Well said about doubling up when winning to balance out the potential negative from doubling down. In reality I have no urge to average up, realising I could be jeopardising my gain, while there is the intense urge to average on losers and eliminate the loss. In any case, I am committed to eliminating all types of averaging. I should determine the ideal size upfront and stick with it, and be graceful in accepting a loss.
Neke, just wonder what kind fills you get for such large order size of 10,000 shares??? From your preveious posts you place mostly LIMIT orders...so wonder if you get filled at once..given volume is up or is kinda sprerad out and gets fill speadically? Thanks.
For that particular trade, it was awful. You would think, that with a share volume of 7million shares for the day, it would be easy getting out of 25000 shares. I started placing a limit order to get out when the stock was at 12.30. I would place a cover above the asking price, by say 2 cents, but the whole stock would jump up, and not even one share would execute. I eventually followed it all the way to 12.60 when I was able to get out. Looked like a conspiracy between my broker and the market.
neke.................bro, you're still up for the year, regroup, rethink your strategies, keep posting your results as well as your thought processes. .... What you're doing is a mini education for everyone who reads this thread...... What to do, as well as what not to do regarding trading. And I hope you are learning, also, from reviewing your trades.
Weekly Update for week 30 ended 09/21/2007 Another week to look beyond. Almost looks like a predictable pattern these days. At least I could say it would have been an OK week without that thing called BIDU. I seemed obsessed with calling a top on that stock. Tried a little and failed on the 17th. Tried again on 18th and failed, then again on 19th and failed, and once again on 21st and failed. Altogether lost 16K in stock and options trying to call a top on BIDU. I need to drill it into my head that the market is in a bull phase right now, and should have to post this reminder on my desk: DONT SHORT CHINA! The mode right now has switched from aggressiveness to conservatisim. It has been a horrible drawdown. Preservation of capital is very key right now. I will hate to see that balance go below 6 digits. The good times will still come, but I need to weather this stormy phase gracefully. Code: Balance B/F: 113,198 Loss for the week -9,614 ------------------------------------------------ Balance C/F: 103,584 Number of Trades 37 Number of Profitable Trades 17 Since Inception of Thread 2/25/2007 - 09/21/2007 Balance B/F: 76,636 Net Gain (Less Margin Interest) 77,948 Cash Withdrawal -51,000 ------------------------------------------------ Balance C/F: 103,584 (Adjusted balance before withdrawals is 154584, up 102% ) Number of Trades 812 Number of Profitable Trades 462 Expected Balance at this time to be on track for Year-End Target : 275,300 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 GAINS/LOSS TYPE LESIL 2007-09-18-13-09-15 2007-09-18-14-33-59 8000 14400 20300 5750 OPTION BCRX 2007-09-20-08-26-32 2007-09-20-09-54-26 10000 75907 81300 5372 LONG ------------------------------------------------------------ BDUUW 2007-09-19-09-37-38 2007-09-20-09-45-18 3000 13800 10170 -3705 BIDU SEP 270 PUT BDUUV 2007-09-18-14-16-40 2007-09-18-15-52-24 1800 12420 6300 -6167 BIDU SEP 260 PUT (Before Interest and Other charges) TRANSACTIONS ANALYSIS FROM 2007-02-25 TO 2007-09-22 Current Week | Since Inception of Thread | Method Gains/Loss No Of Profitable | Gains/Loss No Of Profitable Trades Trades | Trades Trades Automated AutoTrade1 -1605 10 5 | 5072 204 113 AutoTrade2 0 0 0 | 3372 12 8 AutoTrade3 0 0 0 | -4523 3 0 ----------- -------- ------------ | ----------- ------ ------------ Total Automated -1605 10 5 | 3921 219 121 ----------- -------- ------------ | ----------- ------ ------------ Discretionary Long 4569 7 4 | -43407 212 124 Short 934 11 6 | -49782 211 123 Options(long) -13563 9 2 | 168237 170 94 ----------- -------- ------------ | ----------- ------ ------------ Total Discretionary -8060 27 12 | 75047 593 341 =========== ======== ============ | =========== ====== ============ Net Totals -9665 37 17 | 78969 812 462 =========== ======== ============ | =========== ====== ============
you've gone cold a little bit. why don't you try finding multiple positions to trade simultaneously so you aren't so dependant one... ie buy your bidu puts, buy PCU calls find stuff that isn't too correlated ... i know the feeling of everything i touch turning to shit... not good. it'll come back for you.. just don't push it. reduce your size. Go to 1 options contract per item if thats what it takes to get your confidence back and stabilize your account, and get you back to NOT trying to impose your own personal issues on a trend. Its hard to bring down the size. BTW, my FXI and BIDU puts failed this week as well. OTOH, I was loaded up to the gil with other calls, bond puts, etc.. too --- so it all balances out and smooths things down.
Neke, No one said that trading, let alone options trading is a walk in the park. If it was, everyone would be doing it. I have been in your shoes more than once, so I can relate to how you feel about the current drawdown. However, the good news is that you're making higher lows and that should be good enough to keep you focused and perhaps revisit the old highs in the next few months. Best of Luck. T.K.
Neke, For all that its worth: Great, great thread... been reading if from the very beginning. Really appreciate your honesty - there's a lot to be learned from this open book journal. Keep it up..... and good luck man.
Weekly Update for week 31 ended 09/28/2007 A good week to end the stream of losing weeks. Nothing remarkable except the china play mentioned below. Was very conservative in my use of leverage, and was keen to avoid taking too many trades: of course when the trading day starts, such resolve is often tossed away. I believe everyone is aware of the phenomenon taking place in Chinese stocks. We could list all the stocks that had terrific moves: CPSL, CBAK, CSUN, JRJC, KONG. It is apparent that the Chinese market may be reaching an interim top. I played only one of the momentum: bought 5000 shares of KONG on Thursday @ 6.77, and held on to the following morning pre-market, when I exited at 9.13 for a handsome 11K gain. Wanted to immediately go short, but my broker would not allow a short sale. When the trading day started, checked the OCT 7.50 puts it was bid 1.15 ask 1.25 (even though the stock price was about 8.20). It was obvious the market-maker has set up the premium for a rip-off. So I did not buy. I watched as that stock close the day at 6.70, while the option went to only 1.35 bid. So there was an intra-day 20% move in the stock, with many weeks still left to expiration, that could not budge the option premium by 10%. What a set-up! It is good I normally turn away from such. Looking forward to next week. I hope there could be some action, and profitable opportunities. Code: Balance B/F: 103,584 Gain for the week 18,105 ------------------------------------------------ Balance C/F: 121,689 Number of Trades 20 Number of Profitable Trades 11 Since Inception of Thread 2/25/2007 - 09/28/2007 Balance B/F: 76,636 Net Gain (Less Margin Interest) 96,053 Cash Withdrawal -51,000 ------------------------------------------------ Balance C/F: 121,689 (Adjusted balance before withdrawals is 172689, up 125% ) Number of Trades 832 Number of Profitable Trades 473 Expected Balance at this time to be on track for Year-End Target : 287,288 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 GAINS/LOSS TYPE KONG 2007-09-27-11-17-30 2007-09-28-08-10-29 5000 33871 45620 11728 LONG BDUJY 2007-09-21-16-00-03 2007-09-24-09-41-34 1000 18000 23100 5065 BIDU OCT 290 CALL --------------------------------------------------------- BDUJZ 2007-09-25-13-12-15 2007-09-25-15-48-13 700 16030 14770 -1291 BIDU OCT 300 CALL TGTVZ 2007-09-25-09-58-09 2007-09-25-13-06-00 5000 13500 12000 -1595 TGT OCT 62.5 PUT (Before Interest and Other charges) TRANSACTIONS ANALYSIS FROM 2007-02-25 TO 2007-09-29 Current Week | Since Inception of Thread | Method Gains/Loss No Of Profitable | Gains/Loss No Of Profitable Trades Trades | Trades Trades Automated AutoTrade1 475 3 2 | 5548 207 115 AutoTrade2 0 0 0 | 3372 12 8 AutoTrade3 0 0 0 | -4523 3 0 ----------- -------- ------------ | ----------- ------ ------------ Total Automated 475 3 2 | 4397 222 123 ----------- -------- ------------ | ----------- ------ ------------ Discretionary Long 14489 7 5 | -28918 219 129 Short -605 5 2 | -50388 216 125 Options(long) 3774 5 2 | 172011 175 96 ----------- -------- ------------ | ----------- ------ ------------ Total Discretionary 17658 17 9 | 92706 610 350 =========== ======== ============ | =========== ====== ============ Net Totals 18134 20 11 | 97102 832 473 =========== ======== ============ | =========== ====== ============
He learns up until he makes bank than forgets. Just like me. Keep it up man. But why are you shooting for only 500k? Up that to seven figures.