Trading Journal, December

Discussion in 'Trading' started by STOCKKBROKER, Dec 18, 2001.

  1. 12-17-01 04:57 PM
    First day
    My first day started and ended up as expected, a lot of confusions mistakes because of the new systems.

    NKE $100
    Bought this stock at 9:45 when RLX was shooting up, for some reason the stock didn't want to move. Made 10c and got out at $53.20. Got back in again at 50c, when a big bid showed up and the stock went up as high as 85c. I had a 50c stop in and when I went to change it the order entry system froze and I watched my $150 profit disappeared in a matter of few prints. What made it worse was I thought that my order was dead because of the malfunction and I sold market to get out of the position, when I finally rebooted my order entry, I got filled on my stop too. So I had a short sale violation. The rule here is that for every violation, you will be fined $150. Yikes, what a good way to start out the day. Bought it again at 45c and rode it for a 35c profit, should have hung on because the stock went up as high as $53.50. oh well.

    BKS -$27
    Bought this at 12p.m when RLX is going up a little bit, got filled at 64c and the stock went up as high as 85c, and the the bid disappeared, put in my stop at 63c, and got printed at 54c. What a criminal this guy is. Bought it again at 3 p.m and made some of my money back.

    Nothing was going on in the afternoon, bought some APA, DO and REI. Lost commission on DO and REI and made $10 on APA lol.
    REI eventually went up 30c from where I sold it, I knew this stock is going to move slowly and somehow I got impatient and got out with 1c loss??

    Ended the day up $50. But after the fine I am probably going to be down $100. I put in a request for rebate, since this is my first time and all, but chances are very slim if I am going to get anything back.

    I am glad to get all the butterflies out of the way, I did my layout again one final time, and it should work better now that I know what to look for. I should be able to make more money tomorrow. I want to get some real time filters. The first alert that we have is not generating much signals if any, maybe it was a slow day today. But hopefully we can get a smaller filter that is going to work better than the clunky thing that we have now.

    The legal team is looking into the "thing" and we should have an answer back in the next few days.

  2. 12-18-01 04:19 PM
    2ND DAY
    Missed the entire open due to some software issues. DID not trade at all, even though I had some great call MON, PX, WFT, EOG. I can get all these stocks at a discount and yet. OH well!!!

    Finally got AT today, the software that I know and familiar with, spend the whole afternoon setting up my workstation again. But this time everything looks familiar and I should be doing much, much, much better tomorrow.

    Did 2 trades the entire day,

    CRA -$31
    The entire BTK was ripping at 3:30, and for some reason the stock just didn't want to move. Bought it at $28.14 and sold it at 10c.

    YRK $59
    A 50c gap late in the day, got in at $38.76, the spec. printed 76c for like 5-6 minutes. Usually not a good sign, since he is shorting the crap out of this stock, but being it was late in the day, he couldn't do much tricks and had to let the stock go. I got out at 90c, close to the last print.

    Ended up the day with $27 profit. lol. Chicken feed, but I am glad I finally got AT and I will make some real money tomorrow.

    We have to go see some lawyer next door regarding the thing, will keep you guys posted.

  3. Well, met with the legal eagle, basically told us what we knew all along, no big deal. Just some scare tactics of some sort, of course the lawyer has to look over the contract that we signed but he said the worst case scenario will be arbitration, 6 , 7 months down the road, and we might to have to pay a fraction of the amount claimed, which our new boss will foot the bill anyways.

    And this is not likely that we will go down that road, since at $300 / hour, the bill could come up to something like $50 - $60,000 to fill all the claims agaisnt us.

    Unless they are doing this to send a message to us, without regards to the cost, we have nothing to worry about.

    So, kind feel better. everything seems to be coming in place. Hope I will have a great day tomorrow.
  4. great to hear Stockk =)..

  5. WFT $248
    OSX was strong right off the open, bought the stock at $35, at 9:42, the sector was ripping and I put in a limit to sell at 60c, that was the hig on Friday, got filled and the stock slice through it and went as high as $36.50, left a point on the table. Looking at my charts, I should have not gotten out. Just too anxious to book my profit.

    MUR $112
    What a crazy stock this was, bought it at $77.70, and within 2 minutes I wa up over $300. Literally 4 prints later I was down $60, then $120, then $180. The stock was printing all over the place. I hung on and finally sold it at 95c. Meanwhile the stock is trading at $79.50 OUCH!!!!!!!!!!!!!.

    CRA $103
    BTK starting to go, bought it at $27.36, at 10 a.m. only got filled on 300 shares and I got out at 73c, yesterday's low. Didn't think we would rally that hard. Right after the stock sliced through the fig. and is now trading at $28.25

    CB -$97
    Worst trade of the day, bought this at 10:05 when IUX spreaded up, got filled at $66.14, it didn't move and 23900 offer came in at $66. Got out at 95c. Minimal damage considering that the stock traded as low as $65.60

    KSS $3
    Criminal spec all the way. Bought this at $68.49 at 10:15, a few minutes later the stock was going up nicely and printed 80c. NOt bad, printed 80c again, then 79c offer, and next offer 61c? and Bid dropped to 50c. Got out at 52c. Spec. drove the stock down and printed about 9K at 01. Usually a very bullish sign, but RLX was trending lower and I didn't want to get back in. The stock is trading at $69 now.

    ALL $23
    Bought this at 10:23 when IUX was again trending higher, at $32.56, stock trended higher and the spec. printed 44K at $32.56, on a 25c spread, that means he is short, should have gotten out immediately at 50c, but a little hesitation and I got the 40c print.

    EPG $333
    Could be the best trade of the day, the stock gapped down 60c to $41 on 50K print and the bid stepped up a very bullish sign, wiggled a lot after I got filled at $41.01, I was up $300 and then $150, and the $250 in matter of prints. When he finally did a 100K print, I knew sellers were done and the stock is going higher. Numerous prints go off at $41.80, and I out in a 79c stop. Spec. said thank you and got my stocks at 70c. The stock went as high as $42.90. I made a mistake by putting in a stupid stop. Should have put it at 50c. Oh well.

    JBL $24
    Flat stock, semi is down on MU's warnings, someone here gave me a tip and bought it, didn't go anywhere as expected but good thing I didn't lose anything.

    I had a decent day, up $750. Decided to take the rest of the afternoon off, didn't want to give back any of my gains today.
    Plus I think the market is going to be good till the end of the Q, so I will have plenty of opportunities later in the week.
  6. I spent the rest of the afternoon walking around downtown, and I came across a specialty store that sells a tempure-pedic bed. These beds are supposedly made out of space age materials, that help you sleep absolutely stress free. I tried it out and damm it was so comfortable, I felt like sleeping right there. I can really use a bed like that, especially since I need to wake up early every morning refreshed and full of energy, and then I saw the price tag, a queen size bed cost $1600, then you have to buy the spring box, another $200, 2 pillows, $100 each, delivery $100, that's $2000 plus another $200 tax, that's $2200 for a bed!!!!! MAN. But then again we spent 1/3 of our lives sleeping, and if I can sleep stress free every night and wake up refreshed, maybe it is worth it. Just hope I will have my first pay check soon. This will be the first thing I will buy. It has a 90 day trial period, worst case scenario, I'll pay $200 for delivery and return it after 3 months. A comfortable bed for 3 months for $200, not bad. lol.

    Now about trading.......
    It is funny how sometimes we can get caught in the motion of trading and forget that we are losing REAL money. Think of this way, if you got a job paying $20 an hour, it would take you 5 hours to make $100, and all it takes is 5 minutes for us to lose it trading. This just blows my mind. Mr.S pointed this out to me during lunch today, and I am like damm, never thought of trading this way.

    Of the 5 of us that came over, only 3 are trading and one of us, Mr.S is not doing too well. I should be aware of the potential problems as he was the first one to trade, " I am just too anxious to start", the way he put it. He just couldn't stop trading, even though he doesn't know anything about the new quoting and order entry system. He lost $200 the first day, and then another $200 ( this was last Thursday and Friday ) . This week was no better, he lost again on Monday, I think $300, $600 yesterday and $400 today. What happened?

    Well, he had big losers, one or two a day. His losses in RYL alone was staggering $200 Monday, $150 yesterday and $400 today, and he is just trading 200 - 300 shares a pop. I tried to talk to him, I told him yesterday, it is not the amount of money that you can make that matters, it is the amount of money you can afford to lose. He agreed, and he told me just this morning that he will not have a loser bigger than $30 and then he lost $100, then $200, then $300 in RYL, holding it while the stock keeps ripping and ripping, he is holding on the stock that is going against him way too long. "How high is it going to go"? he said. I feel like screaming at him. I'm like what the hell are you thinking?? He goes back in again and again and again. This is very scary to me, he seemed to have lost control, and I don't even know how to help him. Granted he hasn't been trading long, but he JUST CANNOT ACCEPT LOSSES and as a result it keeps getting bigger and bigger.

    We were so happy to come and start over with a clean slate and now he is down $1700 in 5 days?? It would take some people a whole month to make this. The same thing with Mr.K, same mentality, ..... "If I sell it now and it goes back up I am going to miss out, so I am holding it" OH MY GOD!!!! I tried to talk to this guy for like forever, keep your losers small, keep your losers small, keep your losers small, keep your losers small, like a broken record and yet he keeps having this $200, $300 losers. He was lucky yesterday that one of his $200 loser did a U- turn and he ended up making $100, he proudly pointed out to me. I told him he was lucky, and he agrees, but I can see it in his eyes, that he believes he had made the right decision to stay with the position. I am so scared that this will reinforces his bad habits even more.

    Why am I so concerned? It is not my money that they are losing, if they want to lose, let them, who cares???. Unfortunately I can't get myself to think that way, I really feel responsible to help them in a weird way. Who knows maybe I am just hurting them. I don't know. I've been there, where I lose and lose and I forced myself to be discipline and I KNOW anyone can do this, and yet the more I tell them, the more the DON'T DO IT and the more they lose.

    What can I do? I don't know. In a way, I think the guys I brought over are better than how they are doing now, much better. But they have so many bad habits, that are so hard to break. I am pulling out my hair every time I see them holding on to their losers and cut their winners. BUT AS I SAID I DON'T KNOW WHAT TO DO. I guess I have to convince myself that I have nothing to prove. But it is the teacher mentality in me that I can't get rid of. Damm all those teaching assistant positions I had in college.

    I really need my tempure-pedic bed to sleep my headaches away. Anyone care to donate one. :p
  7. Hitman


    Damn, I didn't know he is down that much since he came here. I don't have the team performance monitor software installed yet and I guess I need to get it done ASAP. I did talk to him I guess he didn't tell me the truth.

    $1700 in 5 days (I thought it is $1K?) in unacceptable trading 300 shares. Starting tommorrow I have to spend at least half an hour a day going over all of his trades with him after the close. I may have to let them cut his DOT limit if he does this again tommorrow (since without the software I can't do it yet). Can always get it higher when he puts together say, a two games winning streak. With the kind of commissions he has, he should have no problem going net positive trading 100 shares. He must stop bleeding before he can make any money.

    That said I am thrilled to see you perform every bit as good as I expected, everything from loss cutting to entry seems to be perfect (except of course that you didn't keep say half of your EPG :).

    K seems to be doing well, it is funny Mrs F talked to all of you guys and said K is going to be THE performer of the bunch. That said having read your journals on ET, I knew off the bat that you are probably ahead of K at least at this point in time, I made a dinner bet with her, don't make me pick up the tab ;-)
  8. I am not absolutely 100% sure about the numbers, but I think it got to be more than 1K. Going over his trades might not be a bad idea. I am glad you are taking more incentives in helping him, because I am up in arms about this.
  9. Ha!! How dare she, compare me to Mr.K. I am curious why she thinks that way, do I look like the flighty type? Maybe it is my charisma that got the better half of her :p. It's is quite often that girls appears to act the opposite they way they feel, when they see someone they like. lol

    Is she attached by the way?
  10. DeeMan



    The fact that you feel responsible tells me that you have a good deal of maturity and an admirable personality. I highly doubt that you are 'hurting' anyone by offering sound advice. The problem is some people just have to touch the stove to know that it's hot. Losing money like that can be very frustrating, and if you are part of a group I'm sure it can be somewhat embarrassing as well, especially if everyone else is doing well. But I wouldn't give up on him. Maybe you could try approaching him from a different angle (ie privately, humorously, or even make a bet with him - for every 25 cent loss either one of you takes the other gets a free beer or something). It may not seem like he wants to learn now, but as the losses grow he'll be more willing. Without you or Hitman there to guide him his chances will be pretty slim, so hang in there.

    #10     Dec 19, 2001