Quote from Diamondtrim:
Any day in the green is a good day
If you don't have any living expenses.
Walking the walk (Blotter Thread Continued)
- Thread starter Diamondtrim
- Start date
If you don't have any living expenses.
looks like it may be a good May day for me...2 of my positions are indicated up a few bucks...and I also took an abnormally large Q`s short on the close last night for a quick .20-.30 punt(I hope! 
). Good trading to all today
). Good trading to all todayThis is where I stand with open positions today. Gonna lock in WFMI on the open. Good luck to all today! Also posted best and worst positions with entry graphed.
I started doing a little trading yesterday. Messing around with some small 100 share lots, but I must say even that trading GOOG and RIMM can be crazy.
For now I am going to use my TI trial for entry signals. Here is my exit strategy.
I think the key is a plan that can be followed. Here is a first stab at a trading plan. Maybe the pro's here can give me their opinion. This is just off the top of my head. All feedback would be appreciated.
1) Can't loose more than $300 in any one position at any one time.
2) Exit 20 minutes after position is entered if position is not profitable.
3) Exit 30 minutes after position if profit is less than $100.00
4) Can't loose more than $600 in any symbol per day.
5) Can't loose more than $1,500 total per day.
6) At any one time you are in a maximum of 8 positions.
7) Take 50% profits at $1 per share gain.
8) Take additional 50% after next $1 per share.
9) Get out completely at the close.
10) If loose half of profit, then get out.
11) No new position entries for trading between 9:00 am and 11:00 am and 12:30 pm to 1:00pm
For now I am going to use my TI trial for entry signals. Here is my exit strategy.
I think the key is a plan that can be followed. Here is a first stab at a trading plan. Maybe the pro's here can give me their opinion. This is just off the top of my head. All feedback would be appreciated.
1) Can't loose more than $300 in any one position at any one time.
2) Exit 20 minutes after position is entered if position is not profitable.
3) Exit 30 minutes after position if profit is less than $100.00
4) Can't loose more than $600 in any symbol per day.
5) Can't loose more than $1,500 total per day.
6) At any one time you are in a maximum of 8 positions.
7) Take 50% profits at $1 per share gain.
8) Take additional 50% after next $1 per share.
9) Get out completely at the close.
10) If loose half of profit, then get out.
11) No new position entries for trading between 9:00 am and 11:00 am and 12:30 pm to 1:00pm
Good luck man! I don't know anything about your strategy but I will say this. Trade small and take your lumps lightly. After 20 or 30 trades figure out what your avg win and lose is. Then at that point don't EVER lose more than 50% in one day of your avg winning day. I.E lets say your avg winning day is $200....if your down $100 on the day..SHUT DOWN AND GO AWAY..FAR FAR AWAY!!!!!!. Seriously though this is just a guideline. One big problem with traders of all stripes regardless of time frame is this - many will have a great hit rate and win often...but then that one day comes along when they lose all discipline and give it all back. don't be that guy/gal.
Good start.
I would stay away from GOOG and RIMM though, those are not for the inexperienced. I would start out on slow movers with decent trends.
What are your entry conditions?
What is your maximum trade frequency per day? (Avoid overtrading)
What market conditions favor your strategy - when should you not be in the market?
I personally would not use a fixed exit point like .50 or 1.00, more over I would adjust based on the equities volatility (easier said than done).
Mike
I would stay away from GOOG and RIMM though, those are not for the inexperienced. I would start out on slow movers with decent trends.
What are your entry conditions?
What is your maximum trade frequency per day? (Avoid overtrading)
What market conditions favor your strategy - when should you not be in the market?
I personally would not use a fixed exit point like .50 or 1.00, more over I would adjust based on the equities volatility (easier said than done).
Mike
hello SWS cap.
just curious if you have the funds and broker setup to hedge overnight your QQQQ with NQ futures
in case there was movement against your overnight?
anyway ... hope you held them and covered 20 cents lower !
-I also took an abnormally large Q`s short on the close last night for a quick .20-.30 punt-
just curious if you have the funds and broker setup to hedge overnight your QQQQ with NQ futures
in case there was movement against your overnight?
anyway ... hope you held them and covered 20 cents lower !
-I also took an abnormally large Q`s short on the close last night for a quick .20-.30 punt-
Hey there Seth,
I am not setup for that..but at that point I was margined to the hilt with only 700 in excess so I wouldn't make a diff if I was. Thats 700 little not big
. And yes I covered 2k @ .75 and .65...have an order to buy back the last lot at .55.Doing OK so far..covered 2/3 of the q`s....USG is nicely breaking out and WLP is in the hurt locker.