NoDoji's Day Trading Log
- Thread starter NoDoji
- Start date
- Status
You're welcome, as always. I'll keep an eye out to see if you need a booster shot.
I like that!
Here is to not repeating our mistakes tomorrow!
+ $77 Day
- $777 Week
+ $4701 Month
Yesterday I didn't trade my usual plans and strategies, and I also placed silly stops and didn't move them. Today I put on 6 solid trades based on my successful trading strategies, chose superb tight stops, then changed them before letting the trades play out! Cost to my bottom line today: $1100
Offered 36.50 HANS, filled. Sat on the thing for 3 hours instead of trading it back and forth. Covered @ 36.24 for a $130 gain when it stalled in that range forever.
Short ORLY @ 35.50, overbought, failure to make a new high, SPY overbought. Tight stop, because setup was strong and it should move in my favor quickly. Moved, but then sat above the previous support at the SMAs, and I didnât like the higher L2 action at a higher low with stochastics already oversold, so I covered for a $40 gain. This one didnât stage much move above my exit price before falling all day. Since my stop was very tight, I shouldâve left it in place and taken a very decent profit after all, especially since the market was in my favor. (Profit lost by moving stop: $300)
Short PRU @ 21.92 overbought, near HOD, stop @ 22.06. It fell, then stalled and I covered @ b/e because I didnât like the L2 action at all and the strength it was showing. I waited too long to enter the trade, missing a reasonable scalp. This was a well-managed trade once entered.
Potentially most beautiful trade of the day and I screw it up royally. Short GS @ 110.57 overbought, SPY overbought. First small mistake was not waiting a bit for better test of previous resistance and HOD (which failed when tested). However, the big and costly mistake was deviating from The Plan: Place a physical stop @ 111.57. I was in the process of doing that and thought (uh, thinking while trading again, bad, bad NoD!): âI will keep a mental stop and exit if it reaches that price.â Well, it spiked up and I exited a bit early @ 111.43 for a $170 loss. That was almost the exact top of the move. My physical stop would never have been hit, and the trade moved beautifully in my favor, over 2.50 from my entry price! (Profit lost by not placing and leaving physical stop in place: $500)
Short PRU @ 22.65, overbought double top, stop @ .75. Moved stop to b/e, stopped out. Yet another case in which I shouldâve left the original stop in place until the trade played out. (Profit lost by moving stop: $300)
Short HANS @ 36.20 overbought, looking for a breakdown of 36.00. I held this POS through several nicely tradable moves and closed end of day for a whopping @116. (Profit lost by not taking original profit on breakdown of LOD and replaying the trade: $200)
Total waste of a day. Put on great trades and mismanaged almost every one of them.
Looking forward to next week with all my lessons ingrained into my head from when I stepped outside today and smashed head against patio bricks.
TGIF, boys and girls!
- $777 Week
+ $4701 Month
Yesterday I didn't trade my usual plans and strategies, and I also placed silly stops and didn't move them. Today I put on 6 solid trades based on my successful trading strategies, chose superb tight stops, then changed them before letting the trades play out! Cost to my bottom line today: $1100
Offered 36.50 HANS, filled. Sat on the thing for 3 hours instead of trading it back and forth. Covered @ 36.24 for a $130 gain when it stalled in that range forever.
Short ORLY @ 35.50, overbought, failure to make a new high, SPY overbought. Tight stop, because setup was strong and it should move in my favor quickly. Moved, but then sat above the previous support at the SMAs, and I didnât like the higher L2 action at a higher low with stochastics already oversold, so I covered for a $40 gain. This one didnât stage much move above my exit price before falling all day. Since my stop was very tight, I shouldâve left it in place and taken a very decent profit after all, especially since the market was in my favor. (Profit lost by moving stop: $300)
Short PRU @ 21.92 overbought, near HOD, stop @ 22.06. It fell, then stalled and I covered @ b/e because I didnât like the L2 action at all and the strength it was showing. I waited too long to enter the trade, missing a reasonable scalp. This was a well-managed trade once entered.
Potentially most beautiful trade of the day and I screw it up royally. Short GS @ 110.57 overbought, SPY overbought. First small mistake was not waiting a bit for better test of previous resistance and HOD (which failed when tested). However, the big and costly mistake was deviating from The Plan: Place a physical stop @ 111.57. I was in the process of doing that and thought (uh, thinking while trading again, bad, bad NoD!): âI will keep a mental stop and exit if it reaches that price.â Well, it spiked up and I exited a bit early @ 111.43 for a $170 loss. That was almost the exact top of the move. My physical stop would never have been hit, and the trade moved beautifully in my favor, over 2.50 from my entry price! (Profit lost by not placing and leaving physical stop in place: $500)
Short PRU @ 22.65, overbought double top, stop @ .75. Moved stop to b/e, stopped out. Yet another case in which I shouldâve left the original stop in place until the trade played out. (Profit lost by moving stop: $300)
Short HANS @ 36.20 overbought, looking for a breakdown of 36.00. I held this POS through several nicely tradable moves and closed end of day for a whopping @116. (Profit lost by not taking original profit on breakdown of LOD and replaying the trade: $200)
Total waste of a day. Put on great trades and mismanaged almost every one of them.
Looking forward to next week with all my lessons ingrained into my head from when I stepped outside today and smashed head against patio bricks.
TGIF, boys and girls!
"Yesterday I didn't trade my usual plans and strategies, and I also placed silly stops and didn't move them. Today I put on 6 solid trades based on my successful trading strategies, chose superb tight stops, then changed them before letting the trades play out! Cost to my bottom line today: $1100"
C'mon Doj. You know better.
C'mon Doj. You know better.
Shorted Hott openig 5 mts hi-lo ,at 10.59 ,stop at 10.70 clipped .19 /took $190.Shorted OVTI at 7.57 when it is not able break AM high of 7.61 stop kept at 7.65 clipped .17 /$340.Finally shorted EBAY during lunch time at 13 stop 13.10 high of the day ,chickened out of the trade at 12.90 prematurely leaving whole lot of mullah on table.Profit of the day + $843.
You've got to look back and just laugh at these ones. With all the bouncing around today, it could have easily hit that stop anyways. At least you took your loss like a man (?), early, rather than cancel the stop or move it further away.
Trust me, Mad, after hitting my head against the bricks, I laughed hysterically.
New Traders, take note: This trade made me realize why paper trading is so easy. When paper trading GS I jot down my entry price, jot down my stop, watch the action, choose my exit (if my stop isn't hit) and think "Wow, it's so easy to make money with this one!"
Then when actually trading it, I don't put in a physical stop, I think, "I'll just exit when that price shows on the Ask." And then I exit early FOR NO REASON!
I am going to believe that I'm not the only one, because I've seen traders sim trade very successfully for quite some time, then lose it when the money hits the market.
- Status