Taking 103K to 1.2million by Year End 2008
- Thread starter neke
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Weekly Update for week 3 ended 02/02/2008
Flattish week, up 1K (1%). Overtraded quite a bit. I should watch it.
Lost on Thursay shorting AMZN. Looks like they could find nothing wrong even with the margin pressure.
I have been somewhat cautious, as I seek to bring the balance back to six digits. Cannot afford to suffer a big drawdown from here.
Looking forward to next week.
Flattish week, up 1K (1%). Overtraded quite a bit. I should watch it.
Lost on Thursay shorting AMZN. Looks like they could find nothing wrong even with the margin pressure.
I have been somewhat cautious, as I seek to bring the balance back to six digits. Cannot afford to suffer a big drawdown from here.
Looking forward to next week.
Code:
Balance B/F: 93,284
Net Gain for the week 1,039
------------------------------------------------
Balance C/F: 94,323
Number of Trades 19
Number of Profitable Trades 11
Since Inception of Thread 01/13/2008 - 02/02/2008
Balance B/F: 102,615
Net Gain (Less Margin Interest) -8,292
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Balance C/F: 94,323 (Down 8%)
Number of Trades 41
Number of Profitable Trades 24
Expected Balance at this time to be on track for Year-End Target :
118931
Status: Behind Target (Based on adjusted balance before withdrawals)
Top/Bottom Discretionary Trades for the week
TICKER ENTRY DATE/TIME EXIT DATE/TIME QTY PURCHASE AMT SOLD AMT GAINS/LOSS TYPE
BDUBJ 2008-01-31-09-32-13 2008-01-31-11-53-18 500 11180 15500 4282.34 BIDU CALL
AMZN 2008-01-30-16-08-32 2008-01-30-16-20-24 1000 71487 75000 3491.79 SHORT
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BDK 2008-01-28-09-29-57 2008-01-28-11-05-28 1500 103035 99750 -3306.08 SHORT
AMZN 2008-01-31-08-06-10 2008-01-31-09-28-19 1400 96442 92022 -4440.99 SHORTWeekly Update for week 4 ended 02/09/2008
An OK week, up 5.7K (6%). Not a dramatic move, but just OK as I seek to go green for the year.
Two bad trades reared up their heads. On Monday after hours, I was taught a lesson on how not to bottom-fish. Saw SIRF trading at 12.90 (down from closing price of 16.27) after missing earnings by 4c (28c vs. 32c expected). Reasoning was it was too cheap, with a forwared earnings of more than $1, and down more than 60% from 52-week high. Took a modest position of 2000 shares as I did not see any guidance. Little did I know the guidance would come less than 10 minutes afterward, and my $1 forward earnings promptly vanished. Sold the stock at 10.50, losing 4.8K (Glad I bought only that much, it could easily have been four times that). Did not have the psychological strength to go short thereafter (the stock closed at 7.36 the following day). Lesson: don't pick bottoms based on analysis unless you have ALL the facts.
Wednesday lost 6K following the crowd in RVBD. Saw it at 19.7 after hours, refrained from shorting. Saw it later at 18.7 decided to short. Stopped out in the morning a 19.93 for a 6K loss. Good strategy: poor execution. Made my week with the rebound in stocks on Thursday.
An OK week, up 5.7K (6%). Not a dramatic move, but just OK as I seek to go green for the year.
Two bad trades reared up their heads. On Monday after hours, I was taught a lesson on how not to bottom-fish. Saw SIRF trading at 12.90 (down from closing price of 16.27) after missing earnings by 4c (28c vs. 32c expected). Reasoning was it was too cheap, with a forwared earnings of more than $1, and down more than 60% from 52-week high. Took a modest position of 2000 shares as I did not see any guidance. Little did I know the guidance would come less than 10 minutes afterward, and my $1 forward earnings promptly vanished. Sold the stock at 10.50, losing 4.8K (Glad I bought only that much, it could easily have been four times that). Did not have the psychological strength to go short thereafter (the stock closed at 7.36 the following day). Lesson: don't pick bottoms based on analysis unless you have ALL the facts.
Wednesday lost 6K following the crowd in RVBD. Saw it at 19.7 after hours, refrained from shorting. Saw it later at 18.7 decided to short. Stopped out in the morning a 19.93 for a 6K loss. Good strategy: poor execution. Made my week with the rebound in stocks on Thursday.
Code:
Balance B/F: 94,323
Net Gain for the week 5,661
------------------------------------------------
Balance C/F: 99,984
Number of Trades 16
Number of Profitable Trades 10
Since Inception of Thread 01/13/2008 - 02/09/2008
Balance B/F: 102,615
Net Gain (Less Margin Interest) -2,631
------------------------------------------------
Balance C/F: 99,984 (Down 2.6%)
Number of Trades 57
Number of Profitable Trades 34
Expected Balance at this time to be on track for Year-End Target :
124,928
Status: Behind Target (Based on adjusted balance before withdrawals)
Top/Bottom Discretionary Trades for the week
TICKER ENTRY DATE/TIME EXIT DATE/TIME QTY PURCHASE AMT SOLD AMT GAINS/LOSS TYPE
JASO 2008-02-07-10-01-03 2008-02-07-12-00-12 2000 87329 95778.16 8428.11 LONG
SFBNE 2008-02-05-10-02-06 2008-02-05-15-11-44 5000 10950 15000 3954.86 SPY PUT
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SIRF 2008-02-04-16-40-08 2008-02-04-16-59-04 2000 25798 21006 -4812.23 LONG
RVBD 2008-02-06-09-23-47 2008-02-06-09-50-48 5000 99675 93450 -6256.01 SHORTIt seems you are much more conservative than last year.
Don't blame your bad trades. You had a lot more risk exposure last year. Yeah, you lost big ones, but you also made big ones.
This year, you cut down those gamble trades. You don't have many big losers, but you dot have many big winners either(compared to last year).
If you trade like this, you will have much more steady income each week, but overall gain may not be as big as what you had last year. Don't know whether thsi is what you want.
Good luck,
Freewilly
Don't blame your bad trades. You had a lot more risk exposure last year. Yeah, you lost big ones, but you also made big ones.
This year, you cut down those gamble trades. You don't have many big losers, but you dot have many big winners either(compared to last year).
If you trade like this, you will have much more steady income each week, but overall gain may not be as big as what you had last year. Don't know whether thsi is what you want.
Good luck,
Freewilly
Great trading Neke.
The risk and psychological control show what (I believe) what good trading is all about - for anyone who disagrees, I wonder what SocGen thinks about it.
While a lot of the posters here really just want a dog and pony show, it's the step-by-step that's going to get the job done and you out of the corporate arena.
GL
The risk and psychological control show what (I believe) what good trading is all about - for anyone who disagrees, I wonder what SocGen thinks about it.
While a lot of the posters here really just want a dog and pony show, it's the step-by-step that's going to get the job done and you out of the corporate arena.
GL
Yes, for a start I do not intend to do anything that could cause the balance to come way down from my starting balance (102.6K). Moreover I am still trying to get a feel for some of my rules, and getting used to them. I shall step up my risk tolerance as the account grows to a comfortable level (I said risk tolerance , not foolish unplanned salvos). Ideally I would be pleased to be making 10 quality trades a week, down from the average of nearly 30 I did last year.
Neke,
Finally started a Journal and already I see it takes commitment to maintain the thing.. First page I had tons of charts.. that quickly vanished!.. Markets should break big soon.. Up or down?? Should be up but who knows...
http://www.elitetrader.com/vb/showthread.php?s=&postid=1785592#post1785592
Good Trading..
Finally started a Journal and already I see it takes commitment to maintain the thing.. First page I had tons of charts.. that quickly vanished!.. Markets should break big soon.. Up or down?? Should be up but who knows...
http://www.elitetrader.com/vb/showthread.php?s=&postid=1785592#post1785592
Good Trading..
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