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

Sunday, July 16, 2006

A Complete Waste Of Time (Fri Jul 14 Results)

Gross: +$284.70
Net: +$182.66
Loss From Top: $165.37
Trades: 45
Shares Traded: 98700

Stocks Traded Today (net profit/loss):
Home Depot (HD): +$231.97
Motorola (MOT): +$59.48
Corning (GLW): +$33.34
Walmart (WMT): +$31.23
Bank of America (BAC): -$9.11
Micron Tech (MU): -$21.58
General Electric (GE): -$142.67

I felt as though Friday was a complete waste of my time. Yes, the markets were down quite a bit, but if you look at the overall action, there was nothing I could have worked off of.

All day, everything just giggled and wiggled around without going in any particular direction and I just spent most of the day waiting for the markets to pick a direction to trend in. You can see from the number of trades I put on that I was fairly inactive for most of the day.

I'm just glad I refrained from putting on many positions because I know for a fact that I would have had a negative day on Friday had I put on trades that I "almost" put on.

I am also finding that lately I haven't been able to make money on the thick stocks like GE, MOT, and MU like I used to. What could be going wrong? Perhaps I am getting fooled by the sizes on the Level 2 of these stocks and maybe it's because of the size of some of my positions.

I know I lack patience and these thicker stocks usually move at a snail's pace, so perhaps I'm jumping ship a little too early on these stocks. I'll have to try to figure it out...

I'm getting the feeling that my money-makers are growing thin...I haven't been able to make money on Citigroup and now the thick stocks?? I really must figure this out.

Because of the market action on Friday, I wasn't able to make one good trade, but there was one bad trade.

Good Trades
Sadly, none

Bad Trades
9:50AM - General Electric (GE) was turning upwards while the Futures were uptrending. I saw a level break so I went long 10,000 shares. The position didn't go anywhere and the Futures began pulling back, so I got my entire position out for a 1-cent loser ($100 loser before fees)
  • I took a risk, and this particular trade just didn't work out...the Futures were all over the place and never really trended strongly in the up direction
  • No much else to say about this trade...some trades work out, some don't


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