A 70k bet that I can't make a 50% gain in 2009

7/16/09:

Total P/L -705.56
5 trades
4 losses
1 b/e

* The beauty of trading:
SKF BUY 39.61
TGT 40.21
This trade hit my target to the penny. I could say I got out at that target, or even a penny or two just below (which, for my trading plan is fine), but here is what really happens.....I have 600 shares sitting out on the offer at 40.21, 200 get picked up and then SKF moves down again, a few times pushing back in the teens...but never to .21 again, so I move my stop to b/e on the remainding 400 shares (which cost my another commission, blah), which stops me out for a grand total of +96.72...ahh the fun we can have trading! Worst part of the day.....this was my best trade! Humpty, where are you??????

*AMAT -193.47
*DXD -195.20
*SKF -194.23
*POT -219.38

I have been working on a project for work so it's been hard to pull up ET to show my closing postions, but hopefully I will have more free time soon (I know Mr Weinstein..I got the best job, where I can trade fulltime too).
 
Quote from SikandSlick:

wow, great journal.

you are almost at your 50% return

i noticed that you make more trades now then when you first started, is it because you have more money that you do this?

i also noticed that your still cutting losses at ~$214

are you still repeating those 4 patterns that you said you were always trying to exploit or have you changed strategies? the market is very different from the beginning of the year.

how do you plan on trading this earnings season, which is already causing knee jerk reactions in the first innings?

keep up the great work
More...


Sorry SnS, somehow I missed this post.....
I wouldn't really say I make more trades now. Most weeks I end up with 25-30 trades. Back in january I was just starting out a new job in DC, so I couldn't be on my trading platform all that much, but I knew once I had all my training formalities out of the way, I could trade almost the full trading day, and get my work hours in either before or after the market.
I still use a $200 max loss because this is the amount that I am very comfortable with, most times I enter a trade I set alarms near the stop/tgt prices and don't even bother watching the trade. Sometimes I have to do some stuff for work when I am in a trade as well,so I don't want to feel any pressureof not being able to sit and follow the trade tick by tick. If I was risking any more than $200/ trade then I may start to feel that pressure a little bit, and I try to trade as pain free as possible. I am not out to make 250-500k a year trading, I do it for a second income and because I really enjoy it. The amount that I do make probably is not worth the time I put into it, but I enjoy it alot and make some money doing something that I like makes it that much better.
I still use the same 4 patterns (I'm too stupid to learn anything else). I 've been trading as a second income for 8+ years and what I have learned for myself is keep it as simple as possible. I don't use indicators, or bollinger bands, or cross wires, or a wonder bra....I just do a scan of daily charts each night to find stocks to put on a watch list, then look for my patterns on 5 minute charts intraday.
As fo earnings season, I don't anticipate anything BEFORE earnings..meaning, I won't look to make a move on GOOG at 4:00pm knowing they are just about to report. But, I will look to play them the next day depending on what the charts say. To be 100% honest, I rarely know when ANY news is coming out. That means housing numbers or consumer confidence or FED minutes (right jeg??), I work as well as trade, so I don't pay that much attention to the market outside of the charts (dumb, I know). So, for earnings, I don't do anything special, although I do like how they help get the market moving. Just to give you one example, last week I had AIG on a long watch and I bought it at 8.63 off of a 5 min chart. Someone messeged me asking me why I bought AIG, they heard on CNBC that some analyst predicted it would go to zero soon. I said, "well the chart is a buy set up and I took it, if it stops me out all I will lose is $200". AIG went to target (and another $7.00 higher..blah)...the point is, I don't rely on news or what CNBC says, I just watch the charts. Earnings don't really factor into my trading plan.
Hope this helps, feel free to ask anything at all...all stupid questions (and as you can see answers) welcomed here-G
 
Quote from bentedges:

one of the few valuable threads on ET.
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Sorry,

I forgot that posting % numbers was so valuable to you.

As a token of my sorrow here are some you can learn from.

Trading desk 10/22/08

+7%
-.04%
+.9%
+1%
+3%
-18.00 after commissions did not have the % for you.

Let me know if you need more.

Successfully,

Alex L. Wasilewski
Co-Founder & Head Trader
Trades That Work
www.puretick.com
1-877-GOLONG1 ( 1-877-465-6641 )
 
I see when the cat's away........


Couldn't pull up my Scottrade account (the one I use for the bet) on friday due to work issue, so I traded my own account. Next week I will be in and out as well, most likely gone thursday and friday all day on assignment. You kids have fun on the journal while I am gone.

Play nice Nodoji/Ysent
 
Week ending 7/17/09:

Total P/L -2,118.94
16 trades
1 win
13 losses
2 b/e



YTD Total P/L +27,993.11

Wins 213
Losses 267
B/E 37

AVG. 44.4%

Ratio: 1.90
 
Quote from Spectra:

Someone asked a question. I answered it.

Successfully,

Alex L. Wasilewski
Co-Founder & Head Trader
Trades That Work
www.puretick.com
1-877-GOLONG1 ( 1-877-465-6641 )
More...

Ummm, I just landed overseas and probably not in the state to be typing, but......can you please tell me the question that was asked??
 
Quote from geez:

Ummm, I just landed overseas and probably not in the state to be typing, but......can you please tell me the question that was asked??
More...

Geez,

I hope you have a good and safe trip.

Best

Robert
 
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