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June Trading Journals
- Thread starter Hitman
- Start date
For me, I would trade either NYSE or Nasdaq, not both at same time because the underlying differences is significant for a day trader. It is better to focus on one or the other, instead of both at same time.
I have considered switching to Nasdaq for a while but for now I am going to stick with NYSE. I trade many sectors (everything from chemicals to drugs to brokers to semiconductors to insurance) and it allows me to find the "easy money" of the day, trading Naasdaq would mean that everything I do is technology oriented and on a choppy day nothing like an energy rally to open the day.
I like NYSE better because it provides more depth for my particular style, and I am used to it, can't see why I want to switch when I only scratched the surface of my style.
I have considered switching to Nasdaq for a while but for now I am going to stick with NYSE. I trade many sectors (everything from chemicals to drugs to brokers to semiconductors to insurance) and it allows me to find the "easy money" of the day, trading Naasdaq would mean that everything I do is technology oriented and on a choppy day nothing like an energy rally to open the day.
I like NYSE better because it provides more depth for my particular style, and I am used to it, can't see why I want to switch when I only scratched the surface of my style.
The summer market has a strange way to punish aggressive trading. Every time I go on a run and think I can afford to be a little more aggressive, I get smacked back down. Not a good way to open up the final week of the pay period as I finished with my second worst performance of the month.
-264 before commissions, -598.52 after, 6 of 19 shooting on 13900 shares. What killed me today was the inability to perform according to my morning plan. For some strange reason, when my morning plan say long certain sectors I just go right ahead and long, but when it say short, I don't put up the bullet, fail to get the fill and ended up playing reactionary.
In today's case, it just didn't work. Coupled with the inability to walk away when I am down, I have churned myself a bigger hole than I should have. It was a carbon copy of Friday, when I had a morning plan that would have been right on the money, but I don't want to spend the 75 lousy dollars for a bullet.
I am now holding on to a measly gain of $1300 for the month, while it is better than being down, I would like to make a run over the next four games. I must be willing to accept a small loss and stay out of churning. This is one of the fatal flaws in my character that I must battle. At 10:30, the market simply stopped flowing for me, and I was only down $200, a few bad trades, by 12:30, I was down $600. Accept defeat, tommorrow is another game.
Pre-Market: WAG bad earnings news, it was going to open the day down at least 3 point, as soon as I thought of WAG, CVS crossed my mind, exact same type of business. Instead I watched it tank, squeeze, tank again and didn't do anything about it nor any one of the RLX stocks. Didn't realize BGEN is a major biotech, BTK was the smoothest sector in technology today on the short side. Did saw GSPN upgrade so watched SOX off the open. Last but not least, home sales are unchanged, in this economy, that is fantastic, should have definitely watched home construction stocks as there was a very playable morning move.
9:30: Took MU off the unchaged, took a 25 cents scalp when futures came in but it went up another 50 cents. Took a 10 cents scalp out of TXN. Unfortunately, those were the only positive trades I had all morning. The financials gapped up and it was screaming to be faded, I read the sector incorrectly and took MER long, lost 10 cents. Saw OIX making a rebound, took AHC but energy sectors eventually broke down, it is way oversold on the daily's but for some reason the sellers kept on smacking down the buyers. Lost 5 cents here.
9:50: CEX hit a new low, shorted ROH and stopped out for flat. CEX made a huge move to the up side, took DOW and PPG long but stopped out of both for small losses as the index failed to break unchanged (futures stalled too). Took BSC and lost 15 cents when an anticipated XBD double bottom turned into a continuation downtrend.
10:54: The game breaker, anticipated an OSX double bottom flawlessly. Got BHI at 35.25, got out too early for a 25 cents profit. Added NE, VTS when the move was confirmed. Being one of the tier 2's in OSX, for some stupid reason out of NE, BHI, HP, WFT, only NE didn't move and that's what I got. VTS is a tier 3 lagger and all of a sudden a 10000 seller showed up despite of OSX rally and I lost 30 cents in the trade. When the seller was done I tried to get him, and the specialist filled a trader next to me, but didn't give me the fill, as I watched him making 50 cents on the trade. Basically, I anticipated the index move correctly, but lost money, that rarely happens to me with energy stocks, and my hot got a little warm. Took LEH and lost 40 cents on a fake XBD move (the financials were so weak today, now I know). Took EPG and lost 40 cents. Those two trades were easily, my worst trades of the day, very frustrated and tossed up two prayers . . .
2:00: Tried and tried and tried, the only worth noting trade was trying to bottomfish WAT, which simply refused to do anything. Churned and churned and churned, just could not find any trade that can put a dent into that deficit. I was completely shut down today.
Our firm will be upgrading to Windows 2000 next month, I use it at home and simply love it. DIRECT PLUS is finally here, which allows you to get (almost) instant fills without going through the specialist by placing limit orders at BID/ASK price, but since it is limited to 1000 shares it probably won't help me much once I start to trade bigger sizes. That said, it is indeed very useful when you pyramiding into positions, but overall it shouldn't have any significant impact on the way I trade.
-264 before commissions, -598.52 after, 6 of 19 shooting on 13900 shares. What killed me today was the inability to perform according to my morning plan. For some strange reason, when my morning plan say long certain sectors I just go right ahead and long, but when it say short, I don't put up the bullet, fail to get the fill and ended up playing reactionary.
In today's case, it just didn't work. Coupled with the inability to walk away when I am down, I have churned myself a bigger hole than I should have. It was a carbon copy of Friday, when I had a morning plan that would have been right on the money, but I don't want to spend the 75 lousy dollars for a bullet.
I am now holding on to a measly gain of $1300 for the month, while it is better than being down, I would like to make a run over the next four games. I must be willing to accept a small loss and stay out of churning. This is one of the fatal flaws in my character that I must battle. At 10:30, the market simply stopped flowing for me, and I was only down $200, a few bad trades, by 12:30, I was down $600. Accept defeat, tommorrow is another game.
Pre-Market: WAG bad earnings news, it was going to open the day down at least 3 point, as soon as I thought of WAG, CVS crossed my mind, exact same type of business. Instead I watched it tank, squeeze, tank again and didn't do anything about it nor any one of the RLX stocks. Didn't realize BGEN is a major biotech, BTK was the smoothest sector in technology today on the short side. Did saw GSPN upgrade so watched SOX off the open. Last but not least, home sales are unchanged, in this economy, that is fantastic, should have definitely watched home construction stocks as there was a very playable morning move.
9:30: Took MU off the unchaged, took a 25 cents scalp when futures came in but it went up another 50 cents. Took a 10 cents scalp out of TXN. Unfortunately, those were the only positive trades I had all morning. The financials gapped up and it was screaming to be faded, I read the sector incorrectly and took MER long, lost 10 cents. Saw OIX making a rebound, took AHC but energy sectors eventually broke down, it is way oversold on the daily's but for some reason the sellers kept on smacking down the buyers. Lost 5 cents here.
9:50: CEX hit a new low, shorted ROH and stopped out for flat. CEX made a huge move to the up side, took DOW and PPG long but stopped out of both for small losses as the index failed to break unchanged (futures stalled too). Took BSC and lost 15 cents when an anticipated XBD double bottom turned into a continuation downtrend.
10:54: The game breaker, anticipated an OSX double bottom flawlessly. Got BHI at 35.25, got out too early for a 25 cents profit. Added NE, VTS when the move was confirmed. Being one of the tier 2's in OSX, for some stupid reason out of NE, BHI, HP, WFT, only NE didn't move and that's what I got. VTS is a tier 3 lagger and all of a sudden a 10000 seller showed up despite of OSX rally and I lost 30 cents in the trade. When the seller was done I tried to get him, and the specialist filled a trader next to me, but didn't give me the fill, as I watched him making 50 cents on the trade. Basically, I anticipated the index move correctly, but lost money, that rarely happens to me with energy stocks, and my hot got a little warm. Took LEH and lost 40 cents on a fake XBD move (the financials were so weak today, now I know). Took EPG and lost 40 cents. Those two trades were easily, my worst trades of the day, very frustrated and tossed up two prayers . . .
2:00: Tried and tried and tried, the only worth noting trade was trying to bottomfish WAT, which simply refused to do anything. Churned and churned and churned, just could not find any trade that can put a dent into that deficit. I was completely shut down today.
Our firm will be upgrading to Windows 2000 next month, I use it at home and simply love it. DIRECT PLUS is finally here, which allows you to get (almost) instant fills without going through the specialist by placing limit orders at BID/ASK price, but since it is limited to 1000 shares it probably won't help me much once I start to trade bigger sizes. That said, it is indeed very useful when you pyramiding into positions, but overall it shouldn't have any significant impact on the way I trade.
A bullet is a married put which in a nut shell allows you to bypass the uptick rule. It cost $75 to put up a 1500 (minimum) shares bullet for me (which means regardless of the trade, I lose $75).
The open is almost the entire game for me, last a few days I have not been putting up bullets and missed a tons of easy money. As a result natural shorts weren't filled and I ended up have to take less than optimal trades, playing out of my comfort zone.
On a day like today, it can be very frustrating.
The open is almost the entire game for me, last a few days I have not been putting up bullets and missed a tons of easy money. As a result natural shorts weren't filled and I ended up have to take less than optimal trades, playing out of my comfort zone.
On a day like today, it can be very frustrating.
Hitman, how long do you have to wait on fills dealing with specialists? I know you used to trade the momo stuff on the Nazdaq, how does it compare? Faster .. slower? Can you post any screen shots of what your setups look like?
You said, "instant fills without going through the specialist by placing limit orders at BID/ASK price, "... how is this routed or otherwise done?
Thanks
You said, "instant fills without going through the specialist by placing limit orders at BID/ASK price, "... how is this routed or otherwise done?
Thanks
Sure I would post a screen shot when i get a chance.
I have never day traded Nasdaq professionally (Datek + Quote Tracker doesn't count) so I don't know the technical differences. For a top->down sector trader's perspective, NYSE simply offers more variety in term of sectors, and I have no plan to switch any time soon.
The fills with the specialist is alright, usually a few seconds unless the stock is on climax volume. It really doesn't matter which market you play in, if you are good you can make money in either one. Back then Nasdaq stocks moved 30-40 points a day I had to say at top tier a Nasdaq trader will probably beat a NYSE trader in term of money made, but nowadays it is a lot closer . . .
I would definitely start with NYSE, it is a slower market overall and you have more variety to play with. Too many people associate day trading (or swing trading for that matter) with technology stocks alone, and that keeps them out of many many easy trades.
DIRECT PLUS is a new NYSE routing similar to Nasdaq SOES, our software is done automatically so whenever you point to a BID/ASK with a limit order, you get filled automatically without going through the specialist.
Sounds good, until you realize you can't see order depth and in most cases, if I could have got out with DIRECT PLUS at one print, I could have got out with a market order probably. It is helpful paring in and out of positions, to get that extra few seconds every once in a while. But order routing on NYSE will be for the most part, a non-factor as far as I can see . . . The specialist for the most part can still decide whether he give you a friendly fill or spread you half a point . . .
In other word, it WON'T have a huge impact in the way we trade.
I have never day traded Nasdaq professionally (Datek + Quote Tracker doesn't count) so I don't know the technical differences. For a top->down sector trader's perspective, NYSE simply offers more variety in term of sectors, and I have no plan to switch any time soon.
The fills with the specialist is alright, usually a few seconds unless the stock is on climax volume. It really doesn't matter which market you play in, if you are good you can make money in either one. Back then Nasdaq stocks moved 30-40 points a day I had to say at top tier a Nasdaq trader will probably beat a NYSE trader in term of money made, but nowadays it is a lot closer . . .
I would definitely start with NYSE, it is a slower market overall and you have more variety to play with. Too many people associate day trading (or swing trading for that matter) with technology stocks alone, and that keeps them out of many many easy trades.
DIRECT PLUS is a new NYSE routing similar to Nasdaq SOES, our software is done automatically so whenever you point to a BID/ASK with a limit order, you get filled automatically without going through the specialist.
Sounds good, until you realize you can't see order depth and in most cases, if I could have got out with DIRECT PLUS at one print, I could have got out with a market order probably. It is helpful paring in and out of positions, to get that extra few seconds every once in a while. But order routing on NYSE will be for the most part, a non-factor as far as I can see . . . The specialist for the most part can still decide whether he give you a friendly fill or spread you half a point . . .
In other word, it WON'T have a huge impact in the way we trade.
Slow day, but right now I just gotta grind out these close games. Any time I think of a small up day as a poor performance, I just gotta remind myself that a down day is a lot worse. The afternoon rally was nice but it happened on really weak volume, stocks were going up . . . but way too much wiggle and way too many shake out's. The tape was a mess for many stocks and I simply could not mount any serious push.
+540 before commissions, +410 after, 5300 shares on 5 of 7 shooting. 3 games left, did less than half the volume of May so far, just trying to keep my head up . . . Got a $125 pay check for last pay period which was the hardest $125 I have ever made, sure hope this pay period will be a little more respectable.
My firm is finally offering an IRA, with unlimited contributions and the fact that I can withdraw $10000 a year sans penalties, it seems like a good deal. There are 41 mututal funds to choose from so I guess I am going to do a little research on those.
Pre-Market: MER downgrade
9:30: XBD was getting smashed and everything gapped down at least 2 points. BTK was getting hit hard and I shorted DNA, got a really really bad fill, I tried to cancel but he gave me the fill right before he squeezed, lost 40 cents. Shorted CRA and AMD, covered for flat as the market made a push to the upside. Went long in CRA and DNA, those turned out to be my best trades of the day, took 50 cents out of each, although left quite a bit on the table in both trades.
10:13: Fake OSX move, took MUR and got hit for 15 cents. Made 40 cents on 200 shares (not confident with this kind of bottom picks, just trying to get used to it) with a nice CVG call by hkpuppy of Elite Trader fame and it was time to take a break.
1:00: Missed a huge CEX move, took UNH and MMC on HMO/IUX strength but only got 10 cents out of each. Tried PX and FMC and sold in frustration after they refused to do anything during the CEX rally, missed a 1/2 point move when the seller was finally done in those. CEX shooting star and tommorrow could be a follow up (for the market in general as well).
3:00: Took MER but it refused to make any bounce whatsoever, lost 10 cents . . . entire XBD moved higher, but I guess the seller just won't let it breathe . . .
+540 before commissions, +410 after, 5300 shares on 5 of 7 shooting. 3 games left, did less than half the volume of May so far, just trying to keep my head up . . . Got a $125 pay check for last pay period which was the hardest $125 I have ever made, sure hope this pay period will be a little more respectable.
My firm is finally offering an IRA, with unlimited contributions and the fact that I can withdraw $10000 a year sans penalties, it seems like a good deal. There are 41 mututal funds to choose from so I guess I am going to do a little research on those.
Pre-Market: MER downgrade
9:30: XBD was getting smashed and everything gapped down at least 2 points. BTK was getting hit hard and I shorted DNA, got a really really bad fill, I tried to cancel but he gave me the fill right before he squeezed, lost 40 cents. Shorted CRA and AMD, covered for flat as the market made a push to the upside. Went long in CRA and DNA, those turned out to be my best trades of the day, took 50 cents out of each, although left quite a bit on the table in both trades.
10:13: Fake OSX move, took MUR and got hit for 15 cents. Made 40 cents on 200 shares (not confident with this kind of bottom picks, just trying to get used to it) with a nice CVG call by hkpuppy of Elite Trader fame and it was time to take a break.
1:00: Missed a huge CEX move, took UNH and MMC on HMO/IUX strength but only got 10 cents out of each. Tried PX and FMC and sold in frustration after they refused to do anything during the CEX rally, missed a 1/2 point move when the seller was finally done in those. CEX shooting star and tommorrow could be a follow up (for the market in general as well).
3:00: Took MER but it refused to make any bounce whatsoever, lost 10 cents . . . entire XBD moved higher, but I guess the seller just won't let it breathe . . .
Hitman:
2 Little questions:
Do you use colors in your Times & Sales (prints) windows ? For example, green for trades at the ask or higher, red for trades at the bid or lower and white for trades reported within the spread. The reason I ask you this is that I know of a successful trader who is a tape reader that doesnt even use colors in his Times & Sales window, and he seldom trades using intraday charts ! ! ! He just watches the stock's daily chart at night, but when intraday trading, he bases his entries and exits all on the prints ! ! ! This is very extreme case to me, when I dont use charts I am lost Can you imagine the level of expertise this trader I am talking about ?
Second, do you know if Mrs D uses colors on her Times & Sales ?
I can't imagine how people can make money reading from a flurry of prints passing you like a railroad. But one thing is true, it does gives you a hard to acquire edge once you master it.
Thanks in advance for your response
Storkelif/hsanson
2 Little questions:
Do you use colors in your Times & Sales (prints) windows ? For example, green for trades at the ask or higher, red for trades at the bid or lower and white for trades reported within the spread. The reason I ask you this is that I know of a successful trader who is a tape reader that doesnt even use colors in his Times & Sales window, and he seldom trades using intraday charts ! ! ! He just watches the stock's daily chart at night, but when intraday trading, he bases his entries and exits all on the prints ! ! ! This is very extreme case to me, when I dont use charts I am lost Can you imagine the level of expertise this trader I am talking about ?
Second, do you know if Mrs D uses colors on her Times & Sales ?
I can't imagine how people can make money reading from a flurry of prints passing you like a railroad. But one thing is true, it does gives you a hard to acquire edge once you master it.
Thanks in advance for your response
Storkelif/hsanson
Stork:
Our AT software doesn't color code tape (green/red) the way say Quote Tracker does it, at first it was annoying but after 8 months you get used to it. No one at my firm use colors in our tape because we can't :-( Seriously it is not a big loss, your eyes gets trained very quickly.
I have noticed that with the exception of basket traders (say more than 10 positions at all times) who simply can not follow all the actions on the tape, the top tier traders at this firm are all heavier on tape than chart. The tape is what determines entry/exit, chart a secondary confirmation. My shooting improved greatly this month once I started to wait just a little bit for the tape to confirm what I anticipated on the chart . . . but it is also important to be able to juggle more positions, as soon as I get that fourth monitor I am putting one more TOS on my screen (along with planned index charts).
As I said before, tape reading is the most important and hardest to acquire skill on NYSE.
Screenshot Request:
I am not sure how I can attach a file here, someone please give me a hand here . . .
Our AT software doesn't color code tape (green/red) the way say Quote Tracker does it, at first it was annoying but after 8 months you get used to it. No one at my firm use colors in our tape because we can't :-( Seriously it is not a big loss, your eyes gets trained very quickly.
I have noticed that with the exception of basket traders (say more than 10 positions at all times) who simply can not follow all the actions on the tape, the top tier traders at this firm are all heavier on tape than chart. The tape is what determines entry/exit, chart a secondary confirmation. My shooting improved greatly this month once I started to wait just a little bit for the tape to confirm what I anticipated on the chart . . . but it is also important to be able to juggle more positions, as soon as I get that fourth monitor I am putting one more TOS on my screen (along with planned index charts).
As I said before, tape reading is the most important and hardest to acquire skill on NYSE.
Screenshot Request:
I am not sure how I can attach a file here, someone please give me a hand here . . .