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

Thursday, April 27, 2006

I'm Back On Track

Gross: +$808.50
Net: +$717.08
Loss From Top: $17.44
Trades: 54
Shares Traded: 99138

Stocks Traded Today (net profit/loss):
Micron Tech (MU): +$440.71
General Electric (GE): +$88.16
Hewlett Packard (HPQ): +$69.99
Corning (GLW): +$51.84
Sprint-Nextel (S): +$32.29
Citigroup (C): +$30.95
Home Depot (HD): +$3.43

After reflecting what went wrong the past two trading days, I was able to trade like my old self again today.

I've said it before and I'll say it again - it is because of this blog that I am able to really focus on any problems I've been encountering and I have been able to slowly improve the way in which I trade.

By really investigating the root cause of the problem, I can focus on correcting it. I also know the importance of not laying blame. In the past, I kept blaming market choppiness for my poor results. But I realized that by giving myself that excuse, I can never improve.

Today the markets gave us a nice wild ride. The markets opened down, but after Bernanke spoke, the markets shot straight up, came back down, then continued upwards until roughly 12:30PM. The rest of the day was relatively flat.

But today, I really focussed on when NOT to trade. By picking my trades wisely, I am able limit the number of losing trades. In fact, I only had one losing trade today! I only lost $15 on that losing trade (which happened to be the last trade of the day).

However I think I traded a little too conservatively today. I cut a lot of my winners short and I also missed a few opportunities because I was waiting for some confirming evidence before getting into a position.

Nonetheless, I succeeded in stopping the bleeding from the previous two days.

Good Trades
10:11AM - Micron Tech (MU) was up as were the Futures. Went long 6000 shares and got out as follows: 1-cent winner (2000 shares), 3-cent winner (2000 shares), 4-cent winner (2000 shares) ($160 profit before fees)

10:19AM - General Electric (GE) and the Futures were up. Got long 8000 shares and got out as follows - even (2000 shares), 1-cent winner (2000 shares), 2-cent winner (2000 shares), 3-cent winner (2000 shares) ($120 profit before fees)

11:10AM - Micron Tech (MU) was up and so were the Futures. Futures ripped up. Got partially filled long on 4800 shares (out of 8000 shares). Got out as follows: 2-cent winner (200 shares), 3-cent winner (4600 shares) ($140 profit before fees)

Bad Trades


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