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

Friday, June 23, 2006

I Really Needed A Day Like This

Gross: +$1,493.00
Net: +$1,376.12
Loss From Top: $46.82
Trades: 52
Shares Traded: 138200

Stocks Traded Today (net profit/loss):
Motorola (MOT): +$1,156.54
Citigroup (C): +$196.72
Pfizer (PFE): +$171.64
Walmart (WMT): +$32.98
Home Depot (HD): -$49.17
Micron Tech (MU): -$132.59

This is the 100th post on this blog. I'd like to thank all of you who have visited regularly and have given me the motivation to continue with this blog. Since it's inception back in February, this blog has had close to 500 visits.

I've said this time and time again: this blog has definitely helped my trading and just knowing there are people out there visiting regularly, it motivates me even more to continue to review my trades, along with the ups and downs, the mistakes and the successes.

Today I came into the office as motivated as ever. There was a bounce in my step and I was ready to tackle the day. You can see what difference your mood can really have on your results.

Motorola (MOT) was a cash cow for me today. I managed to make over $1,000 on this stock alone (which is quite weird considering I haven't traded it regularly in quite a while). This morning I was also very aggressive, putting on several 10,000 share trades.

There was a great lunch-time rally in which I managed to make $800 in 20 minutes, all on Motorola (MOT). I was so close to missing out on the rally because I was just getting ready to leave for my lunch-time walk. Needless to say, it's a good thing I didn't go (otherwise it would have been an $800 walk!).

I'm glad that my 3-day trading slump has ended...let's hope I can continue this momentum into next week. It seems like everytime I beat myself up on this blog, I always seem to bounce back. I just hope I can get these kind of days more consistently (maybe I need to beat myself up everyday...).

Almost all of my trades occurred before 1PM. I found that there were hardly any good trading opportunities for the entire afternoon. After the great lunch-time rally, the rest of the day just seemed to wiggle and jiggle around with a lot of fake-outs.

Today there were 4 good trades versus 1 bad trade. Now let's go and enjoy the weekend everyone (because I know I am!).

Good Trades
9:37AM - Citigroup (C) and the Futures were downtrending. There was big size that showed up on the offer, so I just figured I'd throw out an order to see if I can get filled short. Well, I was quite surprised I was filled short 2000 shares fairly quickly when all of a sudden the Futures started tanking. I held my position until the Futures looked like it hit bottom and I got out my entire position out for a 10-cent winner ($200 profit before fees)

10:54AM - Motorola (MOT) was uptrending but was stuck at some resistance at $19.60 where there was about 400 size on the offer. The Futures were uptrending and when it ripped up, I went long 10,000 shares. Well the $19.60 level broke and so I got out as follows: 2-cent winner (3600 shares), 3-cent winner (6400 shares) ($264 profit before fees)

12:10PM - Motorola (MOT) was uptrending while the Futures were also uptrending. Just then, the Futures ripped up hard (which would be the first leg of the lunch-time rally). I went long 10,000 shares and held the entire position as long as I could before it started falling back. I got the entire position out for a 3-cent winner ($300 profit before fees)

12:27PM - Motorola (MOT) and the Futures were uptrending. After a brief rest, the Futures began ripping up hard again (this would be the 2nd and final leg of the lunch-time rally). I managed to get long 10,000 shares again and held the position as long as I could. I got out of my position as follows: 3-cent winner (2000 shares), 5-cent winner (2000 shares), 6-cent winner (1000 shares), 7-cent winner (5000 shares) ($570 profit before fees)

Bad Trades
10:04AM - Micron Tech (MU) and the Futures were uptrending. The Futures started ripping, but for some reason, I tried to hit size that was 2 price levels away from the current offer. Well, the specialist filled me 4000 shares long at the price that was 2 price levels away when the Futures started falling. I was forced out of my position as follows: even (1000 shares), 3-cent loser (1000 shares), 4-cent loser (400 shares), 5-cent loser (1600 shares) ($126 loser before fees).
  • I broke one of my trading rules by attempting to hit size that was 2 or more price levels away. My rule states that if I am going to hit size, the size must be at the current price level
  • I should have also been a little more weary on Micron Tech because the chart on it was looking very ugly at the time


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