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

Tuesday, June 13, 2006

I Love You Citigroup!

Gross: +$1,578.44
Net: +$1,337.22
Loss From Top: 0
Trades: 101
Shares Traded: 240698

Stocks Traded Today (net profit/loss):
Citigroup (C): +$1,305.32
Walmart (WMT): +$225.74
General Electric (GE): +$148.89
Bank of America (BAC): +$137.38
Home Depot (HD): -$96.89
Disney (DIS): -$111.06
Motorola (MOT): -$122.51
JP Morgan (JPM): -$149.64

Well would you look at all the money I made on Citigroup today! The amount I made on it was practically everything I made today.

I also managed to break more personal records today. Unlike yesterday's somewhat insignificant records (# of trades and # of shares traded), today I broke two more important records: biggest winning trade ($880 profit before fees) and highest total net profit.

Again, I'm noticing I'm trading a lot more than before - not too sure if it's because of my new trading plan or what. Another day with 100+ trades and I managed to move close to a quarter of a million shares.

I'm sure in the next little while I will be setting new records with regards to total net profit, but I'm glad I'm back in a groove. I was worried for a bit that the weekend somehow tripped up my streak, but it was just a matter of discipline. It also helped that the morning and the last half hour of trade the Futures were rather well-behaved in terms of movement.

The morning provided some great trades as there was good follow-through on some of the moves. However from about 1PM to about 3:30PM, it was a very crappy trading environment. There were so many fake-out moves and whippy trade, I ended up losing over $400 during this period.

But during the last half hour of trade, I managed to make it all back plus a little more.

I found it very frustrating during the 1PM - 3:30PM time frame and I found myself getting too emotionally involved (I started banging on desks, swearing out loud). I think I was angry because there were too many trades in a row in which I had to get out for a loss.

By about 3PM, I took some time to calm down a bit and managed to sail smoothly till the end of the day.

Most of the money made on Citigroup was the result of a great trade in which I went long 8000 shares and the Futures kept ripping up (see below).

Today I took a lot of $100+ winners, but only recorded one good trade, and two bad trades. There were a few losing trades today, but I managed to keep most of them under $100.

And, oh yea, before I forget, "I Love You Citigroup!"

Good Trades
9:51AM - Citigroup (C) and the Futures were uptrending. There was some good size on the offer at $49.20 (about 500 size on the offer). The Futures started ripping up hard and lots of huge buy orders flooded the Level 2 on Citigroup. I managed to put my order in just before the rip, so I got long 8000 shares. Once in the position, I was surprised that the Futures kept ripping up. I got out as follows: 10-cent winner (4000 shares), 12-cent winner (4000 shares) ($880 profit before fees)

Bad Trades
1:26PM - Bank of America (BAC) was downtrending while the Futures were flat. I tried a bounce play and got long 4000 shares. It didn't work. Got out as follows: 2-cent loser (2000 shares), 3-cent loser (2000 shares) ($100 loser before fees)
  • Starting around this time, the Futures were shaking and baking a lot and "faked" me into several positions. This was the first of several positions I took over the next few hours that ended up as losing trades
3:05PM - Motorola (MOT) was downtrending but looked like it caught support while the Futures were flat. I went long 10,000 shares because there was about 800 size on the bid behind my position. Well guess what - it broke. I managed to get out my entire position of a 1-cent loser ($100 loser before fees)
  • This was one of the last of a string of trades in which I lost money. I took a little break after this trade because I realized this was a revenge trade
  • Including this losing trade, I lost over $400 from top and I was really really frustrated with the Futures because of it's erratic movements


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