Yea man,
Scale out of your wins, not your losses - cut them short!
Scale out of your wins, not your losses - cut them short!
Jpomerenke's Trading Journal
- Thread starter jpomerenke
- Start date
10-27-03
My brother is up here from New Mexico, hes in thae airforce. I only traded the morning today so i could spend sometime with him. Didnt miss anything this afternoon at least
Basically i got chopped around all morning.
I took IR long at 58.85. 300 shares... This was one of my gap plays, i got huge slippage on this stock. I usally never get much slippage, but i got fileld .13 above my entry. It ended up being a sweet play. I took 100 shares porfoit at 59.00, took 100 more at 59.29, and took the last 100 at 59.13. (+87.00)
I took ONE long at 42.71 (400 shares). It was one of my gap trades. It ended up not going like it should of and i was stopped out at 42.57. (-56.00)
I took CTXS long at 24.94. 400 shares. This was a very nice triangle. The market just wasnt behind me on this, and it ended up selling off. I got stopped out at 24.71. (-92.00)
I took BBY long at 54.58. The retailers were deffently one of the leading sectors today, and they were very strong. BBY had a nice triagle setup. I took 100 shares profit at 54.84. I ended up getting stopped on the rest at .51. (+19.00)
I also took LEXR long 200 shares at 20.23. It just didnt have any momo, and the market looked like it was readyt o turn. I scrathed it and went and ate some chinese
-42.00 gross on 3000 shares.
My brother is up here from New Mexico, hes in thae airforce. I only traded the morning today so i could spend sometime with him. Didnt miss anything this afternoon at least
Basically i got chopped around all morning. I took IR long at 58.85. 300 shares... This was one of my gap plays, i got huge slippage on this stock. I usally never get much slippage, but i got fileld .13 above my entry. It ended up being a sweet play. I took 100 shares porfoit at 59.00, took 100 more at 59.29, and took the last 100 at 59.13. (+87.00)
I took ONE long at 42.71 (400 shares). It was one of my gap trades. It ended up not going like it should of and i was stopped out at 42.57. (-56.00)
I took CTXS long at 24.94. 400 shares. This was a very nice triangle. The market just wasnt behind me on this, and it ended up selling off. I got stopped out at 24.71. (-92.00)
I took BBY long at 54.58. The retailers were deffently one of the leading sectors today, and they were very strong. BBY had a nice triagle setup. I took 100 shares profit at 54.84. I ended up getting stopped on the rest at .51. (+19.00)
I also took LEXR long 200 shares at 20.23. It just didnt have any momo, and the market looked like it was readyt o turn. I scrathed it and went and ate some chinese
-42.00 gross on 3000 shares.
10-28-03
No trades today, platform down all day.
No trades today, platform down all day.
10-29-03
Decent day today considering the range and whippyness of the market in general. Starting next week i am just going to do weeekly and monthly journal entries. I dont have the time anymore to spend writing in here everynight. It hink the quality of my posts will be alot better if i just did it once a week. I also think its not the trades in general that i need to be posting here, its mainly the aspect of what ive been learning and stuff. The emotions, the greed, etc. Ive also started doing some swing trading this week. I plan on doing alot more swing trading in the future.
I am short KMX, and Long LEA swings as of today.
Im not going to posts all my trades today, as i think its a waste og time now. I know my trading system works, noone sritiques on here anyones, and either way i personally wouldnt necesarily listen to traders on here that i dont know.
I made 150 today on 1400 shares.
Ill make sure the quality of my post are alot better now that i am just going to do them once a week. Ill bring more stats of my trading in them, concentrate on soemof the best and worst trades of the week. also concntrate on things im learning, and the emotional side of trading more. I also try to posts charts and visuals.
Decent day today considering the range and whippyness of the market in general. Starting next week i am just going to do weeekly and monthly journal entries. I dont have the time anymore to spend writing in here everynight. It hink the quality of my posts will be alot better if i just did it once a week. I also think its not the trades in general that i need to be posting here, its mainly the aspect of what ive been learning and stuff. The emotions, the greed, etc. Ive also started doing some swing trading this week. I plan on doing alot more swing trading in the future.
I am short KMX, and Long LEA swings as of today.
Im not going to posts all my trades today, as i think its a waste og time now. I know my trading system works, noone sritiques on here anyones, and either way i personally wouldnt necesarily listen to traders on here that i dont know.
I made 150 today on 1400 shares.
Ill make sure the quality of my post are alot better now that i am just going to do them once a week. Ill bring more stats of my trading in them, concentrate on soemof the best and worst trades of the week. also concntrate on things im learning, and the emotional side of trading more. I also try to posts charts and visuals.
10-30-01
Grea day today for me. Had some nice shorts in the morning.
Made 231 bones today on 1200 shares.
Grea day today for me. Had some nice shorts in the morning.
Made 231 bones today on 1200 shares.
Week of October 27-31
Not a bad week this week. Had the best day of my trading carrer this week, but also had the first day of no trading due to platform troubles. So i only traded 4 days this week.
Made $384.35 gross on 7970 Shares.
I still consider my self in the breakeven stage. Im also still in the learning curve, which really never ends as a trader. The market conditions were deffently not the greatest for trading this week. Alot of chop basically, but i cut my losses short and took advanatge of the best times to make money.
October Recap:::
I started October with a bad first two weeks. Made some very dumb trades, but learned from them. I battled my way back to a positive month. I have learned many things this month. I had said many times that i dont make money in the afternoon. That is because the way i was trading there wasnt any good setups, and i ended up just getting stopped out more than i would make money. I have been working on many new systems to trade with teh help of a buddy of mine. I was trading strong and weak stocks of the day mostly, and these stocks in doubt were to over extended half the time. I have stuck to trading tighter stocks that have more potentional for larger moves on teh breakout. I have noticed that tight traingles have been working great in the afternoons. Overall ive learned alot this month, more than any month since ive been trading. One of my biggest obstcales i finally got over was the money aspect of trading. The main thing that helped was taking the PNL of my screen. THis also has helped my trading. Also i owuld always quite trading in the morning if i was down. I was afraid i would lose more. Im over that now and just make my losses back throughout the day. This right there i will help my PNL caus i usually had a few bad days cause i was to mcuh of a pussy to keep trading when i was down in the morning. A few bad trades would always ruin my whole day. I am also starting to swing trade with my daytrading now. I thik this is a good hedged combination. I am going to always try to be hdged overnight with some short and long. I also think that day trading and swing trading together is a nice hedge. If you lose money overnight you can make it back during the day trading. I fell like last week i turned around my trading and am doing much better and have more of a edge. I guess we will see what next months PNL look liek and if i do have a edge.
I made $647 gross this month on 34070 shares. Not a bad month consideering i was in the red the first couple weeks a little bit. Not a good month though considering i should be having days that make that much. Im not disappointed. I have been Net positive every month since i started trading. Thats more than most new traders can say. Theres a huge learning curve in this, and it takes time before things turn around and a person makes money.
Mt biggest problem has been i dont have nasdaq stops. Something i really need. I also need buy and sell limit stop orders. There are so many setups i see, but without limit stops i can only usally take one of the trades. This is ruining my edge majorly. I will be demoing a new platform that i can use through my prop group. Its called Blackwood...guess its liek hammer. if anyone knows about it that would be great if you coudl tell me about it.
My winning trades to losing trades is still hovering around 50-50. Not a big deal. But ive noticed since i started trading my new startegy ive had less losers. We will see how this turns out next montth also.
I still doing around that .02 gross pershare this month. This is what i need to work on, and fix to bring me from a breakeven trader to a money making trader.
Any questions just ask...
Not a bad week this week. Had the best day of my trading carrer this week, but also had the first day of no trading due to platform troubles. So i only traded 4 days this week.
Made $384.35 gross on 7970 Shares.
I still consider my self in the breakeven stage. Im also still in the learning curve, which really never ends as a trader. The market conditions were deffently not the greatest for trading this week. Alot of chop basically, but i cut my losses short and took advanatge of the best times to make money.
October Recap:::
I started October with a bad first two weeks. Made some very dumb trades, but learned from them. I battled my way back to a positive month. I have learned many things this month. I had said many times that i dont make money in the afternoon. That is because the way i was trading there wasnt any good setups, and i ended up just getting stopped out more than i would make money. I have been working on many new systems to trade with teh help of a buddy of mine. I was trading strong and weak stocks of the day mostly, and these stocks in doubt were to over extended half the time. I have stuck to trading tighter stocks that have more potentional for larger moves on teh breakout. I have noticed that tight traingles have been working great in the afternoons. Overall ive learned alot this month, more than any month since ive been trading. One of my biggest obstcales i finally got over was the money aspect of trading. The main thing that helped was taking the PNL of my screen. THis also has helped my trading. Also i owuld always quite trading in the morning if i was down. I was afraid i would lose more. Im over that now and just make my losses back throughout the day. This right there i will help my PNL caus i usually had a few bad days cause i was to mcuh of a pussy to keep trading when i was down in the morning. A few bad trades would always ruin my whole day. I am also starting to swing trade with my daytrading now. I thik this is a good hedged combination. I am going to always try to be hdged overnight with some short and long. I also think that day trading and swing trading together is a nice hedge. If you lose money overnight you can make it back during the day trading. I fell like last week i turned around my trading and am doing much better and have more of a edge. I guess we will see what next months PNL look liek and if i do have a edge.
I made $647 gross this month on 34070 shares. Not a bad month consideering i was in the red the first couple weeks a little bit. Not a good month though considering i should be having days that make that much. Im not disappointed. I have been Net positive every month since i started trading. Thats more than most new traders can say. Theres a huge learning curve in this, and it takes time before things turn around and a person makes money.
Mt biggest problem has been i dont have nasdaq stops. Something i really need. I also need buy and sell limit stop orders. There are so many setups i see, but without limit stops i can only usally take one of the trades. This is ruining my edge majorly. I will be demoing a new platform that i can use through my prop group. Its called Blackwood...guess its liek hammer. if anyone knows about it that would be great if you coudl tell me about it.
My winning trades to losing trades is still hovering around 50-50. Not a big deal. But ive noticed since i started trading my new startegy ive had less losers. We will see how this turns out next montth also.
I still doing around that .02 gross pershare this month. This is what i need to work on, and fix to bring me from a breakeven trader to a money making trader.
Any questions just ask...
Week of Nov 3-7
This week to me was a great week in my trading. I was very very consistent. Only 2 losing day trades out of over a dozen trades. PNL was nothing spectacular this week. I have came to a couple huge hurdles in my trading carrer. One is knowing WHEN, and WHENNOT to put on size. It will take me sometime to learn i think. To me right now i think this and maybe if the market wakes up and moves a bit more, will turn me from a small profit trader to a larger profitable trader. My big problem is that i scale big time into my winners. This to me is very very smart. It gives you a nice equity curve, but also can make a losing trade into a winning trade. Scaling into winners basically makes it alot harder to make any decent money in this market. The big problem is i dont do any type of scaling into losers obviosuly, so i can get a big hit fast. It can take me hours to make a hundred bucks on a trade cause i scale, but it can take me 10 min to lose 100 bucks when a stop hits. If anything has helped in this department that would be great if you could help.
Monday- +129.60 on 1040 shares. 2 for 2
Tue-+120.75 on 1300 shares. 2 for 2, I bought some QQQ puts this day. I am using one of the better options platforms, i figured i would play around with some options. They are so cheap right now
Wed- +26.25 on 375 shares. I tottaly missed the nice sell off in the morning because i couldnt find any setups i liked. My only trade was SINA short. I tried to get 400, and only got 175..that was unreal, i never thought in a million years i woluld get a partial with SINA. 1 for 1
Thurs- -170 on 1400 shares. I dont know what went wrong today. I really ddidnt break any rules. I guess i aint superman. Just a bad luck day, along with i wasnt in a great mood because of non trading stuff. I even was long into that huge rally and the end of the day. I think i bought the only stock that didnt move in that. LOL 0 for 2
Friday- +176.00 on 850 shares..Great day today considering the market. I bougt a SMH Put today also. I really think the market is going to sell off into next week. We are rounding off the tops, and we have a nice double top fomation. Along with the action this week being the way it was. 2 for 2
Im going to do a winners, and losers section for the week in my journal. I think itll be fun to post my stupidest loser, or best winner of the week.
Winners: :eek:
The trade of the week would have to be MO today (friday) Not my bigggest winner on the week, but a great setup, and a great, great, great trend day.. One of those stocks you just sit back and count the money being made. It was a textbook gap play of mine. I only took 200 shares because yesterday kinda spooked me on trading and didnt want to do to much. Normally i would do 3-400 on that play. It had a pretty large stop or i would of done more. I have a attached a chart of it. I made only +80.50 on the trade, but that is just because of the small size, and cause i love to scale the shit out of my trades. I got in the trade at 48.58. took some out at 48.78, more out at 48.92, more out at 49.28, and the last bit out at end of day.
Losers:
I took ADBE long on Thursday. It had a nice triangle setup, but not textbook. I would of liked to see it tighten up closer to teh high, and also base more before it broke. I ended up taking 400 shares of it. Why im not sure because it didnt have any real good stop price, so i had no idea what risk i was getting into, the market was also selling off hard. Basically this trade was very poor money managment, and risk management. I took it long at 45.55, and ended up getting stopped at 45.25. I lose 120 bones on that. It that one singal trade that ruined a decent week for me. I attached a chart.
Ive also been doing some swing trading. Just experimenting with it. Not risking more than 50 bucks a trade. My swing trades were down a little for the week. Closed swings had a -62.60 week.
The next step i need to take in my trading is im going to get some type of scnner so i can scan for my bread and butter setups, trade more of them and trade them with more size. if anyone has any good scanners they think i should try, i would love suggestions! Its amazin how i had a 90% win rate this week, but only made the same amount a grocery store clerk would make in a week
. It takes time though. I will also keep playing with options and swing trading every week. Maybe ill make a littel or lose a little, who knows
Welp....for the week i ended up $282.60 on 4965 shares.
OK TIME TO GO DRINK SOME BREWS!! HAVE A GREAT WEEKEND!!!!!!!
This week to me was a great week in my trading. I was very very consistent. Only 2 losing day trades out of over a dozen trades. PNL was nothing spectacular this week. I have came to a couple huge hurdles in my trading carrer. One is knowing WHEN, and WHENNOT to put on size. It will take me sometime to learn i think. To me right now i think this and maybe if the market wakes up and moves a bit more, will turn me from a small profit trader to a larger profitable trader. My big problem is that i scale big time into my winners. This to me is very very smart. It gives you a nice equity curve, but also can make a losing trade into a winning trade. Scaling into winners basically makes it alot harder to make any decent money in this market. The big problem is i dont do any type of scaling into losers obviosuly, so i can get a big hit fast. It can take me hours to make a hundred bucks on a trade cause i scale, but it can take me 10 min to lose 100 bucks when a stop hits. If anything has helped in this department that would be great if you could help.
Monday- +129.60 on 1040 shares. 2 for 2
Tue-+120.75 on 1300 shares. 2 for 2, I bought some QQQ puts this day. I am using one of the better options platforms, i figured i would play around with some options. They are so cheap right now
Wed- +26.25 on 375 shares. I tottaly missed the nice sell off in the morning because i couldnt find any setups i liked. My only trade was SINA short. I tried to get 400, and only got 175..that was unreal, i never thought in a million years i woluld get a partial with SINA. 1 for 1
Thurs- -170 on 1400 shares. I dont know what went wrong today. I really ddidnt break any rules. I guess i aint superman. Just a bad luck day, along with i wasnt in a great mood because of non trading stuff. I even was long into that huge rally and the end of the day. I think i bought the only stock that didnt move in that. LOL 0 for 2
Friday- +176.00 on 850 shares..Great day today considering the market. I bougt a SMH Put today also. I really think the market is going to sell off into next week. We are rounding off the tops, and we have a nice double top fomation. Along with the action this week being the way it was. 2 for 2
Im going to do a winners, and losers section for the week in my journal. I think itll be fun to post my stupidest loser, or best winner of the week.
Winners: :eek:
The trade of the week would have to be MO today (friday) Not my bigggest winner on the week, but a great setup, and a great, great, great trend day.. One of those stocks you just sit back and count the money being made. It was a textbook gap play of mine. I only took 200 shares because yesterday kinda spooked me on trading and didnt want to do to much. Normally i would do 3-400 on that play. It had a pretty large stop or i would of done more. I have a attached a chart of it. I made only +80.50 on the trade, but that is just because of the small size, and cause i love to scale the shit out of my trades. I got in the trade at 48.58. took some out at 48.78, more out at 48.92, more out at 49.28, and the last bit out at end of day.
Losers:
I took ADBE long on Thursday. It had a nice triangle setup, but not textbook. I would of liked to see it tighten up closer to teh high, and also base more before it broke. I ended up taking 400 shares of it. Why im not sure because it didnt have any real good stop price, so i had no idea what risk i was getting into, the market was also selling off hard. Basically this trade was very poor money managment, and risk management. I took it long at 45.55, and ended up getting stopped at 45.25. I lose 120 bones on that. It that one singal trade that ruined a decent week for me. I attached a chart.
Ive also been doing some swing trading. Just experimenting with it. Not risking more than 50 bucks a trade. My swing trades were down a little for the week. Closed swings had a -62.60 week.
The next step i need to take in my trading is im going to get some type of scnner so i can scan for my bread and butter setups, trade more of them and trade them with more size. if anyone has any good scanners they think i should try, i would love suggestions! Its amazin how i had a 90% win rate this week, but only made the same amount a grocery store clerk would make in a week
. It takes time though. I will also keep playing with options and swing trading every week. Maybe ill make a littel or lose a little, who knows Welp....for the week i ended up $282.60 on 4965 shares.
OK TIME TO GO DRINK SOME BREWS!! HAVE A GREAT WEEKEND!!!!!!!
After a few beers and some pizza...i just got on here...and i decided its ironic that i have a journal on here...and noone has posted a reply in quite some time...maybe cause ive made money every month since ive started trading...and people dont wanna bother. then i look at other journals and read them....guys that dont make shit....no edge at all...and people talk in there journals like they are going to make it, and they are godo traders...and blah blha blah....im just curious what the reasons for this is...is there that many traders here on Et that actually are losers like all the rest, and only can reply to losing journals I peronally know 75% of the posters that have replied to my journal...and ill tell ya what..i know they arent losers... Eters...liek uptick2000....lescor...and trend_fader...thses guys are real traders that make moeny on a daily basis.... id like to see more proff of Eters and there supposably big profits?????
I peronally know 75% of the posters that have replied to my journal...and ill tell ya what..i know they arent losers... Eters...liek uptick2000....lescor...and trend_fader...thses guys are real traders that make moeny on a daily basis.... id like to see more proff of Eters and there supposably big profits?????Quote from jpomerenke:
After a few beers and some pizza...i just got on here...and i decided its ironic that i have a journal on here...and noone has posted a reply in quite some time...maybe cause ive made money every month since ive started trading...and people dont wanna bother. then i look at other journals and read them....guys that dont make shit....no edge at all...and people talk in there journals like they are going to make it, and they are godo traders...and blah blha blah....im just curious what the reasons for this is...is there that many traders here on Et that actually are losers like all the rest, and only can reply to losing journals
I do read your journal. I'm glad you have been so consistent, and that in and of itself is why I keep reading. I'm not trading equities though, so I have little to offer.
Here's a question for you...you've consistently been making in the couple hundreds per week. What's your next steps for growth (ie size)?
Glad to see i waste a little of my time so some one reads it
Basically th only way it looks like i can make more money is size. The things i have found is there are traders that trade many trades a day with less size and make a decent living. Myslef, im a less active trader, and only take a few trades a day that i realy like. This week i was shot 90%...not a bad day considering the 2 losers i had were on the same day, and was a bad day for me for other reasons except trading...i guess the only way i will make...or lose ...more money is to sally up and do more size.... i havent went over 4-500 shares a trade yet...cause i have been way to risk averse...but really...the lesss i risk the less i make in reality. 