Trading Journal - July

What stocks does he trade? I've traded KLAC, QLGC and QCOM for daytrading only over the last 3-4 months plus a few others once in a while depending on intraday movement. I'll get my swing plays ready this weekend so I'm not relying solely on DT.

 

Short 5000 JNPR @ 7.68 (swing)

 

That's what he was trading. He said they moved with the futures. Is this the same reason that you day trade them?

 

They mimick the futures, but so do a lot of stocks. I trade those particular stocks for a few reasons. KLAC's antipated movement can be measured by the intraday chart, $SOX, and NQ futures plus I have a good feel for them. All three have consistent intraday channels in comparison to most stocks and don't really follow MAs, stohs, ect. which weeds out a lot of program traders that all use the same criteria anyway. These stocks are daytrading at it's purest form IMO. You can't rely all the time for a chart or alert to tell you when to open and exit. You have to have the feel and experience plus the ability to read the charts in great detail.... recognizing chart formations, dojis, ect.

 

TODAYS EXECUTIONS:

15:37:54 JNPR SHRT 5000 7.68
15:08:10 QLGC BOT 3000 38.98
14:33:39 QLGC SHRT 3000 39.75
14:33:30 QLGC SLD 3000 39.78
14:27:55 QLGC BOT 3000 39.85
14:25:58 QLGC BOT 3000 39.90
14:19:45 QLGC SHRT 3000 40.20
11:37:42 BGEN BOT 3000 32.54

OPEN POSITIONS:

SHORT JNPR 5000 7.68 -0.13

CLOSED P&L: $12,960 OPEN P&L: ($650.00)
MTD: $5,672 YTD: $261,039


* Closed BRCM on Monday at $17.16. Loss will be
factored in todays closed P&L.

 

Seanote,

If you don't mind me asking, (if you do mind I understand). How much money do you have in your trading account before margin? I'm just trying to find a level I need to get to in order to be able to try and trade with the same style as you.

 

I don't come close to maxing out my BP. I might have as much as 1M in open positions but on average you should have $500K BP (4X) = $125K Cash. I'm fortunate that I have the BP now to take on 10 positions overnight if the opportunity ever presented itself, but rarely does. If you want to trade 2-3K shares while opening 3-4 positions you should have $500K to trade comfortably.

 

Ya, that's what I was thinking. I have a way to go. Thanks Seanote.

 

I don't think you need 125k in cash to make good money.There are pro firms out there that give 10 to 1 leverage.You could take $10,000 of your own cash,have access to $100,000,and trade 2500 shares of a $40 stock.If you don't want to go the pro route,then you can trade at a retail firm and get 4 to 1 leverage with a minimum of a $25,000 deposit and still make good money.

 

If you don't mind me asking,what state are you located in,seanote?