Trader P/L 2005

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Quote from SwingOutOn5:

what was your trade volume today?
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Looks like 156k shares today.

I was curious what got you into that nasty trade yesterday, I pulled time and sales, to me, it looked like the back was broken several minutes before your fill, orderflow was really raining down at you.

I trade super small shares of those type of stocks, just to keep my edge up, every once and again. I think they're great training for reading orderflow.

Make a stand. Don't trade more than x% of your portfolio in a single security.
 
swingouton,
my broker pays the rebates up front in the trade. They basically float the money to me and they get paid on or around the 15th of the month. Most brokers operate that way but mastertrader has done this for me instead of asking me to wait. AB Watley had me wait for my ECN rebates and it slowly became a train wreck waiting to happen. One month would turn to 2 months of waiting then 4 months and before you know it they owe you over 100k and you have been waiting for months! Hell Im still waiting for some of my money and I dont even trade with them anymore!!!

but some brokers will front you the money in the trades.
 
-29 today. First negative day in over a month. Lots of things came together to cause this (new office, new seating, distraction from yappy's who arent trading the stocks im on, lack of sleep), but most importantly EMC has been extremly thick and stagnant. I must take the time to not make excuses though and adapt like i did to get to this point.
 
made money on openings and mid-day trading, yet lost -208.50 on 17 positions w/ 100 shs in DT filter trades. still ended up the day overall positive, so i cant complain. what is sad, is that I was up money in all of my DT trades at one point in time for the trade. i have a feeling this is likely going to take me months before i get comfortable and consistently profitable trading DTs filters, yet I can see the potential.

back at it tomorrow,
patrick
 

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Quote from MR.NBBO:

Looks like 156k shares today.

I was curious what got you into that nasty trade yesterday, I pulled time and sales, to me, it looked like the back was broken several minutes before your fill, orderflow was really raining down at you.
More...

Fibs looked like an ABC up, Level II showed weakness at the ask compared to the bid, and stoch was turning. The bet should have been smaller, no doubt! I figured I would risk $.04 at $9.92 making my mental stop as a market order sell at $9.88. Orders fell through before mine got filled, and I got filled at the very bottom of the fall at $8.25. Anybody know what happened behind the scenes (or at least what could have happend)? I would like to adjust my rules to account for such in the future.

One of my new rules is limiting position size to 500.
 
Making position size to 500 is a very good option, as you go on higher multiples, your stay in the position and profit target gets lower in the same multiples....
 
Im just wondering if i understand right that on a $9 stock it dropped over a dollar and a half with no fills?

In my experience when taking a large loss, which is obviously rare, i find i could have got out many times before but i say the most dangerous thing i can think of being: "well im already down xxx, ill just wait for it to come back because i dont want to realize this loss".

Is that even partially true for yourself, or did it actually drop that far with no chance to get out?

Quote from SwingOutOn5:

Fibs looked like an ABC up, Level II showed weakness at the ask compared to the bid, and stoch was turning. The bet should have been smaller, no doubt! I figured I would risk $.04 at $9.92 making my mental stop as a market order sell at $9.88. Orders fell through before mine got filled, and I got filled at the very bottom of the fall at $8.25. Anybody know what happened behind the scenes (or at least what could have happend)? I would like to adjust my rules to account for such in the future.

One of my new rules is limiting position size to 500.
More...
 
Quote from Szeven:

Im just wondering if i understand right that on a $9 stock it dropped over a dollar and a half with no fills?

In my experience when taking a large loss, which is obviously rare, i find i could have got out many times before but i say the most dangerous thing i can think of being: "well im already down xxx, ill just wait for it to come back because i dont want to realize this loss".

Is that even partially true for yourself, or did it actually drop that far with no chance to get out?
More...

i think SOO5 meant 8.92 and 8.88 instead of 9.92 and 9.88. if i understand the scenario correctly, below is a snippet of a 2-tick chart during the tumble. if this isn't the time in question, someone please correct me.

hth

take care -

omni
 

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there was a very similar drop this morning ... same price range and all.

:confused:

in fact, i first thought it was what SOO5 was referring to, but the times didn't match up with his post.

anyway ...

take care and gtty -

omni
 

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What I've found:
In these kind of trades, forget almost all technicals. Look at a quick 1 min chart for general daily support....just as REFERENCE ONLY. Read the orderflow, never fight it. Your trade was buying a falling knife, based on technicals, against all orderflow. Acknowledge the technicals, then look for the orderflow turn, or stall--then hit it. The stall out is a very important pivot, so watch closely. It's when bidding/ask hitting ceases.

Stochs are useless here, they hit 0 and 100 with these stocks. A stop is almost useless as well, just too insane of a movement to expect it to get honored at a good price.

No adjustments could be made, really-except never entering. AMEX was gapping huge, straight into his pockets. He was selling his inventory right into CSE/ARCA/THRD/ISLD, and everyone else, while holding an AMEX massive sell order in his hand. He filled mostly himself, and a few AMEX limit buys at that .25. The specialist made huge money hitting everyone before filling that order. Welcome to Wallstreet.
If you caught on to what AMEX was up to, you coulda hit 8.50-8.40 on the way down....but, thats a hard split second decision.

When I trade these chimps, for practice, I trade about 1% of the account, no more.


Quote from SwingOutOn5:

Fibs looked like an ABC up, Level II showed weakness at the ask compared to the bid, and stoch was turning. The bet should have been smaller, no doubt! I figured I would risk $.04 at $9.92 making my mental stop as a market order sell at $9.88. Orders fell through before mine got filled, and I got filled at the very bottom of the fall at $8.25. Anybody know what happened behind the scenes (or at least what could have happend)? I would like to adjust my rules to account for such in the future.

One of my new rules is limiting position size to 500.
More...
 
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