The skid continues as I have lost back-to-back-to-back games for the first time since mid-August. Fortunately I was able to minimize the damage but this streak must be stopped ASAP. The cursed DYN/ENE/EPG relationship reached its peak today and I felt like a big moron when I played it wrong.
From there it while I still did good damage control, I never had the same intensity because I kept on thinking what if I bulleted it like I planned to. While I did manage to go black earlier during the Fed. meeting, I lost my pitiful gains when the MRK news came out and market sold off hard from the 10K resistance level. I had the worst bullet selection for a Fed. day, and I just couldn't get effective naturals.
16800 on 6 of 12 shooting, +490 before commissions, -77.94 after, 3 bullets. Holding onto $2000 for the pay period with 3 games left. Once I complete the paper work for the team leader position I will receive a Bloomberg slave (not the full Bloomberg, that's reserved for more successful teams), I most definitely recognized the power of news trading with a competing trading group's group manager telling everyone on his squad to short EPG off the open today, and his team pulled a combined 31K on him today. It is a huge asset if you can play news correctly. The daily set-ups are quality, but news makes the move that much stronger. That was an MVP caliber of a call, and I swear I will be here every day early in the morning to get those news releases, one day, I will be the MVP.
I should be moved to our team's new location this week, I was able to convince Mrs F, an incredibly skilled trader to at least sit with our team (she would consider officially joining depend on the performance of this squad, as a matter of fact she talked about co-hosting it with me but I passed it up), she is a good friend of mine, up six figures YTD with just 4 extra month's worth of experience on me, and would be a huge asset on any team.
On Friday two ex-Nasdaq traders will be in for an interview and they will see me in action, I sure hope I can break out of this dreadful streak and show a little more game when that happens, as the addition of those guys on my team will surely add another layer of knowledge. M, the trader who has been trading with me side by side for six months will also be on the team, he finally turned profitable and has been rock solid with his consistency.
All in all, I have definitely had my share of distractions, but it is no excuse for my poor performance, everything will fall into its place soon, and it is time to rock and roll into what I hope to be a marvelous year in my career, 2002.
Pre-Market: On Bloomberg there was an article associating EPG with the next ENE, ouch.
9:30: OSX made a new low and I bulleted some HP, lost 10 cents immediately. And I watched DYN tanking which opened unchanged. EPG opened down 3 points and XNG was squeezing a little bit, DYN was squeezing a little, I decided to go fill the gap play, fatal mistake. I saw a big 100K offer stepping down, ouch, I knew I was smoked, I felt like I was the deer in the head light, surprisingly lost just 40 cents, he stepped down hard, taking out every single level. Then, it paused, spread got larger, boom, it spreaded to 36.75. Monster trade, then DYN squeezed hard and EPG had a big BID and a big ASK at 36.41, offer was knocked out and I really wanted to bottompick him again, and from there he ran 3 points up sans downtick. There are a lot of lay-ups I miss on a daily basis, but something on news with this type of tape is a gift, and I said no to it. I was down $600 and I knew F bulleted it as usual . . . Bitter taste filled my mouth and I told myself to slow down the game.
9:48: Took MWD long on XBD squeeze, stopped out for a 10 cents loss. Took PPG on CEX strength and made 50 cents. I was really slow today, with DYN/EPG down it was very natural to bullet KMI, which I did but did it 30 cents too late. Still scored 30 cents on 1000 shares after all the pareout.
10:17: Went long in LM and scored another quarter, very choppy stock, but on Fed day's financials are the ones to trade. Just that after watching EPG provided the best short and long opportunities of the day, I felt really disgusted. When EPG squeezed above the open price, I thought the specialist was playing a BS game and everyone who went long on the way up has to take profit, so now I put up a bullet but only did very small size, scored a full point but I really felt like I was the loser who came to the party late making myself a sandwich from the left over bread crumbs. Still I was up $200 and I wanted to take that cushion into the Fed. rate cut.
2:15: Very very odd feeling, the first initial tick was up, I swear I saw the futures reacting up before it came in, so in my book that was the first leg. Then futures tanked hard and I resisted the strong urge to go short. When futures did squeeze I went long EMR, BJ, LM, BEN, LM, CCU, CCU and BEN worked out to be a quarter a piece but I lost 15 cents in EMR and 20 cents in BJ two very weak stocks. Dow hit 10K, broke, and held, then it went above 10K again and faded again. I had no bullets whatsoever and I was afraid to put them up since I was up just $250, very stupid, if you are not ready to adjust to the market condition, stop trading. Instead I kept trying to pick bottoms, and all of a sudden the MRK news came out, boom, market tanked, I was slow, I did not attack any DRG stocks (although that will be a play for tommorrow I hope), BJ spreaded half a point to the wrong side in my face when Dow turned negative, I thought his tape was strong because he held steady when futures came in hard, but the MRK news was the straw that broke camel's back.
3:00: If you are not already short, too late, and I did not force any shorts, I had 3 energy bullets (HP/EPG/KMI), and they did nothing in the afternoon, tommorrow is another game.
From there it while I still did good damage control, I never had the same intensity because I kept on thinking what if I bulleted it like I planned to. While I did manage to go black earlier during the Fed. meeting, I lost my pitiful gains when the MRK news came out and market sold off hard from the 10K resistance level. I had the worst bullet selection for a Fed. day, and I just couldn't get effective naturals.
16800 on 6 of 12 shooting, +490 before commissions, -77.94 after, 3 bullets. Holding onto $2000 for the pay period with 3 games left. Once I complete the paper work for the team leader position I will receive a Bloomberg slave (not the full Bloomberg, that's reserved for more successful teams), I most definitely recognized the power of news trading with a competing trading group's group manager telling everyone on his squad to short EPG off the open today, and his team pulled a combined 31K on him today. It is a huge asset if you can play news correctly. The daily set-ups are quality, but news makes the move that much stronger. That was an MVP caliber of a call, and I swear I will be here every day early in the morning to get those news releases, one day, I will be the MVP.
I should be moved to our team's new location this week, I was able to convince Mrs F, an incredibly skilled trader to at least sit with our team (she would consider officially joining depend on the performance of this squad, as a matter of fact she talked about co-hosting it with me but I passed it up), she is a good friend of mine, up six figures YTD with just 4 extra month's worth of experience on me, and would be a huge asset on any team.
On Friday two ex-Nasdaq traders will be in for an interview and they will see me in action, I sure hope I can break out of this dreadful streak and show a little more game when that happens, as the addition of those guys on my team will surely add another layer of knowledge. M, the trader who has been trading with me side by side for six months will also be on the team, he finally turned profitable and has been rock solid with his consistency.
All in all, I have definitely had my share of distractions, but it is no excuse for my poor performance, everything will fall into its place soon, and it is time to rock and roll into what I hope to be a marvelous year in my career, 2002.
Pre-Market: On Bloomberg there was an article associating EPG with the next ENE, ouch.
9:30: OSX made a new low and I bulleted some HP, lost 10 cents immediately. And I watched DYN tanking which opened unchanged. EPG opened down 3 points and XNG was squeezing a little bit, DYN was squeezing a little, I decided to go fill the gap play, fatal mistake. I saw a big 100K offer stepping down, ouch, I knew I was smoked, I felt like I was the deer in the head light, surprisingly lost just 40 cents, he stepped down hard, taking out every single level. Then, it paused, spread got larger, boom, it spreaded to 36.75. Monster trade, then DYN squeezed hard and EPG had a big BID and a big ASK at 36.41, offer was knocked out and I really wanted to bottompick him again, and from there he ran 3 points up sans downtick. There are a lot of lay-ups I miss on a daily basis, but something on news with this type of tape is a gift, and I said no to it. I was down $600 and I knew F bulleted it as usual . . . Bitter taste filled my mouth and I told myself to slow down the game.
9:48: Took MWD long on XBD squeeze, stopped out for a 10 cents loss. Took PPG on CEX strength and made 50 cents. I was really slow today, with DYN/EPG down it was very natural to bullet KMI, which I did but did it 30 cents too late. Still scored 30 cents on 1000 shares after all the pareout.
10:17: Went long in LM and scored another quarter, very choppy stock, but on Fed day's financials are the ones to trade. Just that after watching EPG provided the best short and long opportunities of the day, I felt really disgusted. When EPG squeezed above the open price, I thought the specialist was playing a BS game and everyone who went long on the way up has to take profit, so now I put up a bullet but only did very small size, scored a full point but I really felt like I was the loser who came to the party late making myself a sandwich from the left over bread crumbs. Still I was up $200 and I wanted to take that cushion into the Fed. rate cut.
2:15: Very very odd feeling, the first initial tick was up, I swear I saw the futures reacting up before it came in, so in my book that was the first leg. Then futures tanked hard and I resisted the strong urge to go short. When futures did squeeze I went long EMR, BJ, LM, BEN, LM, CCU, CCU and BEN worked out to be a quarter a piece but I lost 15 cents in EMR and 20 cents in BJ two very weak stocks. Dow hit 10K, broke, and held, then it went above 10K again and faded again. I had no bullets whatsoever and I was afraid to put them up since I was up just $250, very stupid, if you are not ready to adjust to the market condition, stop trading. Instead I kept trying to pick bottoms, and all of a sudden the MRK news came out, boom, market tanked, I was slow, I did not attack any DRG stocks (although that will be a play for tommorrow I hope), BJ spreaded half a point to the wrong side in my face when Dow turned negative, I thought his tape was strong because he held steady when futures came in hard, but the MRK news was the straw that broke camel's back.
3:00: If you are not already short, too late, and I did not force any shorts, I had 3 energy bullets (HP/EPG/KMI), and they did nothing in the afternoon, tommorrow is another game.
