Trading Journal, November
- Thread starter STOCKKBROKER
- Start date
Rigel,
No doubt. Sometimes you just want to get it off your screen and have a green P&L. But "WE HAVE TO LET THE STOCK TRADE"
Maybe i should not read the tape soooooooooooo much. I got shaken out evytime a BIG offer or BID comes in.
Oh well that's why I am not a million dollar trader yet!
But one day, one day, Dorothy!!
No doubt. Sometimes you just want to get it off your screen and have a green P&L. But "WE HAVE TO LET THE STOCK TRADE"
Maybe i should not read the tape soooooooooooo much. I got shaken out evytime a BIG offer or BID comes in.
Oh well that's why I am not a million dollar trader yet!
But one day, one day, Dorothy!!
SB:
Today wasn't as easy as it looked, firm's numbers are far worse than yesterday's, as the market throw you a curve ball every day, when it does throw an easy one you tend to miss it. Sure we could have all loaded up our maximum buying power off the open and sold at the close and we would have made rediculous amount of money, it doesn't work like that. I talked to Dustin, a member on this board with substantially higher YTD numbers compared to mine, and he didn't take a position until 11AM. Hard to anticipate what the market will do after the gap-up. Granted, I am not making excuses for not playing better today, as I too could have had a much better game had I bought the first pullback and caught the oil rally, but there is no need to beat up yourself.
As for tape reading, let's just say, if you ever become a top tier NYSE trader, you will need to be very proficient at it, especially when the market is not trending very well. People who complain about the tape are people who haven't mastered it yet, almost all size traders on NYSE overwhelmingly favor the tape. It is just too important to be able to read the specialist in this game. It is possible to be profitable without it, but it is very hard if not impossible to be mega successful without it if your time frame is intraday.
Also, sometimes when you are up $500 and the market seems to be choppy, consider packing it in. While it is not that impressive of an number, very very very few people can average that a year (that would be $125K a year, and you know my definition for a profitable trader is $100K a year. It is very important to keep your profit and know when to turn your aggression on and off.
I am working on all of above as well, and hold on to winners too for that matter, so you are definitely not alone
P.S. Last but not least, you should post your journal after the market is closed, I did it when I first started at the firm when I posted lunch time updates, it is a huge distraction that you don't want.
Today wasn't as easy as it looked, firm's numbers are far worse than yesterday's, as the market throw you a curve ball every day, when it does throw an easy one you tend to miss it. Sure we could have all loaded up our maximum buying power off the open and sold at the close and we would have made rediculous amount of money, it doesn't work like that. I talked to Dustin, a member on this board with substantially higher YTD numbers compared to mine, and he didn't take a position until 11AM. Hard to anticipate what the market will do after the gap-up. Granted, I am not making excuses for not playing better today, as I too could have had a much better game had I bought the first pullback and caught the oil rally, but there is no need to beat up yourself.
As for tape reading, let's just say, if you ever become a top tier NYSE trader, you will need to be very proficient at it, especially when the market is not trending very well. People who complain about the tape are people who haven't mastered it yet, almost all size traders on NYSE overwhelmingly favor the tape. It is just too important to be able to read the specialist in this game. It is possible to be profitable without it, but it is very hard if not impossible to be mega successful without it if your time frame is intraday.
Also, sometimes when you are up $500 and the market seems to be choppy, consider packing it in. While it is not that impressive of an number, very very very few people can average that a year (that would be $125K a year, and you know my definition for a profitable trader is $100K a year. It is very important to keep your profit and know when to turn your aggression on and off.
I am working on all of above as well, and hold on to winners too for that matter, so you are definitely not alone
P.S. Last but not least, you should post your journal after the market is closed, I did it when I first started at the firm when I posted lunch time updates, it is a huge distraction that you don't want.
Net Stock Type of trade
135.95 ABK pick First time trading this stock, the stock gapped up, while IUX was still weak in the morning, got out with 50c profit, should have another 75c if i just stayed short, using the 20 EMA as my guide. Incidentally I have started to use 20 EMA today and it works good. Still have to work out some details on how to use it.
-10.44 AGE pick Tried to short it when the XBD looks like it was goint to tank. Didn't want to go down, too strong.
127.31 AMG gap Trade of the day ( well it suppose to be) got out way too soon, got filled at $68.10, got out at at $68.73, not a bad trade, but the stock stayed at $69, for an hour before ripping up for another point. Again, the chart stock didn't break the 20 EMA, all the way there. I have to think about my take profit, using price levels vs technical.
276.76 AT gap
-37.33 BDX pick
-43.47 BVF pick
-75.80 CMA pick
-49.61 CRL pick
-31.68 EDS gap
-43.49 EW pick
-22.25 GSB pick
78.51 KMI pick
-16.46 LNC pick
-85.46 MLM gap
-31.15 PB pick
-4.33 PD pick
135.95 ABK pick First time trading this stock, the stock gapped up, while IUX was still weak in the morning, got out with 50c profit, should have another 75c if i just stayed short, using the 20 EMA as my guide. Incidentally I have started to use 20 EMA today and it works good. Still have to work out some details on how to use it.
-10.44 AGE pick Tried to short it when the XBD looks like it was goint to tank. Didn't want to go down, too strong.
127.31 AMG gap Trade of the day ( well it suppose to be) got out way too soon, got filled at $68.10, got out at at $68.73, not a bad trade, but the stock stayed at $69, for an hour before ripping up for another point. Again, the chart stock didn't break the 20 EMA, all the way there. I have to think about my take profit, using price levels vs technical.
276.76 AT gap
-37.33 BDX pick
-43.47 BVF pick
-75.80 CMA pick
-49.61 CRL pick
-31.68 EDS gap
-43.49 EW pick
-22.25 GSB pick
78.51 KMI pick
-16.46 LNC pick
-85.46 MLM gap
-31.15 PB pick
-4.33 PD pick
Net Stock Type of trade
135.95 ABK pick First time trading this stock, the stock gapped up, while IUX was still weak in the morning, got out with 50c profit, should have another 75c if i just stayed short, using the 20 EMA as my guide. Incidentally I have started to use 20 EMA today and it works good. Still have to work out some details on how to use it.
-10.44 AGE pick Tried to short it when the XBD looks like it was goint to tank. Didn't want to go down, too strong.
127.31 AMG gap Trade of the day ( well it suppose to be) got out way too soon, got filled at $68.10, got out at at $68.73, not a bad trade, but the stock stayed at $69, for an hour before ripping up for another point. Again, the chart stock didn't break the 20 EMA, all the way there. I have to think about my take profit, using price levels vs technical.
276.76 AT gap Same story here, got a great fill on a gap down, at $61.60, sold the stock at $62.11, thought I had a good winner, but the stock moved up another 50c after I sold it. If i would have kept my stops at the 20 EMA, could have had a much bigger winner!!!!!!!!!!!
-37.33 BDX pick A new stock, too thin to trade, tried to buy when DRG broke 20 EMA.
-43.47 BVF pick Same reason as above, have to learn to trade these stocks. Should have use technicals as my guides.
-75.80 CMA pick Hard stock to trade, too thin and and get shaken out on every spread and wiggles, give myself an ulcer!!
-49.61 CRL pick Saw this stock with a big offer cam in and I tried to get a bullet to short the stock, COULD NOT GET AN UPTICK thought I didn't got filled, the stock went down $1.50, afterwards I found out that I PAID for the bullet, missed the movement and paid for the bullet!! DAMM
-31.68 EDS gap Bad filled, made it even worse trying to get out. Have to be more patient.
-43.49 EW pick
-22.25 GSB pick
78.51 KMI pick
-16.46 LNC pick
-85.46 MLM gap Got a natural short and it didn't work
-31.15 PB pick
-4.33 PD pick
Finished the day, flat after commission and bullets.
Tough day, and i traded too much, I have seen the light and I will use technicals more tomorrow!
135.95 ABK pick First time trading this stock, the stock gapped up, while IUX was still weak in the morning, got out with 50c profit, should have another 75c if i just stayed short, using the 20 EMA as my guide. Incidentally I have started to use 20 EMA today and it works good. Still have to work out some details on how to use it.
-10.44 AGE pick Tried to short it when the XBD looks like it was goint to tank. Didn't want to go down, too strong.
127.31 AMG gap Trade of the day ( well it suppose to be) got out way too soon, got filled at $68.10, got out at at $68.73, not a bad trade, but the stock stayed at $69, for an hour before ripping up for another point. Again, the chart stock didn't break the 20 EMA, all the way there. I have to think about my take profit, using price levels vs technical.
276.76 AT gap Same story here, got a great fill on a gap down, at $61.60, sold the stock at $62.11, thought I had a good winner, but the stock moved up another 50c after I sold it. If i would have kept my stops at the 20 EMA, could have had a much bigger winner!!!!!!!!!!!
-37.33 BDX pick A new stock, too thin to trade, tried to buy when DRG broke 20 EMA.
-43.47 BVF pick Same reason as above, have to learn to trade these stocks. Should have use technicals as my guides.
-75.80 CMA pick Hard stock to trade, too thin and and get shaken out on every spread and wiggles, give myself an ulcer!!
-49.61 CRL pick Saw this stock with a big offer cam in and I tried to get a bullet to short the stock, COULD NOT GET AN UPTICK thought I didn't got filled, the stock went down $1.50, afterwards I found out that I PAID for the bullet, missed the movement and paid for the bullet!! DAMM
-31.68 EDS gap Bad filled, made it even worse trying to get out. Have to be more patient.
-43.49 EW pick
-22.25 GSB pick
78.51 KMI pick
-16.46 LNC pick
-85.46 MLM gap Got a natural short and it didn't work
-31.15 PB pick
-4.33 PD pick
Finished the day, flat after commission and bullets.
Tough day, and i traded too much, I have seen the light and I will use technicals more tomorrow!
- Confidence.
I don't know what the market does next. I don't have to know it. I know how I will react on anything the market does. I am confident in my ability to react right. I have a strategy that works and the discipline to carry it out. I am independent minded. I don't trade to please others. I am self - reliant. I question any trade I take but I don't question my ability to make the right decisions. I trade effortlessly and automatically. I manage risk and assume losses. I trust myself.
- Emotionlessness.
I am objective and calm. I am a detached observer. I don't get angry with stocks doing not what I expected - I know they do what they do, the market is what it is. I don't get frustrated with stop losses - they are part of the game. I don't get overexcited with winning trades, they are just one more confirmation of my right approach. I feel good about myself and my trading. My performance as a trader doesn't reflect on my self-worth.
From one of the traders !
I don't know what the market does next. I don't have to know it. I know how I will react on anything the market does. I am confident in my ability to react right. I have a strategy that works and the discipline to carry it out. I am independent minded. I don't trade to please others. I am self - reliant. I question any trade I take but I don't question my ability to make the right decisions. I trade effortlessly and automatically. I manage risk and assume losses. I trust myself.
- Emotionlessness.
I am objective and calm. I am a detached observer. I don't get angry with stocks doing not what I expected - I know they do what they do, the market is what it is. I don't get frustrated with stop losses - they are part of the game. I don't get overexcited with winning trades, they are just one more confirmation of my right approach. I feel good about myself and my trading. My performance as a trader doesn't reflect on my self-worth.
From one of the traders !
11-14-01 09:39 PM
How did I end up posting here and what is my numbers? Some of you might ask.
I have been trading for about 3 months. I started in the middle of August. I didn't do too well in the beginning, I was down almost 3K by the first week of September! (- $300 / day ). Then something clicked or maybe it was just a good month, I don't know, I started making money, I was up almost everyday for the remainder of the month, I would have $500, $600, $800, $900 day. Not an easy feat since I was trading 300 shrares!! By September 29, I was up $500!!!
Can you imagine that? A rookie up after a little over a month? Of course the story doesn't end there!!
The last day of the September was also the end of the quarter and our head trader, Mr.T (which incidentally was from your firm, you might even know him, one of the best tape reader there.... from what he told us anyways) told us to play the end of the quarter imbalances, since the quarter before, they made a killing from all the buy imbalances. Some even made 50K in 20 minutes!!
He said just buy the stocks with huge imbalances and sell it MOC and you will be up.
OK! Still beaming with confidence and joy that I was the only rookie that was positive within the first month, I loaded up on EVERY call we got from the floor.
100K to buy AOL
300K to buy XOM
150K to buy PFE
etc etc etc
Needeless to say I did what he said I LOADED UP...
5000 shares on 8 positions !!!!!! We didn't have position limits that day, they were lifted for the MOC plays.
I even went long 5000 shares of IBM!! I have no fear!
I went into the market with 5000 buy order and push the stock up 25c !! WOW. For a brief moment, must have been like a nanoseconds, my P&L jumped to +$3500, I was up over 2K in XOM. I never made so much money so quickly!!
I didn't know what to do, should I sell? If I sell can I buy it back? How does the MOC works. Not a good time to ask these questions now!!
What should I do? Well Mr.T ( our head trader told us just buy and hold and sell MOC) so I DID NOTHING!!!!! I walked away from the trading desk !!
The market sold off the last 15 minutes and I was long 40000 shares!!
When all was said and down, by then end of the day I was down 10K!
I was spellbound!!!!!! Didn't know what to think, say or do!
Had a good long talk with Mr.T, for some reason they didn't fire me, they kept me on, I guess they want to make their money back!!!
I was stupid not to take a break, and I was down another 2K the following week!!!
SHIT!! I really thought about quitting, but I didn't.
Too much love for the game. So I grind on, and till now I was able to make some money back and I am down 9K now.
Feel like I have totally wasted my 3 months, all because of GREED, GREED, GREED what an evil monster!!
How did I end up posting here and what is my numbers? Some of you might ask.
I have been trading for about 3 months. I started in the middle of August. I didn't do too well in the beginning, I was down almost 3K by the first week of September! (- $300 / day ). Then something clicked or maybe it was just a good month, I don't know, I started making money, I was up almost everyday for the remainder of the month, I would have $500, $600, $800, $900 day. Not an easy feat since I was trading 300 shrares!! By September 29, I was up $500!!!
Can you imagine that? A rookie up after a little over a month? Of course the story doesn't end there!!
The last day of the September was also the end of the quarter and our head trader, Mr.T (which incidentally was from your firm, you might even know him, one of the best tape reader there.... from what he told us anyways) told us to play the end of the quarter imbalances, since the quarter before, they made a killing from all the buy imbalances. Some even made 50K in 20 minutes!!
He said just buy the stocks with huge imbalances and sell it MOC and you will be up.
OK! Still beaming with confidence and joy that I was the only rookie that was positive within the first month, I loaded up on EVERY call we got from the floor.
100K to buy AOL
300K to buy XOM
150K to buy PFE
etc etc etc
Needeless to say I did what he said I LOADED UP...
5000 shares on 8 positions !!!!!! We didn't have position limits that day, they were lifted for the MOC plays.
I even went long 5000 shares of IBM!! I have no fear!
I went into the market with 5000 buy order and push the stock up 25c !! WOW. For a brief moment, must have been like a nanoseconds, my P&L jumped to +$3500, I was up over 2K in XOM. I never made so much money so quickly!!
I didn't know what to do, should I sell? If I sell can I buy it back? How does the MOC works. Not a good time to ask these questions now!!
What should I do? Well Mr.T ( our head trader told us just buy and hold and sell MOC) so I DID NOTHING!!!!! I walked away from the trading desk !!
The market sold off the last 15 minutes and I was long 40000 shares!!
When all was said and down, by then end of the day I was down 10K!
I was spellbound!!!!!! Didn't know what to think, say or do!
Had a good long talk with Mr.T, for some reason they didn't fire me, they kept me on, I guess they want to make their money back!!!
I was stupid not to take a break, and I was down another 2K the following week!!!
SHIT!! I really thought about quitting, but I didn't.
Too much love for the game. So I grind on, and till now I was able to make some money back and I am down 9K now.
Feel like I have totally wasted my 3 months, all because of GREED, GREED, GREED what an evil monster!!
Stockkbroker..
mr T sounds like a real jewel.. i cant believe they let you take 40k shares and walk away.. thats outrageous.. good thing there was no plane crash or anthrax announcement..
so you are from China? did you grow up there or here in the US? i spent a couple months last year teaching english in Dalian near Guangzhou.. i taught 2nd grade and kindergarden.. those kids were amazing.. 3 years old and speak cantonese, mandarin and english..
-qwik
mr T sounds like a real jewel.. i cant believe they let you take 40k shares and walk away.. thats outrageous.. good thing there was no plane crash or anthrax announcement..
so you are from China? did you grow up there or here in the US? i spent a couple months last year teaching english in Dalian near Guangzhou.. i taught 2nd grade and kindergarden.. those kids were amazing.. 3 years old and speak cantonese, mandarin and english..
-qwik
Well I am Chinese, grew up in HK, just out of curiosity how did you know? I know my english is really bad and I don't edit what I type!! he he
Well Mr.T, believe it or not, is a decent guy. He comes off being harsh and cold at times but he is ok. But as I said, they thought they can make thier money back with me, or maybe they have no choice
Believe it or not I have never been to mainland China, sure hope to visit there one day, they got some smokin ladies in Shanghai!
Well Mr.T, believe it or not, is a decent guy. He comes off being harsh and cold at times but he is ok. But as I said, they thought they can make thier money back with me, or maybe they have no choice
Believe it or not I have never been to mainland China, sure hope to visit there one day, they got some smokin ladies in Shanghai!