May 31, 2008

Net: -$27
Stop Loss: $50
Frame of Mind: Try to make $50 just scalping, doing anything.

I’m going off to Bali for a vacation. I’m taking the time to re-evaluate the past trading year, that has been unfruitful in the monetary sense. I did learn a lot about the markets and how the stocks behave, patterns and all that. I’ve also tested hands on several different strategies over the course of the year.

However I failed to make a very detailed study of my trading.

I realized that my circumstances call for a more efficient time at the trading station. Make a few trades that are really good and has a great reward ratio. Will also need to define exactly my entry and exit criterias, follow the plan strictly and then analyze the trades after 20 trading days.

Need to quantify my edges and mechanize the strategies. That is the way to go.

May 28, 2007

Net: $21
LFT: 0
DD:-$31
Trades:71
Shares:9600
Stop Loss:$50
Frame of Mind: Scaled back to 100sh. Goal is to just make my stop.

Just scalping today on GE and the other big names. The losing streak is affecting me together with the pressure to make it back into positive territory for the month.

May 27, 2008

Net: -$57
LFT: -$87
Trades: 50
Shares: 5000 some.
Stop Loss: $50
Frame of Mind: Goal today was only $100. Pressure to try and at least make back what I lost for the whole month, about $600.

Started slowly with GE and CZN, making $10, losing back to $0, making $10 and losing back to $0 again.

Caught a move from PDX that took me to $51, I averaged up and gave up my gains when it fell back from .90 some.

Lost continuously on XOM, and PDX that led to getting stop.

What I did wrong:

Played the trending game when I should have been fading the lunch time.

What I did right:

Managed my losses during the early part of trading.

May 23, 2008

Net: -$65
LFT: $100
Frame of Mind: Sleepy.

GPS

Started going long with the 1min doji 3 minutes after open. Averaged up to 18.40 got 600sh average of 18.33. Had to cut and cut as it tested the low I was down $47.

May 21, 2008

Net: -$66
Frame of Mind: Steady

GE shocked everyone when it ran up from the low 31.10 straight to 31.50 in 3 fucking minutes with huge volume! I came in at the exact moment but I wasn’t able to take full advantage of the trade. I shorted only 300 sh at 31.46. The prints were crazy and it was scary then.

What I did wrong:

I was slow at evaluating that GE trade. What I should have done is shorted at least 500sh and set the stop at 31.55.

May 20, 2008

Net: $40
LFT: $160
DD: 0
Frame of Mind: Used to the losses already. Doesn’t really matter anymore 🙂 But still upbeat on the new strategy.

Started going long RIO just around 4280, with the intention of averaging up. Went long because of the 5EMA21 breakout, my sort of setup, and kept on averaging up as it was going up past 43.00. Added 400sh aggressively around 43.03-.07, then rode it all to 43.15 where I started taking out 100sh.

At the top I made $200, still not taking my gains. I got to about $150 at the end when I had to take my profit.

I lost my profits on JPM, where I “accidentally” shorted 1000sh on its way up the last 30 minutes.