Weekly Update for week 15 ended 06/08/2007 Spent a significant amount of time automating an extra strategy. That brings to two the number of automated strategies I have. The first one (let's call it AUTOTRADE1) is expected to add 10% per month to my account, while this second one (AUTOTRADE2) could add an extra 5% - it will probably pick about 5 trades a month. Still planning to add an extra one before the month runs out. The most profitable trade for the week comes from an unlikely source: OPTIONS. After the sell-off Thursday, I expected some early morning follow-thru Friday. So I put a limit order to buy 20 contracts of MA JUNE 140 CALLS at 2.00 pre-market before heading off for a meeting. The trade executed at about 9.38am before the market rebounded. Eventually sold at 5.1 for a gain of 6K, as the stock continued pulling back. Regret not taking a bigger position. After getting out, I got in on a JUNE 145 PUT on the same stock to my detriment. Lost 3K on that: was chasing it down. First trades always seem to be better planned. Second trades bring in too much emotion. No reason to only buy 4K worth when winning, and buy 24K worth when losing. All the more reason for automating. Automated trades made 5.7K, while descretionary brought in 5.3K. Withdrew 6K for the month ended 5/31/2007 (awful as it was!) Code: Balance B/F: 91,566 Gain for the week 11,044 Withdrawal -6,000 ------------------------------------------------ Balance C/F: 96,610 Number of Trades 26 Number of Profitable Trades 14 Since Inception of Thread 2/25/2007 - 06/08/2007 Balance B/F: 76,636 Net Gain (Less Margin Interest) 44,974 Cash Withdrawal -25,000 ------------------------------------------------ Balance C/F: 96,610 (Without withdrawals should have been 121610, up 59% ) Number of Trades 394 Number of Profitable Trades 242 Expected Balance at this time to be on track for Year-End Target : 145,251 Status: Behind Target Top/Bottom Discretionary Trades for the week TICKER ENTRY DATE/TIME EXIT DATE/TIME QTY PURCHASE AMT SOLD AMT GAINS TYPE MALFH 2007-06-08-09-37-47 2007-06-08-15-06-26 2000 4000 10200 6150 OPTIONS PNRA 2007-06-06-09-53-41 2007-06-06-15-29-00 2000 100289 102422 2111 SHORT MFB 2007-06-06-15-48-54 2007-06-07-15-42-21 4017 75271 74198 -1094 LONG MALRI 2007-06-08-15-19-16 2007-06-08-15-57-09 6800 23800 21080 -2720 OPTIONS
What the person said is quite true. People warned him, but there was little evidence of really listening. No apology is owed from that person. Swinging for the fences, while ignoring proper practices is going to get a person bloody. It is only a matter of time. And there is zero sympathy due. We have all been there.
Still haven't wrung the discretionary devil out of yourself, eh? It IS, however, good to see that you've been working on your automated stuff after the bloodbath. Have you ever considered a goal that won't subject you to huge drawdowns?
Weekly Update for week 16 ended 06/15/2007 This week was mostly spent out of the markets as I was busy following the birth of our baby daughter. Made only 2 discretionary trades for a 1K loss, and 8 automated trades for a gain of 3.6K. I have started doing pilot test for a third automated strategy (AUTOTRADE3). Code: Balance B/F: 96,610 Gain for the week 2,627 ------------------------------------------------ Balance C/F: 99,237 Number of Trades 10 Number of Profitable Trades 4 Since Inception of Thread 2/25/2007 - 06/15/2007 Balance B/F: 76,636 Net Gain (Less Margin Interest) 47,601 Cash Withdrawal -25,000 ------------------------------------------------ Balance C/F: 99,237 (Without withdrawals should have been 124237, up 62% ) Number of Trades 404 Number of Profitable Trades 246 Expected Balance at this time to be on track for Year-End Target : 151,576 Status: Behind Target Top/Bottom Discretionary Trades for the week (Only two discretionary trades) TICKER ENTRY DATE/TIME EXIT DATE/TIME QTY PURCHASE AMT SOLD AMT GAINS TYPE GPYRF 2007-06-14-14-32-09 2007-06-14-15-55-15 4000 17200 18400 1109.73 OPTIONS LESFO 2007-06-12-09-57-15 2007-06-12-15-44-30 3000 7500 5400 -2165.06 OPTIONS
hi neke please make sure you do not try to "swing for the fences" every week esp if you have a newborn somethings are more important than money congrads !!
Speaking from personal experience, this is 100% true. You haven't felt a rush until you've been right in the middle of managing an incredible end of month economic report trade in the bonds, only to hear your new born infant crying and your wife is taking a 30 minute walking break. Yeah buddy, that is life! Oh, add first child, first time parent, newly arrived home to the mix. Yeah, my heart rate and blood pressure are rising right this moment. Congrats on the baby neke! I second the advice, take a break or automate.