Monday, March 05, 2007

Happy with my 40 dollars

I started off slow and cautious. Then by noon my discipline broke down when I got stopped out of my short in WST.



When I was stopped out I thought the market would bounce. Around noon the ES futures printed a hammer on the 15 minute bar. I bought 100 shares of POT. The stock was in a downtrend with every 15 minute bar making lower highs. Lost 74 cents on the trade. Then I went short but got shaken out with another 37 cent loser. I was down $140 after those three trades.

I managed to recover my loss and make $40 more so I am pretty happy.


Lesson:
  • Trade with the trend.
  • If I want to play a bounce I need to wait for a reversal.

5 comments:

Anonymous said...

You considering leaving e-signal ? I read on another blog that Realtick has been a hassle , too. Guess that goes with the territory.
Good trading .............

Quentin

onebadtrade said...

I have not done any research on other charting vendors yet. Any suggestions? Right now I am paying 152 a month. It will be good to have a reliable charting platform that cost less.

The Addict said...

If you're using IB as a broker you might consider Amibroker or quotetracker for your charting. They both uses the IB feed so there are no data fees. Amibroker charges a one time purchase fee for the software, I think it's around 150. Quotetracker is free. The only problem is that the data from IB is sometimes slow. In the morning it might take 10 to 20 mins to backfill a stock. But lately the feed has been pretty fast, less than a min.

Anonymous said...

I use Quotetracker....... it's free (Ameritrade as broker ) and I havent had any problems with it.
Good trading to you and nice blog.

Quentin

onebadtrade said...

My esignal seems to be working better now after I installed the new version.

About Me

I have been trading for 5 years. It took close to a year before I became profitable. I find that I am improving gradually each year. My method of choice is scalping. My edge lies in tape reading NYSE stocks and staying on the side of the specialist. That is the method I learned when I started. As I build up my capital I will try new styles and trade new markets. In late 2006 my trading hit a rough patch after the introduction of the NYSE Hybrid system. For most of 2007, I have been on a search for new strategies that would help me adapt to the market.