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

Friday, April 07, 2006

Out Of The Gates Hot...Reached The Finish Line Exhausted

Gross: +$633.04
Net: +$514.59
Loss From Top: $90.98
Trades: 71
Shares Traded: 102000

Stocks Traded Today (net profit/loss):
Walmart (WMT): +$320.27
Citigroup (C): +$133.08
Hewlett Packard (HPQ): +$102.92
Corning (GLW): +$46.25
Home Depot (HD): +$43.42
Advanced Micro Devices (AMD): +$35.58
JP Morgan (JPM): +$17.16
Johnson & Johnson (JNJ): -$74.23
General Electric (GE): -$110.37

I started the day on fire! Within the first 20 minutes of the opening bell, I put on a couple of trades and just like that I was up about $400. At that point I was thinking that this was going to be a really good day.

But after the morning move, the overall market trudged along and hardly moved in either direction. I basically limped to the finish line and at the end of the day, I was totally exhausted from trying to make things happen in the afternoon.

There were some trades in the middle of the day that shouldn't have been put on. I would have had another $300 profit in my pocket if it weren't for those trades in which I was "trying to make something out of nothing" during the market lull.

Afterwards, I traded a little more carefully to protect the profits I already had. After it was clear that the rest of the day was going to be ranging and choppy, I reduced my share size and tried not to take as much risk.

Good Trades
9:40AM - Both Citigroup (C) and the Futures were uptrending. Size of 100+ began breaking on the offer, so I got long 4000 shares. Got out as follows: 2-cent winner (2000 shares), 3-cent winner (2000 shares) ($100 profit before fees).

9:43AM - Both Walmart (WMT) and the Futures started tanking. Some big size (200+ size) started making it's way down on the offer and kept pushing WMT down until it met some size (100+ size) on the bid. I went short 4000 shares and got out as follows: 4-cent winner (1000 shares), 5-cent winner (1000 shares), 6-cent winner (1000 shares), 10-cent winner (1000 shares) ($250 profit before fees).

12:45PM - Walmart (WMT) was downtrending, while the Futures were sideways and ranging. WMT reached the $46 level (I think there was about 400+ size on the bid at $46). I got short 4000 shares when the level broke and got out as follows: 2-cent winner (1000 shares), 4-cent winner (3000 shares) ($140 profit before fees).

Bad Trades
11:56AM - General Electric (GE) and the Futures were trading sideways at the time. On the level 2, it looked like a good long because there was 100+ size on the next 3 price levels on the bid. I went long 5000 shares but prices simply did not move. Then GE started falling, and I watched as the 3 levels supporting my trade melted away. I got out for a 2-cent loser when I could. ($100 loser before fees).
  • This trade was one of those "I'm bored and I want to make $1000 today" type of trade. The only basis for this trade was what I saw on the level 2. In short, I basically broke almost all of my trading rules.
  • I think I felt impatient because after the quick start near the open, there weren't many opportunities afterwards and I wanted to make something happen. Well I did make something happen alright - and it made me sick to my stomach!
Oh, by the way, I'm sorry for not posting "What I'm Watching" yesterday. I couldn't get into Blogger last night and I was too tired to try again later that evening.


Post a Comment

<< Home