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

Monday, March 06, 2006

Drop It Like It's Hot!

Gross: +$634.82
Net: +$537.71
Loss From Top: 23.54
Trades: 51
Shares Traded: 93236

Stocks Traded Today (net profit/loss):
Bell South (BLS): +$222.01
Pfizer (PFE): +$188.80
EMC Corp (EMC): +$88.42
Boston Scientific (BSX): +$62.01
JP Morgan (JPM): -$2.73
Disney (DIS): -20.80

This morning the markets were trading in a very tight range and I couldn't really get much of anything going. As morning rolled into afternoon, the market dropped like a rock and I was able to put on some good trades which ended in a relatively good day.

The trade of the day occurred on Bell South (BLS) today. BLS slowly approached some support at $34.65, which had about 600 size on the bid. Then at 1:30PM, the Futures tanked hard! The size at $34.65 was getting hit fairly quickly, so I went short 4000 shares at $34.65. I took my profit as follows: 3-cent winner (1000 shares), 4-cent winner (1000 shares), 5-cent winner (1000 shares), 11-cent winner (1000 shares) ($230 profit before fees).

Shortly afterwards, the market tanked yet again and I managed to put on two quick trades on Pfizer (PFE). First trade was at 2:05PM when I went short 4000 shares for a 3-cent winner ($120 profit before fees). The second trade on PFE was at 2:21PM when I went short 3400 shares for a 4-cent winner ($136 profit before fees).

Yet another day with no really bad trades against me - though I still have to work on holding on to winners longer (the BLS trade could have easily been done for a 15-cent winner on 4000 shares - that would have been a $600 winner!). I've also got to work up more courage to trade larger share size; I started the day trading 5000 and 6000 shares at a time, but as the day progressed, I don't know why I started trading 4000 shares...that'll be something I'll be working on for tomorrow.

2 Comments:

  • Stumbled on your site. Amazingly interesting. Found myself poring over your trades and history.

    Very interesting, keep up the good work.

    By Blogger Webproze, at March 07, 2006 9:39 AM  

  • webproze,

    Thanks for the praise. I'm glad I'm reaching someone out there! Come back often and hopefully there will be some improvement in my trading (which was the reason I started this blog).

    By Blogger J.C., at March 07, 2006 4:57 PM  

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