An NYSE Scalper's Tale - A Trader's Diary

Sunday, March 26, 2006

Another Very Quiet Day (Fri Mar 24 Results)

Gross: +$190.12
Net: +$140.34
Loss From Top: 54.90
Trades: 42
Shares Traded: 46000

Stocks Traded Today (net profit/loss):
General Electric (GE): +$73.08
Corning (GLW): +$71.80
JP Morgan (JPM): +$25.11
Citigroup (C): +$22.14
Disney (DIS): +$15.63
Bristol-Myers (BMY): +$12.35
Walmart (WMT): -$1.50
Home Depot (HD): -$16.72
Pfizer (PFE): -$61.56

Yet another day with very little action on my part. Friday I had difficulties spotting opportunities and those that I did spot, I was either too slow or I got partially filled.

No good trades nor any bad trades to report for Friday. Again, I was using too few shares on many of my trades.

I have the feeling that it's becoming a little more difficult to be consistent the last little while. I think a number of things are the cause of this. I think that larger share size is again playing pyschological games with me - everytime I'm in a position with large share size, I get very anxious and feel a great need to get out of it as soon as possible.

Also, larger share size has caused me to constantly change my trading strategy. At times when I don't feel comfortable, I trade with smaller size - other times when I feel fairly confident, I again change my share size to a larger one.

And so, since my trading strategy keeps varying from moment to moment, I find my self having inconsistent trading results. On days (such as Friday), the totals are fairly low, probably because I was trading defensively and conservatively (with smaller share size and not according to my regular trading strategy).

During this final week of March, I'm going to stick to my game plan and trade with consistency...share sizes will depend on the "thickness" of the stock and on the support behind my trade. I'm also going to focus on executing my exit strategy this week as well.

Let's see what this last week of March brings us, shall we?


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