Prop Trader Journal

6/28/11

Net P&L= -$ 1.00
Shares Traded= 1400

Today was a little bit different than most days that I've traded so far...First day using the tradingraw service and I traded some more momentum plays using Order flow etc.

Here are some of the stocks I was In:

SMSC:

Traded this stock as it was in play with earnings. Spread was pretty wide so I ended up taking a trade and starting the day down -$16.00. Going to continue to trade small spread stocks, this was a lapse in judgement.

SPRD:

This stock sold off hard with the news of Muddy Waters issuing some negative commentary. After it was clear that the bottom was in and people began short covering, I took a couple of trades with the momentum. Made about 27 cents in the process.

SPY:
Got long as the SPY made a pullback and I got long into it. Looked like it was going to possibly go for another push up...was subsequently stopped out!

Even day today, but I am getting a better feel for things forsure.
 

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6/29/11

P&L= -$63
Shares Traded= 1.2

SPY=
Went long in anticipation of the holding near the prior days highs. Market broke through and hit my stop and eventually broke higher. Looking back at this, prob wasn't the best trade as volume was not increasing to the upside, will note that going forward.

PM=
After the market broke higher It was testing near the intraday highs and looked like it was breaking higher. Played PM as it had relative strength. Got out with a scratch as PM did not correlate with the broader market. OK one thing I am noticing here is that my read of the SPY's and the broader market is not bad...my relative strength weakness plays just dont correlate about half the time! I am going to start to transition to working the SPY's outright when I can, as that would work better in the long run anyways.

MSFT=
Same kind of play as above...notice the market broke through key support and and was testing on low volume. Didn't correlate, market broke lower.

AWAY=
Traded this IPO and got caught buying too high...swiped out with a $26.00 loss. This was based off of momentum and order flow. Had some balls on this one...lol

Took some other order flow trades and lost some, scratched some, and had a small winner. Talked to Bano today and he recommended some stuff to me that I will take into account. For the rest of this week I am not going to play any momentum related stuff. Just focus on reading the tape and watching it! I will continue to play some relative strength plays and the SPY's and finish this week in the green!
 

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6/30/11

Not much to note today...down about $14.00 on the day. Took two trades. One a scalp that was impulsive and led to a $14.00 loser. Didn't trade much after that except for a scratch in SPY. Today was more of a day of observation...especially of the tape. With the help of Bano at tradingraw I am slowly but surely getting there!
 
P&L= +$41.00
Shares Traded=600

SPY

+41.00

Long=133.77, stop= 167.77 , Sold=133.18

Got long after the market broke higher with momentum. Got in at the pullback. Exited after the market extended higher. Market grinded higher the whole day, frankly didn't trade it because I thought we would be very slow lol...some good catchable moves.

DIR

+$3.50

Did some trades just based off of order flow as this was a stock in play. Actually this one was good because it kinda cleared some things about the tape with me. Been focusing hard on this and felt like I was having some trouble. But had some good observations and more better feel after trading this. In general these were just some feelers.

I've been using Bano's tradingraw service and it has been helpful so far. Good to have a person to kind of guide me along a bit more with some of these things.
 

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Also I think this is the second week that I was about breakeven. Not trading very many shares, but focusing on learning and brininging some consistency. Not anywhere near what I will eventually trade. Not trading to make money...more like not loose too much while im learning and I think Im doing a good job at that! I know that Im getting there!
 
Makin money :) almost...
Sorry if I missed this from earlier in the thread but do you have a regular/salaried/waged job along side this? If so how do you fit one in with the other, timewise etc?
 
Quote from deThommo:

Makin money :) almost...
Sorry if I missed this from earlier in the thread but do you have a regular/salaried/waged job along side this? If so how do you fit one in with the other, timewise etc?
More...

LOL...hey thanks for stopping by :). I am not actually working at the moment, just focused on the markets. I have a way to let me trade and pay my bills at the moment and I am taking advantage of it by spending a good amount of time on trading everyday.
 
7/6/11

Net P&L= -13

Shares Traded=1,200

SPY:

-$17.50

Took a few trades in the SPY's today...two losers and one scratch. Haven't experienced alot of days like this since I've been trading at my firm. Oh well, def printing out this day and marking it up! Volume and price ruled the day, yet thats all in hindsight!

+$10.00

Other than that... took some trades in MRO, TIBX, and WAG. All small winners and some scratches. Based off of order flow and the tape! Overall I think I am getting a bit better and finding some places where I can trade with some edge! Will keep going forward and learning and applying. Have to thank Bano at TradingRaw, content and execution is helping.
 

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