Taking 320K to 3.5million by Year End 2009

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Weekly Update for week 24/50 ended 06/27/2009

More of the same. Down 5K (2%).

Seems like each week, there just has to be that one discretionary trade that messes my week. This time, it was FCX on Wed. What started as an automated alert to short 1200 FCX at 49.08 became a discretionary trade as I averaged down as the stock kept going up. Finally closed all 11000 shares, and came back later to take revenge, buying 8000 shares. Lost 13K on the combined trades. Otherwise the week was spent taking numerous small-sized automated alerts.

Desperately looking for a positive week.


Code: 
Opening Balance:               	    	225,370
Net loss for the week 		         -5,034
------------------------------------------------
Net Balance:                   		220,336

Number of Trades	            	 38
Number of Profitable Trades    	    	 19


Since Inception of Thread   01/10/2009 - 06/27/2009

Opening Balance:                   	320,064
Net loss (Less Margin Interest)		-99,728	(Down 31.2%)
------------------------------------------------
Net Balance				220,336

Number of Trades	           	582
Number of Profitable Trades        	357

Top/Bottom Discretionary Trades for the week


TICKER	ENTRY DATE/TIME		EXIT DATE/TIME		QTY	PURCHASE AMT	SOLD AMT	GAIN/LOSS	TYPE

HJQSL	2009-06-25-11-26-36	2009-06-25-15-57-43	8000	68400		74800		6243		FSLR PUT
POT	2009-06-26-13-15-31	2009-06-26-14-45-30	4000	367476		370402		2903		LONG
---------------------------------------------------------
FCX	2009-06-24-12-19-08	2009-06-24-14-02-29	8000	397936		394097		-3870		LONG
FCX	2009-06-24-09-33-21	2009-06-24-11-04-27	11000	554363		545067		-9345		SHORT

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Quote from neke:
Code: 
Number of Trades	           	582
Number of Profitable Trades    357
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You have a 61% win rate, but are still losing money.

You might have scope to take some losses quicker and still win >50% of the time.
 
Neke, STOP TRADING You're in a death spiral. Look at your equity chart objectivley and then pull up a stock chart that looks like that. A slow grind down like that usually ends with a fast dive of a cliff where it loses half its value. Remember a chart is a chart. It's summer, the markets sucks anyway, take a couple weeks of to clear your head. Take the 5k you're going to lose next week and go to Aruba and just vege out on the beach with no TV or Newspapers or internet. You've proven you can make money in the market, now show some disipline and take a step back. The market will still be here when you get back. Anyway, thats the best advice I can give, do with it what you will.

PS. To the idiots crapping on this thread, and you know who you are, get a life!
 
Quote from Millionaire:

You have a 61% win rate, but are still losing money.

You might have scope to take some losses quicker and still win >50% of the time.
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+1 for being good advice.
 
Quote from bwolinsky:

+1 for being good advice.
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How can you know that? There are probably many winning trades where he averaged down as well first and that assumingly is the reason why he cannot stop doing it. Entries are bad I guess. Inability to accept being wrong and accordingly no proper risk planning in terms of position- and account size ratio.
Index options are a nice turbo but since the SPY/ES is the one which is most rigged and manipulated for cleaner trend moves QQQQ, RUT and DIA are probably easier to trade.
 
Quote from neke:

Definitely yes. I'm yet to find the time to compute exactly how much, but I believe averaging down has cost much both this year as well as last year. The good overall performance last year obviously masked the amount lost to that bad habit. [/B]
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It's always a boost to profitability to keep track of mistakes and see how much one has lost as a result of them. It increases awareness of what is damaging trading performance. Once you see how much bad habits are costing you, it's a strong incentive to stop repeating them.
 
a great, honest thread!

here's some audio stuff that i sometimes use, when dealing with difficult markets, or trying to create alpha in a more controlled way:

arikiev.com/kiev_podcast.htm

it often works for me, people may want to check it out. before you dismiss this kind of stuff, just check it out, several podcasts, it has a good impact.

i think there must be a hidden layer of meaning in some of the podcasts, which programs our subconscious for success . . .
 
Quote from neke:

Weekly Update for week 24/50 ended 06/27/2009

More of the same. Down 5K (2%).

Seems like each week, there just has to be that one discretionary trade that messes my week. This time, it was FCX on Wed. What started as an automated alert to short 1200 FCX at 49.08 became a discretionary trade as I averaged down as the stock kept going up. Finally closed all 11000 shares, and came back later to take revenge, buying 8000 shares. Lost 13K on the combined trades. Otherwise the week was spent taking numerous small-sized automated alerts.

Desperately looking for a positive week.


Code: 
Opening Balance:               	    	225,370
Net loss for the week 		         -5,034
------------------------------------------------
Net Balance:                   		220,336

Number of Trades	            	 38
Number of Profitable Trades    	    	 19


Since Inception of Thread   01/10/2009 - 06/27/2009

Opening Balance:                   	320,064
Net loss (Less Margin Interest)		-99,728	(Down 31.2%)
------------------------------------------------
Net Balance				220,336

Number of Trades	           	582
Number of Profitable Trades        	357

Top/Bottom Discretionary Trades for the week


TICKER	ENTRY DATE/TIME		EXIT DATE/TIME		QTY	PURCHASE AMT	SOLD AMT	GAIN/LOSS	TYPE

HJQSL	2009-06-25-11-26-36	2009-06-25-15-57-43	8000	68400		74800		6243		FSLR PUT
POT	2009-06-26-13-15-31	2009-06-26-14-45-30	4000	367476		370402		2903		LONG
---------------------------------------------------------
FCX	2009-06-24-12-19-08	2009-06-24-14-02-29	8000	397936		394097		-3870		LONG
FCX	2009-06-24-09-33-21	2009-06-24-11-04-27	11000	554363		545067		-9345		SHORT

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Hi Neke,
Not such a Big loss as the posts made it out to be..
Keep it up..unless there are bigger than usual looking losses, there can't be bigger than usual looking gains.
I personally have lost more than 20% of portfolio in one day..And ended year positive..more than 100% gain..
Oh..Carry on..
 
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