So Cal Prop Trader

4/26/11
Gross: +277
Shares: 4600
Net: +252

April Gross: A bit over +800
April Net: A bit over +400

Days Traded in April: 9
Net Positive Days: 5
R/R: Just under 2
Win %: Just over 45%
Biggest Positive Day: +252 net
Biggest Losing Day: -146 net


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Well, today was uneventful. Our clearing firm had an outage.
Some time after 11:20 eastern, I was unable to trade. The problem was not fixed until about 2:50 eastern.

Could have been a better day, watched a lot of opportunities pass by...

Either way, I'll take it.

I'd like to have 2 more good days this week to close the month strong.

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Notable Trades:

1. Started off the morning in the red. I bought 400 GRA near 44 at 9:50 a.m. eastern. Got wicked out. Then of course the trade went. I stopped watching it.

2. Bought 200 HXL as it made a move past 21 consolidation. Chased it a bit, but I felt the risk reward was still present. It tried to work. Stalled a while. Hit my stop. You had to be in this ahead of the breakout, with a quarter stop. I did buy 21 initially, but didn't get an immediate move and tapped out.

3. Bought 200 AAN at 28.40. I felt it was setting up for a move higher. Moving averages were catching up. I saw a lot of people taking the opposite side of this trade in the box. I felt this had squeeze potential. The pop did come. However, when it did, the technical difficulties set in and I was unable to take profits. Lame. Ended up getting out later in the day at 65 cents...

4. Bought 300 ASH with an average price at 61.93. I sold 100 at 22 cents, 100 at 45 cents and let the last third run. Stopped out of the last third at 96 cents. I re-entered 200 shares as the price stabilized at the moving averages. Price on those 200 was 62.03. The trade went about 80 cents. I couldn't take profits due to the technical difficulties. I was stuck in this one. It pulled back below my entry. My stops did not work. Trade bounced and went a distance lol. I got out at 63.33.

5. I also got stuck in a KND short today. I had 100 short at 27.38. Covered finally at 28.42.

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KND should not have been that big of a loser, but I was stuck in it. ASH would have been a sell at 80 cents. And a rebuy on the dip back to my entry. Would have been a fantastic day had I been able to trade.

Oh well.

I will not be in tomorrow (Wednesday) though I will be in on Thursday and Friday. I'd like to finish the month near net +1000. So I'm shooting for $300 days.

Time to ramp up the volume. I am having a good set of days, earnings season is here, stop being a woman.
 

Attachments

4/28/11
Gross: +450
Shares: 9400
Net: +398

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Up early off the open, then had several consecutive losers. I kept going, getting more shares in better looking post 10:30 trades. I know that there are tons of opportunities out there right now, and I successfully stayed focused on my watch lists and took great looking trades. I closed on P&L highs and beat my goal for the day.

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Notable Trades:

1. Started the morning off in NSC, bought 200 at around 72. Sold at 25 and 59 cents. I don't go for home runs off the open. I am no good in the first hour.
2. Had a streak of losing morning trades in AET, GPL, MSI, HGR, and FAF. Each of these had potential though and I can't regret trying them out.
3. Caught TBI at 15. Buyer holding it after a big morning down move. Shorted 700 at the whole. Covered at 73, 66, 55, 62, 62, and 64. I bought my trade with the 73, got out of half at my target, and let the rest run until there was a change of character. Good outs, great trade.
4. Shorted AU as the metals sold off. A large bid at 50 was holding the price up. I shorted 200 at 50, covered at 86 and 76. This was not one of my own trades, hence, I was not eager to get size in it. Obviously could have been traded better with size. I really wanted to focus on my own trades. Time and time again, I've seen metals sell off a bit, then just reverse. Fine with this.
5. CRI. I shorted 200 CRI at around 30.95. It had a significant down move, retraced and began descending again. I detected little buying in the box. Then a refreshing seller showed up. Soon, he lowered 10 cents. I added at 85 cents. I set my stops behind the seller and rode the price down. He dropped 10 cents at a time. I covered at 28 cents as my target was reached, I had to take some off. The rest had a stop at 47 cents, above the seller. Finally they broke him and I got filled at around 50 cents.
THEN, I got cocky, and got long 100 just for the hell of it. I knew exactly why the sell off had taken place. I knew everything had changed. I got a scalp off it. Could have gotten more, CRI made a nice bounce once the seller was gone.
^^^^ the importance of looking at the box
6. NTRI - Bought 500 as buyers finally took over the 15.50 level. I got rid of 200 up near 70, then 200 at 50 as it dipped and volume died. Another 100 at 64.
7. Had other small winners in DHX, MSI (round 2), and JNJ (news)

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I hope to have another strong day tomorrow, I plan to approach the market in the same exact way I have the last few days.
I upped my buying power to 60k today.

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Next project is to have my first $1000 day...
 

Attachments

4/29/11
Gross: +92
Shares: 10200
Net: +36

April End:
Gross: +1400
Net: Somewhere between +800 and +900

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There were opportunities out there today, but not nearly the quality stuff of previous days. Had winnings trades and losing trades. No big winners, no big losers. Had a few lapses, traded some stuff that wasn't really worthy. Looking forward to May.
Had a late day chop shorting the Apple imbalance.

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Notable Trades:
Low on time today, so the only trade I want to discuss today is AON. It was mid-day, AON began consolidating above 52. It broke 52, and I shorted 400 shares with a potential 50 cent target. This was a trade that you put a feeler in, and add once the trade shows its hand. I got 400 shares, which was an irrational size compared to others.

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Next month my goal is to have my first $1000 day.
 

Attachments

Quote from ksmetana:

4/29/11
Gross: +92
Shares: 10200
Net: +36

April End:
Gross: +1400
Net: Somewhere between +800 and +900

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Had a late day chop shorting the Apple imbalance.

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Next month my goal is to have my first $1000 day.
More...

I hope you learned something from that AAPL imbalance today. I know I did. A lot of guys around me made a killing in it ($10k+). I can't talk about it here. But I figure you'll figure it out b/c you're around other traders in your office.

As far as your first $1k day goes....good luck. I remember my first time making $1k in a day. That's a great feeling. You'll get it Kurt. Eventually making $1k/day will dissatisfy you more than you will ever believed it ever could. Keep plugging away.
 
Quote from ElecEquity:

I hope you learned something from that AAPL imbalance today. I know I did. A lot of guys around me made a killing in it ($10k+). I can't talk about it here. But I figure you'll figure it out b/c you're around other traders in your office.

As far as your first $1k day goes....good luck. I remember my first time making $1k in a day. That's a great feeling. You'll get it Kurt. Eventually making $1k/day will dissatisfy you more than you will ever believed it ever could. Keep plugging away.
More...

Well I wasn't early to it. I shorted after it popped a point. There was still a heavy imbalance, I knew there was more downside. I was very confident, but my BP only let me short 100 lol. But whatever, it made me net positive for the day. I think I got around 80 cents off it.

Thank you, I'm not sure how I'll react. I'd either cry like a woman or head to a strip club. At this point, I respect money too much and I've worked so damn hard and sacrificed so much, I'd probably cry like a woman. When I started, I was excited to make a grip of money so that I could spend it all. Now, I don't want to give anyone a cent!
 
5/3/11
Gross: +499
Shares: 10000
Net: +444

Positive Trades: 25
Negative Trades: 19
Average per positive trade (per 100): +27.35
Average per negative trade (per 100): -10.4
Positive PnL: 738.57
Negative PnL: -239.25
Biggest Pos Trade (per 100): +106
Biggest Neg Trade (per 100): -20

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Notable Trades:
1. Shorted CTSH at 77.60 and 77.34 using level 2 analysis as my guide. Covered at 76.41. I do not set hard targets in first hour trades as anything can happen. I used the level 2 to get as much out of the trade as I was comfortable getting.
2. Lost money getting long BPI around 20. Soon after I got stopped out the stock produced the move I had expected. I could have stuck with the stock, though I tend to abandon stocks if they don't trade the way I like. There were other opportunities to look at.
3. Shorted 500 VSH as it broke 17.50. Average cover was in the low 20s. Definitely could have traded this better, and tapped out at my target of 17. I suppose I was just trying to build a solid morning to get things started off on the right foot. the price never breached my entry. I would have tapped out of the entire position at 10% no matter what. I liked that I got 500 shares, as I really liked the setup.
4. NETL. Oh man. NETL pissed... me... off. It set up nicely at 40. I got 500 shares short. 200 before the break, 300 after. The trade began to work. My first target was lows at 30.50. The price came in, stopped me out at 12 cents, and THEN made the move I expected. So damn irrational. All the selling at the whole vanished for some time. This trade would have gave me a fantastic day. Oh well, they can't ALL work. Not sure how I could have traded this better. I COULD have tapped out at a better price for a smaller loss once I detected the trade was going to temporarily fail. I was afraid to get back in the stock. I sized up on a setup I liked. This one stung, I had good prospects for it.
5. CRK. Shorted 400 CRK at 29.75. A single buyer was preventing continuation of the down trend. I covered at 50, 35, 51, 51. I could have let a portion run after my first target of 35 was reached.
6. Shorted LM twice throughout the day for small scalps.
7. RDC. Shorted 400 RDC at 39. I was out of the money and almost got stopped out after the buyers at the whole allowed 99's to print for a brief moment. Day traders bailed. Luckily, the market turned south and gave the trade strength. 39 broke. I covered at 76, and then 80 cents for the rest. I detected an end to the down move in the level 2, it struggled to make new lows. Good outs.
8. I had other small scalp trades, some small losers. No big losers today, aside from NETL.

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I stuck with my own watch lists. I refused to get caught up in market and office hype. Stuck with my trades that I feel I have a psychological edge in. I closed 20 bucks short of P&L highs and had a great day. This was a good way to start the month and the week, and it is great to see a continuation of last week's performance.
I'd like to ramp up the size, getting 800-900 rather than 500 on my good setups.

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My goal is to have my first $1000 day this month. I need to size up where necessary, give trades the room and time they need, trust myself, and do not let a few losing trades control my decision making.
Tomorrow I will stick to the same strategy. Keep to my watch lists and be patient for good setups / level 2 scenarios.
 

Attachments

5/4/11
Gross: - 189
Shares: 11800
Net: -254

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Obviously not a good day for me. Overtraded, resorted to low quality garbage. Lots of feelers. Lots of bad habits making a return. I blame that on my lack of sleep (only got 3.5 hours last night). I was due for a down day, I would have liked to keep it under $150 net though. Lost a bit more than I'm comfortable losing. It is rare I let a day like today happen.

My watch list for the day did not produce great setups. I ended up throwing money at sub par stuff and I paid for it. I closed at P&L lows. Despite being down, I kept going, but I was a bit wreckless in doing so. I had little conviction in the majority of my trades. If you have fear over the outcome, you shouldn't be in the trade.

The only trade I want to discuss today is the IPO, RENN. The market gave me an opportunity to produce a decent day. I got 500 RENN at 18.75. I was down $150 for the day when I entered the trade.

Initial target 19, though I felt the morning dishing was over and it could make an attempt at the next whole. In my mind I was looking at 20 as my next target.

I entered as selling slowed and the price was held by a seller at 18.70. When they took him out, I was in. Pretty easy. It was a great entry and I had conviction in this one. It was probably the only trade I actually wanted to be in today.

I ended up selling all 500 at 95 cents........

I did not want my profits to escape me. After the trade I was only down $50 on the day.

Bad move and it will haunt me all night. I knew the price was going to run.

RENN then offered an opportunity to buy on the dip. Didn't take it.

So, I basically blew it today, let some bad habits seep in. The setups that made me money yesterday were no where to be found today. It is important to recognize that, and adapt. The coals and agricultural names offered easy money in the afternoon.

I am still up for the month, and I won't let today get to me. I know the opportunities are out there. I'll be trading again on Friday. I want to close the week on a positive note.
 

Attachments

5/4/11
Gross: - 189
Shares: 11800
Net: -254

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Obviously not a good day for me. Overtraded, resorted to low quality garbage. Lots of feelers. Lots of bad habits making a return. I blame that on my lack of sleep (only got 3.5 hours last night). I was due for a down day, I would have liked to keep it under $150 net though. Lost a bit more than I'm comfortable losing. It is rare I let a day like today happen.

My watch list for the day did not produce great setups. I ended up throwing money at sub par stuff and I paid for it. I closed at P&L lows. Despite being down, I kept going, but I was a bit wreckless in doing so. I had little conviction in the majority of my trades. If you have fear over the outcome, you shouldn't be in the trade.

The only trade I want to discuss today is the IPO, RENN. The market gave me an opportunity to produce a decent day. I got 500 RENN at 18.75. I was down $150 for the day when I entered the trade.

Initial target 19, though I felt the morning dishing was over and it could make an attempt at the next whole. In my mind I was looking at 20 as my next target.

I entered as selling slowed and the price was held by a seller at 18.70. When they took him out, I was in. Pretty easy. It was a great entry and I had conviction in this one. It was probably the only trade I actually wanted to be in today.

I ended up selling all 500 at 95 cents........

I did not want my profits to escape me. After the trade I was only down $50 on the day.

Bad move and it will haunt me all night. I knew the price was going to run.

RENN then offered an opportunity to buy on the dip. Didn't take it.

So, I basically blew it today, let some bad habits seep in. The setups that made me money yesterday were no where to be found today. It is important to recognize that, and adapt. The coals and agricultural names offered easy money in the afternoon.

I am still up for the month, and I won't let today get to me. I know the opportunities are out there. I'll be trading again on Friday. I want to close the week on a positive note.
 

Attachments

5/6/11
Gross: +192
Shares: 7600
Net: +150

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I missed too much action today. There was all sorts of volatility in the markets. I didn't pull the trigger. Definitely had hesitation problems today. After over-trading on Wednesday, I focused on selectivity and did not attack enough.

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Notable Trades:
1. Shorted 400 ZINC at 13.98, as it made a new morning low. Covered half at 61, half at 71. haha. The stock was thin, and I felt it could snap back with no warning. Still I did not expect the move it had. The second wave was like double the size of the first wave.
2. Bought 200 POT as CF was breaking out, along with other agricultural names. I bought the 54 breakout. Sold in the mid 20s, way too early. I knew it had more legs due to the great moves other names were having. Stupid.
3. Bought 300 SAPE in the mid 13.50s as it began to bounce and break its downtrend. Sold at 74, 66, and 74. Size came in on the ask as the market took a turn south. I covered and shorted. Got a little scalp out of it.
4. TLEO formed a level at 37. I bought 200 at the whole and added 100 as it broke. I was hoping for a move to 50 cents. Didn't take outs in the low 20s. Sold some at 15 as the volume died out. Got stopped out of the rest as the market dragged it down.

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Had some other scalps. I wasn't able to capture any big moves today. I hesitated so many times in XEC.... Could have made so much in that.

Had a bit of over-trading in the metals. But I gained control of myself pretty quickly. Went outside to get away from the keys.

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Well, I have a positive start to the month, which is good. Next week will bring more opportunities. Wait for them and get size in good setups.
 

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