Thursday, May 15, 2008

Daily Summary



Today was a bit frustrating. I decided to boost my size to 300-400 shares positions. I was not patient in the morning and I kept forcing trades, instead of waiting for nice setups to come along. As I started losing, I kept taking more trades and lost some more. It seems like on days that I try to get aggressive and make money I lose money. I was down over $300 at noon. I managed to recoup most of my losses by going long JCP when it broke out of 45.39, a daily chart resistance. I got 300 shares at 45.39 but got shaken out at 45.35. Then I got 300 again at 45.59 and held on. I sold 100 at 46.50 and the rest at 46.25. I wish I had more shares, but since I was down over $300, it was hard for me to go aggressive.


Anonymous said...

do u watch the Advance/Decline lines? it was flat near zero all morning.

i also have the same problem everytime i bump up my share size. not making much with current 400 shares risking $80 per trade. my buddies tell me to work towards +$1500 profit days to get good weekly average. which i couldn't achieve with 400 shares.

enjoyed your blog.

OBAT said...

I have a chart for both the nyse and nasdaq advancers-decliners. I take quick glances on the Adv - decliners from time to time. I don't think I use them much though.

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.