Prop Trader Journal
- Thread starter Shanb
- Start date
Ok going forward this week, a few things that I will focus on:
-Focus on trading stocks in play:
I need to take full advantage of my briefing subscription, it is invaluable in this regard. I will trade ETF's etc, if there is major volatility and the macro market is moving everything!
-Trade the open and first part of the day and scale back mid-day and close:
I will forgo the above if volatility is high and there is a major break at these time periods
-Focus on trading stocks in play:
I need to take full advantage of my briefing subscription, it is invaluable in this regard. I will trade ETF's etc, if there is major volatility and the macro market is moving everything!
-Trade the open and first part of the day and scale back mid-day and close:
I will forgo the above if volatility is high and there is a major break at these time periods
Check this video out everyone.
http://www.youtube.com/watch?v=HlMylf9__eg&NR=1
Its an old documentary from when Roy Jones was fighting John Ruiz. Roy Jones was the much smaller man and was outweighed by a significant margin. Here's Roy's trainer continually guiding him through the fight, with details and repetition...over and over! A good example of the power of repetition and visualization. I'm sure as Roy was listening and seeing this in his mind it made actions second nature come fight time!
http://www.youtube.com/watch?v=HlMylf9__eg&NR=1
Its an old documentary from when Roy Jones was fighting John Ruiz. Roy Jones was the much smaller man and was outweighed by a significant margin. Here's Roy's trainer continually guiding him through the fight, with details and repetition...over and over! A good example of the power of repetition and visualization. I'm sure as Roy was listening and seeing this in his mind it made actions second nature come fight time!
8/29/11
Net P&L=+18
So really light volume day today...did grind higher into a strong trend day tho. didn't catch most of the move into the close as I made a commitment to scale back into the mid-day/close period and given the light volume today.
Didn't catch very many good trades, but I will go over some of the stocks I traded today!
YOKU:
Yoku had some new out about an agreement in China. Had done some pre-market vol. I got long off of the first pullback that held the gap. I immediately added as it broke the high. turned out to be a false break and i was out with a scratch. Prob should have waited before adding here, but the market was strong at this point so I expected some follow through.
GLD:
So traded Gold a bunch today. One problem I had here was that many times I was placing stops in area's which had no significance. As a result I was stopped out of good trades multiple times. Caught one nice trade that made up for the bad ones.
Also traded: HAL(Oil play), TIF(Second-day earnings play), VXX
Main thing for today...Place stops in area's that have significance!
Overall slow day, got monday out of the way and ready for the rest of the week!
So looking at the GLD chart, I had good positions on all of my trades initially. I made bad moves when I moved my stop to area's that were insignificant. Also got a bad fill into that green candle...just noticed this lol. Was trying to buy above the break of the red candle!
Net P&L=+18
So really light volume day today...did grind higher into a strong trend day tho. didn't catch most of the move into the close as I made a commitment to scale back into the mid-day/close period and given the light volume today.
Didn't catch very many good trades, but I will go over some of the stocks I traded today!
YOKU:
Yoku had some new out about an agreement in China. Had done some pre-market vol. I got long off of the first pullback that held the gap. I immediately added as it broke the high. turned out to be a false break and i was out with a scratch. Prob should have waited before adding here, but the market was strong at this point so I expected some follow through.
GLD:
So traded Gold a bunch today. One problem I had here was that many times I was placing stops in area's which had no significance. As a result I was stopped out of good trades multiple times. Caught one nice trade that made up for the bad ones.
Also traded: HAL(Oil play), TIF(Second-day earnings play), VXX
Main thing for today...Place stops in area's that have significance!
Overall slow day, got monday out of the way and ready for the rest of the week!
So looking at the GLD chart, I had good positions on all of my trades initially. I made bad moves when I moved my stop to area's that were insignificant. Also got a bad fill into that green candle...just noticed this lol. Was trying to buy above the break of the red candle!
thx for sharing your experiences in searching way to become something special....
but at the same time, something kept ringing in my inner ear....
many are delighted to become MASTERS of aplenties....
but champion of none....
if such is your ultimate goal.... congrats fellow trader....
may that day arrive soon to crown your tremendous efforts....
three cheers to you....
THE VIDEO WAS EXCEPTIONAL.... many traders surely can benefit from such similar instructions.... thx much also, shanb.
http://www.youtube.com/watch?v=HlMylf9__eg&NR=1
8/30/11
GROSS= -73
NET= -96
SHARES TRADED= 5,000
So today was a tough day for daytrading. Was in the hole 150 or so and made some trades into the close and made some back.
DG:
Was holding higher as the market took a dump earlier in the day. Good earnings beat and guidance. Bought into a pullback into the 35 level. Went in the money but no follow through. This happened to alot of my trades today. Just could'nt get anything to really follow through.
PANL:
Oh PANL...this stock can be a shitshow some days. Was up on news overnight and throughout the morning. Was sold right away in the morning. Got short after numbers came out in the morning. Market got sold and PANL seemed like a decent setup. was in the money 40-50 cents and was taken out with a scratch. No follow through again!
CRM:
Took a little bit of a hit here as i was shorting as it was coming off lows and holding near 122. Didn't work...market action was very choppy. So in hindsight prob not the best setup.
GLD:
Traded gold throughout the day. Traded way too much here. Chased way too much and didn't wait for clean setups. I had a couple of decent setups, but didn't get much follow through. Those decent setups were overshadowed by the all the chasing I did here. I need to be more self aware at times during the day. Many times I will make crap trades that looking back were obviously bad areas to get in ! I am getting better with it, but It can make or break a day like today!
GROSS= -73
NET= -96
SHARES TRADED= 5,000
So today was a tough day for daytrading. Was in the hole 150 or so and made some trades into the close and made some back.
DG:
Was holding higher as the market took a dump earlier in the day. Good earnings beat and guidance. Bought into a pullback into the 35 level. Went in the money but no follow through. This happened to alot of my trades today. Just could'nt get anything to really follow through.
PANL:
Oh PANL...this stock can be a shitshow some days. Was up on news overnight and throughout the morning. Was sold right away in the morning. Got short after numbers came out in the morning. Market got sold and PANL seemed like a decent setup. was in the money 40-50 cents and was taken out with a scratch. No follow through again!
CRM:
Took a little bit of a hit here as i was shorting as it was coming off lows and holding near 122. Didn't work...market action was very choppy. So in hindsight prob not the best setup.
GLD:
Traded gold throughout the day. Traded way too much here. Chased way too much and didn't wait for clean setups. I had a couple of decent setups, but didn't get much follow through. Those decent setups were overshadowed by the all the chasing I did here. I need to be more self aware at times during the day. Many times I will make crap trades that looking back were obviously bad areas to get in ! I am getting better with it, but It can make or break a day like today!
it is very difficult to tell from your line of asking half jokingly that....
....Seems like you may be a champ of one! lol....
hi again shanb:
a trader's fortune is very much dependent on the mercy of the ever changing merciless markets....
i would certainly won't dare to even have the slightest inclination to that aspiration at all in any shape or form, for sure....
however to quiet your mounting curiosity, pls look at the attachment.
perhaps you could help tallying up the first hour of trading this morning.... K? only if you like.... and only if you have the time and inclination....
mind you, there are even many more on board et here, who could easily outperform such meager feast per attached.... those silent souls are truly the masters and champions.... which i am ever ready to pay homage to any time and any place.... and with all due respect and adulation as well....
happy trading everyone and thx for your time and your indulgence as well.
Quote from nakachalet:
it is very difficult to tell from your line of asking half jokingly that....
....Seems like you may be a champ of one! lol....
hi again shanb:
a trader's fortune is very much dependent on the mercy of the ever changing merciless markets....
i would certainly won't dare to even have the slightest inclination to that aspiration at all in any shape or form, for sure....
however to quiet your mounting curiosity, pls look at the attachment.
perhaps you could help tallying up the first hour of trading this morning.... K? only if you like.... and only if you have the time and inclination....
mind you, there are even many more on board et here, who could easily outperform such meager feast per attached.... those silent souls are truly the masters and champions.... which i am ever ready to pay homage to any time and any place.... and with all due respect and adulation as well....
happy trading everyone and thx for your time and your indulgence as well.
No I wasn't joking/kidding...just wondering what you trade.