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

Thursday, March 02, 2006

Chop Chop!

Gross: +$430.28
Net: +$314.95
Loss From Top: 0
Trades: 71
Shares Traded: 105996

Stocks Traded Today (net profit/loss):
Micron Tech (MU): +$180.33
Pfizer (PFE): +$107.77
JP Morgan (JPM): +$91.54
BellSouth (BLS): +$53.32
Citigroup (C): +$25.23
Corning (GLW): +$25.10
General Electric (GE): +$11.58
EMC Corp (EMC): -$2.18
Tyco (TYC): -$3.76
Walmart (WMT): -$174.00

What a choppy day in the markets today! There were a lot of fake-outs and false moves and I found myself getting in, then getting out quickly. Our system was down for the first 30 minutes of the trading day, but somehow I found myself trading a lot.

Surprisingly, there were no real good trades nor were there any real bad trades either. Everytime I got into a trade, there was no real trend to trade it with, so I ended up getting a lot of my trades out for small winners. The reason the WMT number looks so bad is that I had a few small losing trades on it (it was very volatile today for some reason).

I'm going to start using larger share sizes when I trade from now on. I used to trade 3000 or maybe 4000 shares at a time, but it's time for me to step up a bit, so I'll try to trade using 5000 or 6000 shares at a time (of course, for thin stocks, I'll continue using 2000 or 3000 shares). So in the next few trading days, watch my numbers - I might be up (or down) a lot more (hopefully).

I've also noticed that the last few posts have become quite long and I fear I might be boring some people out there. So from now on, I'll try to keep my posts brief and to the point.


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