TODAYS EXECUTIONS: 14:10:32 IBM BOT 3000 70.34 13:50:54 IBM SHRT 3000 70.82 11:23:46 QCOM BOT 3000 26.10 11:18:07 IBM BOT 3000 69.52 10:55:28 IBM SHRT 3000 70.75 10:55:16 QCOM SHRT 3000 26.81 10:44:56 QCOM BOT 3000 38.50 09:55:21 IBM SHRT 3000 70.75 09:47:26 BVF BOT 3000 28.70 09:46:38 QLGC SHRT 3000 37.23 09:44:03 JDSU SLD 20000 2.40 09:42:56 KLAC BOT 2000 44.54 09:38:31 KLAC SHRT 2000 45.10 OPEN POSITIONS: NONE CLOSED P&L: ($2,760) OPEN P&L: $0 MTD: $47,413 YTD: $250,687
"Stocks" will hit the fan SOON! I wouldn't mind if we closed up tomorrow. Runs usually happen in 3 day stints so that would position the market for the short side going into Monday.
I had my finger on the short button in the last half hour with the QQQ but I did not press it . Lucky me. I think I have found the key to profitability for me in Day Trading. I should do the exact opposite of what I am thinking of doing. I have to admit I bought SUNW at 5.02 today and JDSU a couple of days ago @ 2.70. Both are for long term , in other words until the whole position I have in both these stocks turns profitable :-}
This is a brief summary of my thoughts towards traders vs. reality after I posted a thread on the Trading Forum (what is the average of a trader?) quote: -------------------------------------------------------------------------------- Originally posted by earlyapexer I think the question should be " What is the average age of successful traders", and that you will never know. -------------------------------------------------------------------------------- That would be the most interesting answer to formulate, but the problem is that 50% (at least) would never put themselves in that category even if they have lost their entire account. That is swallowing your pride as a business man to declare yourself unsuccessful as a trader. IMO, that is the first step you must take to move forward. As I said in my old posts, I started at 21 years old, made some good trades (lucky... market timing) built my account up from $5K to $75K in 4 months while I was working on a bond desk making $30K/year + small bonuses, then lost all but $5K. I quit my job..... thinking, $30K base, screw this... I just made more than that in 4 months than I would in 2 years at this ridiculous job. Little did I know how much that 2 years experience would help me successfully trade my own account coupled with my other experience in 2 other firms. My decisions and "vision" (I use that word very loosely) that I have gained from these "menial" jobs that I took for granted when I was young and ignorant transpired into knowledge and experience that most 27 year olds would not have unless they went to an Ivy League school with daddy's money to trade with. I now look back at those jobs as a paid "scholarships" towards trading and market experience that most traders will literally pay out of their pocket/account to learn. I have a few friends that work for various direct access firms and they still complain how they have to put up with clients who are impossible to deal with, have no idea how the market operates, don't even know what their holding are, are intolerable if a quote is stuck or missing, ect.... you know the rest... and I say to them, those are everyday issues no one can avoid. Don't worry about that, but realize you have the opportunity to watch some of the top traders in the industry as they trade live and you are bitching about a client who requested an explanation about his margin call?????? Those are the clients you WATCH and observe and monitor. LEARN from their mistakes and successes. That is free education which will save you tons on cash when you decide to trade. Maybe it's just me, since I did work for a firm a while back, I understand the magnitude of these few opportunities to learn and educate yourself off of other client's mistakes.
you can also learn from mistakes made by some of the smartest people out there as well. Mostly discipline malfunctions