2011: Rebuilding My Battered Account
- Thread starter neke
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Weekly Update for week 19/50 ended 5/20/2011
OK week, up 15K (4.6%). Another week of being tossed up and down. Glad it ended on the positive side.
Each day it appears there are always negative trades to damper the good early trades. Such was the case on Monday. Was up +17K at a point (with BIDU call being the main driver), and still ended the day down nearly 10K in the ensuing market sell-off. Started looking at the possibility of imposing a "trailing stop loss" on my account. If I am up so much intra-day (say +10K), and came down to break-even, the tendency is for me to lose more if I continue till the end of the day and not recover anything. There is no fundamental explanation for that from the market, but it is mostly psychological. To take of that, if I am up much on the day, and lose a significant part of it, I shall program my automation to close all positions, and not allow any further trade for the day.
My automation is still struggling this week.
OK week, up 15K (4.6%). Another week of being tossed up and down. Glad it ended on the positive side.
Each day it appears there are always negative trades to damper the good early trades. Such was the case on Monday. Was up +17K at a point (with BIDU call being the main driver), and still ended the day down nearly 10K in the ensuing market sell-off. Started looking at the possibility of imposing a "trailing stop loss" on my account. If I am up so much intra-day (say +10K), and came down to break-even, the tendency is for me to lose more if I continue till the end of the day and not recover anything. There is no fundamental explanation for that from the market, but it is mostly psychological. To take of that, if I am up much on the day, and lose a significant part of it, I shall program my automation to close all positions, and not allow any further trade for the day.
My automation is still struggling this week.
Code:
Opening Balance: 323,327
Net gain for the week 14,771
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Net Balance: 338,098
Number of Trades 37
Number of Profitable Trades 15
Since Inception of Thread 01/8/2011 - 5/20/2011
Opening Balance: 335,899
Net gain (Less Margin Interest) 2,199 (Up 0.7%)
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Net Balance 323,327
Number of Trades 390
Number of Profitable Trades 211
TOP/BOTTOM DISCRETIONARY TRADES
TICKER ENTRY DATE/TIME EXIT DATE/TIME QTY PURCH SOLD AMT GAIN/LOSS TYPE
BIDUMAY212011130.0CALL 2011-05-16-09-30-53 2011-05-16-10-21-07 7000 15400 41300 25794 BIDU CALL
HPQMAY21201139.0PUT 2011-05-17-10-02-34 2011-05-17-11-42-01 20000 40649 56500 15569 HPQ PUT
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CRMMAY212011150.0PUT 2011-05-20-09-33-50 2011-05-20-10-09-16 6000 27000 16350 -10749 CRM PUTNice week neke.
On average, what is considered a "good" day for you? And have you considered ending your trades early if you are making a better than average gain on the day?
For example, if you are up $17k for the day, if it is an outlier in terms of profits, have you considered cutting the trade short and banking the gains?
On average, what is considered a "good" day for you? And have you considered ending your trades early if you are making a better than average gain on the day?
For example, if you are up $17k for the day, if it is an outlier in terms of profits, have you considered cutting the trade short and banking the gains?
i think your size might be a problem,are you legging in or doing 60,70, 200 options in one bite,you could have a stop in for a sprd,i.e. long a $4 put,leave a stop order to sell the $2 put at $1.50 if wrong,limit the downside,when wrong those buy orders will be at several prices on a 200 lot...nice work,your acct 's green
I'm sorry for your losses and know what's it's like as I have been there also. Sometimes you think the markets are against you.
But the bottom line is you will never make money, you might have before but not now. Read what you written there above. Thats the typical mentality of a new trader or seasoned first grade losing trader. I excuse new trader because he doesn't know any better, but not you.
You seem to be focusing on money rather focusing on your methodology and improving its execution. Automated or not I think you have no chance to money - 300K almost 400 trades where do you find yourself?
Without even knowing how you trade its either your method works but you can't follow it or simply you have no good method at.
I'm sorry I don't mean to be rude.
Neke, would you please post a YTD equity curve along with your weekly statements the way you used to? Thanks!
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