Monday, March 10, 2008

Daily Summary


I spent a couple hours on Sunday coming up with a new trading plan. This plan calls for trading less and riding bigger moves. Check out Trader-X, Wall St. Warrior, and Pinoy Trader to get an idea of what I am trying to do. This will be my 3rd attempt at dummy trading. Let's see if I can make it work this time.

Today I had a bad start. I did not know that we switched to daylight savings time so I missed the first 30 minutes of trading. I thought the market was going to bounce so I took a couple of longs and lost money. I did not follow my plan. Later on I made my money back shorting CNX, ACI, WLT, TRA, AG. CNX and ACI were nice since they consolidated near the lows at around 12:30 and broke down. You can see nice low risk dummy entries there. I caught a nice trend down and made over 50 cents on most of my positions. I was able to let my winners run a lot longer than before. I only had 100 shares each of the stocks though. I am still not comfortable with wider stops of more than 30 cents so 100 shares is that maximum pain I can take for now.


PRD trader said...

good trade,did u use 30 minutes chart for dummytrading?best of luck.

OBAT said...

I am going to use 15 and 30 for setups. I will use the 5 minute to getting better entries and narrow my risk down.

LiggerPig said...

hi OBAT,
You made an important point but made it in the last line of your post. You are uncomfortable with the wider stops.
Be interesting to know how this affects your trading.
Keep on Keepin On,

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.