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Grinding it out, day after day
- Thread starter lescor
- Start date
Great action in the market this week, hope this pick up in volatility can last a while. Even with the vix still around 20 there were lots of big moves in individual stocks and sectors.
+38,000 for the week, 688,000 shares traded. Daily pl was +16, +11, +8, -8, +11. Best week of the year and could have been a lot better but I got smoked for 7k on thursday in the education stocks (again!) when none of the news services mentioned some major comments related to them, or I would have had them all disabled in the system. A simple oversight in another stock with earnings that I missed cost another 4k on thursday. There's so many ways to get dinged in trading. A guy could start crying if he added up how much avoidable errors cost.
The oil stocks provided some "oh crap" moments on thursday but paid off nicely in the end.
I also finally got a new strategy off the ground late this week. Resurrected a swing trading system I used to trade many years ago. It's a work in progress and I'll be tweaking it as I go. Just risking $500 per trade right now. Of course the first day of any new system is going to be a loser, -2k in it on thursday (should have stayed in bed that day).
For the month I grossed -$25,000 on 3.9M shares. First losing month since October 2007, which was also caused by a fat finger. Take out that one day and it was a decent month. But the best part was how it finished. I don't want to get my hopes up, but things look encouraging for at least another week (I hope).
Updated equity chart attached. YTD net is about $165k
<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=2823167>
+38,000 for the week, 688,000 shares traded. Daily pl was +16, +11, +8, -8, +11. Best week of the year and could have been a lot better but I got smoked for 7k on thursday in the education stocks (again!) when none of the news services mentioned some major comments related to them, or I would have had them all disabled in the system. A simple oversight in another stock with earnings that I missed cost another 4k on thursday. There's so many ways to get dinged in trading. A guy could start crying if he added up how much avoidable errors cost.
The oil stocks provided some "oh crap" moments on thursday but paid off nicely in the end.
I also finally got a new strategy off the ground late this week. Resurrected a swing trading system I used to trade many years ago. It's a work in progress and I'll be tweaking it as I go. Just risking $500 per trade right now. Of course the first day of any new system is going to be a loser, -2k in it on thursday (should have stayed in bed that day).
For the month I grossed -$25,000 on 3.9M shares. First losing month since October 2007, which was also caused by a fat finger. Take out that one day and it was a decent month. But the best part was how it finished. I don't want to get my hopes up, but things look encouraging for at least another week (I hope).
Updated equity chart attached. YTD net is about $165k
<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=2823167>
Attachments
Quote from lescor:
...First losing month since October 2007, which was also caused by a fat finger. ...
is this the one?
Quote from lescor:
Fat Finger. I typed a futures price into a valuation spreadsheet that was out by 100 points, then proceeded to fire off about 2500 mispriced orders, half of which executed instantly. Down about a hundred grand in the space of 10 minutes, mostly due to IB autoliquidating me with market orders.
The feeling is kind of like having your limbs fall asleep, being kicked in the nuts, punched in the gut and getting the wind knocked out of you, all at the same time.
how many fat fingers did you actually have in your career? i recall reading about the third one when you fired off an old spreadsheet. the quiet market saved you that day.
so, were there other fat fingers that simply went unpunished?
BTW, one of the reasons this thread is great because one is offered an opportunity to learn from lescor's mistakes. it may not make any difference to most because supposedly one can only learn from his own mistakes. but at least here is the chance!
I've noticed a lot of traders or should I say losing traders, trying to "relate" to lescor's loss.
Its not something that you should try to relate, or even feel remotely wowed by, Its something you want to avoid as far as possible. Fat finger mistakes that is.
Relate to how he wins his trades, not how he loses his trades, Thats the only way your trade can improve. Problem is, lescor trades very systematic, so theres a very low possibility you can even relate to his trades. Everything is calculated beforehand. He's just executing what his percentages tell him whats a better trade.
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equivalent to losers relating to rocky when he takes 300 punches to the face, You want to relate how he WINS, thats only way you can learn how to WIN. Not how many punches you take to the face.
Its not something that you should try to relate, or even feel remotely wowed by, Its something you want to avoid as far as possible. Fat finger mistakes that is.
Relate to how he wins his trades, not how he loses his trades, Thats the only way your trade can improve. Problem is, lescor trades very systematic, so theres a very low possibility you can even relate to his trades. Everything is calculated beforehand. He's just executing what his percentages tell him whats a better trade.
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equivalent to losers relating to rocky when he takes 300 punches to the face, You want to relate how he WINS, thats only way you can learn how to WIN. Not how many punches you take to the face.
Quote from coolweb:
I've noticed a lot of traders or should I say losing traders, trying to "relate" to lescor's loss.
Its not something that you should try to relate, or even feel remotely wowed by, Its something you want to avoid as far as possible. Fat finger mistakes that is.
Relate to how he wins his trades, not how he loses his trades, Thats the only way your trade can improve. Problem is, lescor trades very systematic, so theres a very low possibility you can even relate to his trades. Everything is calculated beforehand. He's just executing what his percentages tell him whats a better trade.
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equivalent to losers relating to rocky when he takes 300 punches to the face, You want to relate how he WINS, thats only way you can learn how to WIN. Not how many punches you take to the face.
if you have an open mind you can learn from the way he makes money and from the way he loses money. to me it is actually more interesting to talk about things that went wrong and if/how they could have been prevented because things do go wrong in trading. had lescor only reported on his successes it would have been a boring journal and not as educational.