Light day but there were a tons of opportunities. Today was in many ways a watered-down version of the Monday after the WTC attack. The insurance sector was extremely playable in the morning, silky smooth bullet opportunities, and defense stocks were great longs. Throw in the energy stocks that trended very nicely, should have been a very easy day.
Bad news, I decided to stick to my bread and butter stocks and did not play Defense nor Insurance, and struggled until the very end. The energy sector is a lot more tradable than before, and I think every double bottom on the intraday should be bought as weather is getting really cold in New York those days, and oil price should soon raise.
Good news, I managed to keep my streak alive and after 4 straight wins I have locked down about $1800 for the month, hopefully I can make a serious run from here, I need one of those 21 out of 23 kind of month's. 10900 shares on 4 of 9 shooting, +711 before commissions, +346 after.
I am out of Mrs. D's group for good, there are some personal reasons I would not disclose on this board but those who are interested can e-mail me for details. That said, today she recruited someone from Hold Brother's, a hardcore scalper who does quarter million shares a day and made his firm $25K last month, himself $500 . . . It seems Hold Brother has some really weird payout rates, you can trade for as low as 0.25 cent per share, and get a 30% payout, or you can pay 1.5 cent per share and get a 98% pay out . . . Kind of make me feel fortunate to hit Worldco, while it has been no charity, I could have done A LOT worse had I jumped into a different firm. A trader is most vulnerable when he is new, as he has no capital to trade with and is at other's mercy, once his wing grows, sky is the limit.
Pre-Market: Light news, we know it is going to gap-down and we know there will be a bounce.
9:30: AHG sold off on heavy volume Friday and had a great daily/intraday set-up, while the volume could have been a little stronger, I saw a BID off the open and I just took it long for a easy 30 cents move (too bad futures caved in hard). Tried again when it came back to unchanged and lost 10 cents. SLB sold off on super heavy volume and I was betting on a bounce, took some at 44.93 and I didn't get my stop in there in time, trades like this if the thing moves against you at all you must get out and I didn't do that, lost half a point on a bad spread. Energy selling off, bulleted KMI and pared all the way out for nearly a point (unfortunately by then most of my position is already gone). Bulleted EOG but no luck, only got my bullet cost back as it quickly reversed. Tried to play AOL on a bounce on two futures pop's and lost 20 cents first try, 15 cents second try, third time I got him with a smaller share amount for 30 cents profit, too bad, I didn't do as much size there as I wanted to.
10:30: Energy reversal, as expected, a trader should always be aggressive because you never know when you will score a big trade, I had HP at 27.10 and NE at 26, I ended up making $200 from both after churning 1400 shares in HP and 1000 shares in NE, believe in yourself, don't be lazy, if you are in a trade don't get out because nothing is happening, stick to it, because you never know . . . this should have been a high 3 digit game and I lacked hunger. Sure volume wasn't there but just hold, same with RDN, took some at 36.50 and out for flat, stayed a little longer I would have got a 30 cents pop out of it . . . Those add up, take what the market give up and don't leave too much on the table. I traveled 1 hour to get to work, I should have got more out of what was there . . . Maybe it is the Holiday, but I am a trader, as long as there is a market, there is a job, a mission, a battle . . . I would never associated the word LAZY with me but those were very lazy trades, low volume and didn't move fast but with oil price going up like that, you gotta hold . . .
