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

Thursday, March 30, 2006

Had Trouble Finding Opportunities Today...

Gross: +$401.50
Net: +$362.45
Loss From Top: 0
Trades: 25
Shares Traded: 33300

Stocks Traded Today (net profit/loss):
Home Depot (HD): +$274.81
Walmart (WMT): +$96.44
Corning (GLW): +$18.20

Today the morning was filled with wicked moves both to the upside and the downside. But once the afternoon rolled around, I felt like the market just chopped around without really going in any direction in particular.

It was another day of focussed discipline. I think the only downside to following my rules to the letter is that you'll get days when you see no opportunities to trade because the overall market has no trend. And today was no exception. Most of my trades occurred before noon and I only put on 2 trades during the entire afternoon.

The best trade today happened on Home Depot (HD) at 9:46AM. There was relatively good size on both the bid and ask (both sides had over 100 size). The Futures popped down so I went short. I got partially filled for 1700 shares and got the entire position out for a 6-cent winner ($102 profit).

When the overall market reversed at about 10:15AM, I couldn't spot any real good shorts...I ended up getting in and out fast because the downtrend was rather sloppy and the stocks I was watching moved down sloppily as well.

It was also another day in which all my trades came out winners and by following my rules, I kept myself out of many trades I would have put on (and lost money on). If only I could consistently impose this discpline on myself throughout the entire month....


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