Taking 320K to 3.5million by Year End 2009
- Thread starter neke
- Start date
- Status
How dare you question neke the master!
I'm sure your joking, but he's right on. I think Neke's big problem this year is that he's swinging for $3.5 million even though his edge isn't good enough to make the 70k/week you need to pull that off.
His profit factor must be less than 1.05 which is really terrible (though atleast it's > 1.0)
I really think if Neke was just trying to grind out 5-15k/ week like he was last year (and his edge is plenty good enough for that) he'd be up 300k on his way to finishing up 400k this year. I enjoy checking in on the thread each week, but I can't help but think it's cost Neke about 300k so far this year.
Yeah, it was a bit much, so every 20 cents you were averaging down on a $495 stock? I think if you do want to go that route with averaging, maybe have some percentages in mind for the averaging down. Incidentally I believe this would have only been an $18.7k loss, adding 36.67k to your week, which would have made you profitable by 16k rather than losing 16k. I think you should stick to your rules, neke, but I guess when you do you'll always wonder on the winners if you could have pushed even harder for more profit. It actually comes down to whether you told yourself that at the time and decided against it, but not in hindsight.
Careful, don't say too much, or people might confuse you for a hater, some of which mistakenly believe you are down when you are not, despite having at least two different places to check.
I do agree with you, though, and I don't know any credible trader that doesn't think Neke's volatility is going to be his end. He has "rules" in place that he has trouble following, but not following rules could be said as the primary reason of failure for any trader that has taken time to actually write down their own rules, especially months after when they go back and examine what went wrong.
Weekly Update for week 37/50 ended 09/26/2009
Nice week, up 27.5K (7.5%). Decent win rate (13 of 19), managed to avoid some potential disasters.
Biggest gainer was RIMM short position (3000 shares @ 75.10) initiated after their earnings release on Thurs. Closed pre-market for a 14K gain. On the other end was the call on SPY on thurs, buying on the dip, that cost 11K. Then came Friday, and I got quite a scare in MA. Bought 4000 shares (2000 @ 210.30, 2000 @ 209.50) with the stock trading normal volume. No sooner had I initiated my position than the stock plunged precipitously on terrific volume. Searched frantically for news as my position soured, found none, and bought 154 OCT 210 calls @ 5.45 avg. The stock rebounded to about 208, and I exited both, losing 7K on the stock, gaining 10K on the option, to my relief. Glad I did not hold to the close of trading.
Looking forward to next week.
Nice week, up 27.5K (7.5%). Decent win rate (13 of 19), managed to avoid some potential disasters.
Biggest gainer was RIMM short position (3000 shares @ 75.10) initiated after their earnings release on Thurs. Closed pre-market for a 14K gain. On the other end was the call on SPY on thurs, buying on the dip, that cost 11K. Then came Friday, and I got quite a scare in MA. Bought 4000 shares (2000 @ 210.30, 2000 @ 209.50) with the stock trading normal volume. No sooner had I initiated my position than the stock plunged precipitously on terrific volume. Searched frantically for news as my position soured, found none, and bought 154 OCT 210 calls @ 5.45 avg. The stock rebounded to about 208, and I exited both, losing 7K on the stock, gaining 10K on the option, to my relief. Glad I did not hold to the close of trading.
Looking forward to next week.
Code:
Opening Balance: 364,393
Net gain for the week 27,505
------------------------------------------------
Net Balance: 391,898
Number of Trades 19
Number of Profitable Trades 13
Since Inception of Thread 01/10/2009 - 09/26/2009
Opening Balance: 320,064
Net gain (Less Margin Interest) 71,834 (Up 22%)
------------------------------------------------
Net Balance 391,898
Number of Trades 966
Number of Profitable Trades 605
TICKER ENTRY DATE/TIME EXIT DATE/TIME QTY PURCHASE AMT SOLD AMT GAIN/LOSS TYPE
RIMM 2009-09-24-16-14-27 2009-09-25-09-20-08 3000 211496 225300 13784 SHORT
MALJB 2009-09-25-10-21-46 2009-09-25-10-58-43 15400 83980 93940 9722 MA CALL
AMZN 2009-09-21-09-58-16 2009-09-21-11-12-59 5000 443691 450789 7058 LONG
------------------------------------------------------------------
MA 2009-09-25-10-09-13 2009-09-25-10-59-04 4000 839717 832954 -6813 LONG
SWGJA 2009-09-24-10-02-35 2009-09-24-14-59-48 80000 198200 188000 -11280 SPY CALL- Status