, very inspirational to those trying to succeed in the markets!
first, yours is the only journal i've followed on ET; as i believe it's authentic as well as unique. couple questions about your options trades which i haven't seen you address: would you mind walking thru the mechanics of your options trades? by that, i mean the actual trade execution process. your # of contracts are always even numbers. given the large # of contracts you trade, it makes me curious as to what type of orders you're entering. bid/ask are, of course, always changing both in price and spread; and my experience is many times getting partial fills on limit orders. given the potential for rape with market orders, i doubt you're entering market orders. hence, my mechanics question. are you placing 'generous' limits to ensure execution? also, are your orders always online, or do you sometimes pick up the phone? as to exiting the trade: do you use the same method as the entry? given risk/money management, especially if things are moving rapidly against you, limit vs market orders each have their downside. personally, limit orders that don't get executed result in chasing it when i've exceeded max pain for the trade and discipline dictates exiting. again, given the # of contracts you trade, coupled with the fact that you time stamp your trades in your update (implying all your trades execute in 1 order), it makes me keenly interested in how you accomplish this. finally, how often do you find an options trade that, when it comes to executing it, you can't do it without slippage due to size? along the same lines, given the large % of acct. size that your method takes per trade, at what acct. size do you think you will hit the wall with the options part of your strategy? thanks.
most your trades are intraday, but you only made 17 trades this whole week?...is that right? oh and what stocks did you trade this week?