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

Thursday, August 24, 2006

Can't Take It Anymore

Gross: -$20.23
Net: -$244.55
Loss From Top: $419.41
Trades: 129
Shares Traded: 194464

Stocks Traded Today (net profit/loss):
Corning (GLW): +$266.96
Advanced Micro Devices (AMD): +$19.57
Citigroup (C): +$14.71
Motorola (MOT): -$4.78
Exxon Mobile (XOM): -$10.88
Hewlett Packard (HPQ): -$36.86
Walmart (WMT): -$70.87
Bank of America (BAC): -$88.32
General Electric (GE): -$104.19
Ford (F): -$229.83

Okay...I've had 3 negative days out of 4 so far this week. I can't remember the last time I had 3 losing days during a single week (have I even had one?). Considering I usually average around 3 losing days for the entire month, this feels sooo bad.

Even on the day I was up (yesterday), I still felt very frustrated with the way things were going...and today that was all I felt the entire day...just frustrated.

It seems this whole week that stocks were just so resistant to move in any direction and when I'd get into a position, there weren't enough buyers or sellers to really move anything.

I think I might take Trader Mike's, Kirk from the Kirk Report, and Jeff from TradingVision's example and just call it a week and take tomorrow off. There's no sense in taking in another frustrating day and get all worked up for nothing.

When I kept hearing about the last two weeks of August being really slow and is usually the peak of the summer doldrums, I hadn't really a clue what they were talking about. Well, that has now changed and I can definitely feel the difference when a lot of the big boys are not around to trade.

In the morning, I was up, then down, then up again and I mainly hovered around break even. I tried to be very careful not to overtrade and I was making sure I wasn't overdoing it in terms of share size especially in this kind of trading environment. When lunch rolled around, I had hardly traded at all!

But then just after lunch, I goofed up, lost $200 on a trade and I couldn't dig myself out of that little hole. I then started throwing trades left, right, and center.

Every time it looked like I was going to get back into positive territory, a few losing trades would put me right back where I started. This went on several times in the afternoon until I just packed up and stormed off the trading floor early because, quite simply, I couldn't take it anymore.

I know some of you reading out there might think that I'm getting upset over nothing for losing such small amounts of money (some might even think the amounts I lost was chump change), but hey, that's just me. I expect much more out of myself and I'm just kind of upset with the way I handled it by getting a little too emotionally involved.

I'll probably just spend tomorrow reading all of those trading articles I have listed on my sidebar (again) just to give me a little boost and maybe add a few more additions to the blog.

Anyways, I really need to unwind especially with the way this week has turned out. Let's see if I can resist the temptation to go in to trade tomorrow...

Good Trades
None...things just didn't seem to move enough to make any good trades

Bad Trades
1:09PM - Ford (F) was downtrending while the Futures were jiggling around. I went long 10,000 shares to try to catch a bounce, but I saw all the support for my trade suddenly disappear and huge sizes started showing up on the offer. Spooked me out of the trade and got out for a 2-cent loser. Again, I trusted what I saw on the Level 2 and shortly afterwards, Ford went up ($200 loser before fees ; In: 1:09:31 ; Long 10,000 shares @ $7.82 ; Out: 1:09:47)
  • Well, this trade basically screwed up my day and I wasn't able to recover from this loss
  • I guess I shouldn't have gone long considering it was downtrending...might have been because I was bored I guess


  • J.C., you are cracking me up, man! I wonder if you really have a true grasp on what you've been able to do in such a short time. It's remarkable to have not ONE DOWN MONTH since you started!

    Taking time off is definitely a good idea. Even if your favorite stocks move in such a way that you believe you'd have made a bundle had you been there. There just isn't anything quite renewing as taking a break.

    Yes, August is like this. Skipping August altogether really isn't a bad trading strategy, IMHO.



    By Blogger Jeff, at August 24, 2006 9:32 p.m.  

  • Jeff,

    Thanks for your comments.

    Hehe - let's hope I can continue my loss-less streak...just wished my monthly numbers would get bigger (and not bigger, then smaller, then smaller yet again, then bigger)...ah well, I'm trying work on that!

    Anyways, I'll definitely take your advice and take some time off. I hope it'll be a bit better next week.

    Have a great weekend and we'll see what Monday brings!


    By Blogger J.C., at August 24, 2006 10:08 p.m.  

  • JC, your post put a fine point on how I've been feeling the last few days. Not only does my trading suck, my posts do as well. I've been in a funk a couple of days now and I'm actually making a little money. Your post helped me identify what has been bothering me, I feel better already, hope you will too soon.

    By Blogger bulltrapper, at August 24, 2006 11:11 p.m.  

  • Bulltrapper,

    Thanks for your comments.

    The last 5 trading days have definitely been tough to take...I'm hoping this weekend can put my mind at ease. I'm just sooo glad you were able to get something out of this site.

    BTW, great work on your site as well! Keep up the good work and have a great weekend!


    By Blogger J.C., at August 24, 2006 11:32 p.m.  

  • Hang in there... the pain should be almost over. Volume will be coming back.

    Two weeks this month, I've only made like 1% or less. At least they're not losses, but all in all I'd rather have been on vacation. Assuming a good year next year, I am considering taking July and August off altogether.

    By Anonymous Richard, at August 25, 2006 8:42 a.m.  

  • Richard,

    Thanks for your comments.

    That sounds like a plan...I'll see where I'm at next year August and IF I'm doing well, I'll probably take a month long vacation.

    Just remind me next year! :)


    By Blogger J.C., at August 25, 2006 10:27 a.m.  

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