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

Thursday, July 13, 2006

Tank-O-Rama

Gross: +$1,189.36
Net: +$1,044.17
Loss From Top: $13.07
Trades: 90
Shares Traded: 125800

Stocks Traded Today (net profit/loss):
Walmart (WMT): +$711.62
Hewlett Packard (HPQ): +$234.27
Motorola (MOT): +$141.81
Home Depot (HD): +$59.08
Corning (GLW): +$44.34
Bank of America (BAC): +$15.02
Advanced Micro Devices (AMD): -$14.90
General Electric (GE): -$38.13
Citigroup (C): -$108.94

It was another blood red day on Wall Street as a number of concerns dragged everything down. Today the markets just kept tanking...and tanking...and tanking!

Oh well...as long as the market moves, I'll be happy!

Walmart (WMT) continues to be a star so far this month and today is no different. So far, I've made close to $2700 on this stock alone! Walmart has been taking a serious beating the last little while and it has been a very profitable short.

And what the hell is wrong with Citigroup (C)? This stock used to be one of my favorites but so far this month I haven't been able to make a dime on it? What gives? It's movements intraday have been so horrible lately and when I do take a position, I always seem to lose money. Perhaps I should just stay away from this stock for the next little while.

There were two things that I could have improved upon today: 1) I should have used bigger share size when putting on some of my positions and 2) I should have had more patience when holding some of my winners.

If these two things were done, I should have easily made over $2000 today.

Eventually I'll get there....eventually.

One bad trade versus one good trade today. There were alot of near $200 trade put in the bank as well.

At least today I was able to break $1000...I was starting to get worried for a bit there....

Good Trades
9:52AM - Walmart (WMT) was moving down hard as were the Futures. Walmart (WMT) reached the $44.00 level that had about 800 size on the bid. The Futures then tanked really hard, so I went short 5000 shares at $44.00. It broke and the next thing I knew, I was looking at a 10-cent winner. I got out as follows: 10-cent winner (3000 shares), 11-cent winner (2000 shares) ($520 profit before fees)

Bad Trades
10:08AM - Citigroup (C) was turning up into an uptrend while the Futures were also starting to curve upwards. The Futures popped upwards so I went long 4000 shares. Citigroup (C) moved up 1-cent, then came back down. I got out as follows: 1-cent winner (100 shares), 2-cent loser (2200 shares), 3-cent loser (1700 shares) ($102 loser before fees)
  • For the last little while, Citigroup as left a bad taste in my mouth and this is an example of why
  • I'll temporarily put Citigroup on my "Do Not Trade" list until it's price movement get better

2 Comments:

  • hey jc, im from toronto as well and just started prop trading. I was wondering if you could offer any simple strategies or had any helpful advice. also if you dont mind me asking, who are you working with?

    By Anonymous Anonymous, at July 13, 2006 11:30 PM  

  • Thanks for your comment.

    I would suggest that every trader is different and thus you will probably have to find what your strengths and weaknesses are and adopt rules or strategies with these in mind.

    Some traders use a complex web of indicators and charts, while others (like me) use the simplest of charts and rely more on price action and momentum. Others have a longer time frame (an hour or more), while others (like me) hold positions for seconds or minutes.

    The problem with this is that it may take some time to find what works for you and what doesn't. That is the best advice I can give.

    I am currently with SwiftTrade and I trade out of the head office branch in Toronto.

    Hope it helps!

    By Blogger J.C., at July 16, 2006 6:32 PM  

Post a Comment

<< Home