Prop Trader Journal

P&L= $-8.00
SH traded=600

Today was a little bit of a weird day. The head trader told me that I could only trade 1 ticket...I though that meant 1 trade, but it means 1000 shares! lol I passed on many trades throughout the day because of this. All in all I took 2 trades, one profitable and and one not. Both in RIMM.

I've decided to only focus on a few stocks everyday so I wont get overwhelmed and so I can get a feel for things.

RIMM:

I chose RIMM because it had previous broke down to 52 wk lows(ala maverick) and also because there was some news out regarding a patent lawsuit. I have marked my chart with levels that I marked before the day began and another chart with my trades.

1st trade: Short=35.77, target=35.51, covered= 35.66,

1st trade was a short off of previous point of support intra-day. Price consolidating near that level and it worked initially. The S&P broke its lows on high volume. RIMM stuck around initially and I got out because it wasn't breaking like most of the market. It eventually hit my target as it too rolled over. Obviously this is something that I need to work on. No reason to take off of a trade that has not violated any of the reasons you put on.

2nd Trade: Short= 35.22, Target= 35.00, Stop=35.30

This trade was similar to the first. RIMM was in a downtrend most of the day and I took an short off an intra-day level. My stop was hit and RIMM made new lows. This may have not been a great level to play off of...as RIMM eventually tested the prev high at 35.35. Any thoughts?

I also looked at these stocks today:

SMG: Guided lower for next quarter earnings
COF: Had some news regarding a drop in charge-off rates

I didn't make any trades in the above stocks, but I I will show the levels that I marked before the open.
 
Levels for SMG:

There is a level at 49 that I forgot to draw in this attachment. It is the at the lows of January. The 51 level was at the lows of Late Feburary!
 

Attachments

P&L= -28.00

Instruments traded= CREE, KR, RIMM

First off a question for any of the daytraders in this forum...do you think it is better for a novice to begin trading in the lower beta names(GE etc.) and in the etfs rather than some of the higher beta thinner stocks? I've been trading stocks with news and earnings and with a wider range on the day. Any advice in this regard would be helpful!

CREE:

1st trade= long: 35.98, stop: 35.77, Target:35.88

Market looked strong after a shakeout move and CREE was holding off of the prior days lows. Got long, trade went in my favor initially. Moved my stop to 35.88 below the prior low and got stopped out with a small loss.

2nd trade= sold: 35.91, stop: 35.97, Target: 35.70

Market was breaking down as was the SMH. CREE had relative weakness the whole day and was holding near a key intraday level. got short and placed my stop at the most recent minor high. Stop was hit. Market held the 36 level and broke lows. Stop and entry was off in this one...have to be more patient and wait for the levels.

KR:

1st trade= sold: 23.88, stop 23.98, Target: 23.68

Day was mixed and up near prior key level. Consolidated and put on short. Took off for a scratch after saw that stock was chopping around level and may potentially be breaking!

RIMM:

1st trade= sold: 34.75, stop 34.82, target: Going move stops as moved.

QQQ was breaking down as was market...consolidated below major low. Took short and was stopped out as lows were made for the day. Probably a impulsive trade, but my risk was limited so I thought i may see if the market would tank in that point of time. Have to be more disciplined in that regard.



*CREE LEVELS AND TRADES ARE MARKED, WITH STOPS AT THE THE COLORED HORIZONTAL LINES.
 

Attachments

I haven't seen you mention a single stock yet that was in play.
RIMM is not a good stock for Nasdaq trading, it has problems of its own. RIMM will be in play TOMORROW, AFTER they report earnings. So tomorrow, you should watch RIMM. In watching it, remember that since it is down over 10%, shorts can not pound the bids. If a stock gaps down 10%, you want to try and get an early short, or wait until the selling dries up and go for a bounce.

Today, you should have been watching FNSR and JDSU, and other related names. FNSR did just as I said above, it held a support level, shorts couldn't pound it, and it gave a point bounce. Could have also bought JDSU. Both stocks were in play, and both you should have been watching from the open. That is what a DAY TRADER looks at.

If you go to stocks that are out of play, you will become a victim to computer noise.

Also, why don't you open an account on a photo sharing site, that way you don't have to post so much. Instead, you can just link to the photos.
 
Quote from ksmetana:

I haven't seen you mention a single stock yet that was in play.
RIMM is not a good stock for Nasdaq trading, it has problems of its own. RIMM will be in play TOMORROW, AFTER they report earnings. So tomorrow, you should watch RIMM. In watching it, remember that since it is down over 10%, shorts can not pound the bids. If a stock gaps down 10%, you want to try and get an early short, or wait until the selling dries up and go for a bounce.

Today, you should have been watching FNSR and JDSU, and other related names. FNSR did just as I said above, it held a support level, shorts couldn't pound it, and it gave a point bounce. Could have also bought JDSU. Both stocks were in play, and both you should have been watching from the open. That is what a DAY TRADER looks at.

If you go to stocks that are out of play, you will become a victim to computer noise.

Also, why don't you open an account on a photo sharing site, that way you don't have to post so much. Instead, you can just link to the photos.
More...

Ok and I will be watching it tomorrow. Thanks for the advice...still getting a feel for stock selection. I actually was watching FNSR and JDSU, just didn't get anything that I saw as a good trade. What were your levels and can you maybe provide an example on how you would have traded it? Thanks.
 
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