I'm still posting my open/exit swing trades which have been few as of late. I've been strictly daytrading the last couple weeks but still have 4 holds. I'll update from my preivous posts: LONG 5000 NVDA @ 12.40 (I moved this one to my HOLDS for long term) SHORT 5000 QLGC @ 36.22 SHORT 5000 AOL @ 10.45 SHORT 5000 TYC @ 11.50
i love the current trading strategy -- if the trade doesn't work out just put it in your "long-term" portfolio.
Figured SPY[nicknamed Spiders-Commisso] and relatives might sell off today. In recognition of the Wall Street Journal journal positive uptrend comment today[Paraphrase 8/14/02] However SPY closed up real strong; rentered XLNX again last 25 minutes hardly ever renter a day trade that late again. SPY has been above 20 or 21 day moving average some time now.Market could sell off when or if USA executes ''evildoers'',more.However I remember from Wall St.Week ''buy when blood is in the streets'' _____________________ Noticed those highly intelligant,highly disciplined killer whales off Argentina-Uruguay.[tv] They don't go crazy with blood like sharks do;killer whales are more disciplined.
It comes down to sticking to the rules. Short QLGC trade looks like lot of luck involved but then don't forget about PALM trade. What I mean I would have lost on short QLGC trade but I wouldn't have lost so much on PALM. Over the large example there might be the same results.
I would think it's pretty dangerous to let open losses dictate your longer term view on a stock. Just my paltry .02
I've never traded with a prop and don't have enough personal experience to give a valid opinion. I have some friends who have and are trading with props and I've heard pros and cons from all of them. There's a new firm, I believe it's called Zone Trading that fronts ALL the capital and splits gains with you 50/50. You do not share in any losses. They start you with 100 or 200 shares and monitor your trading then increase your size as you show your skills. I have a friend that started trading there 4 months ago and he grossed 42K last month and took home half. They pay you as contract work. You don't have to report your trades since they're done through the company's tax ID. There's another one that I don't know the name but I can find out where it's the same basic setup as Zone but they give each trader a $1.50 rebate for each execution via Attain. My guess is the owner(s) of ATTN opened these branches and are pushing rebates on ATTN to increase the volume so they will look more attractive and be bought out by a bigger ECN/firm. Some of these traders look to break even on the trade and turn 1500 trades a day for the rebate. I think it's too much risk of your time if a couple trades go against then your day is wasted.
Thanks seanote, I will look into zone trading. Not sure I want to work with traders that just want to break even. wannabe
great posts, I enjoy reading them all since may. Will you start a September journal since we are in the middle of August. thanks