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

Monday, August 14, 2006

Feel Like Crap, Trade Like Crap

Gross: +$402.94
Net: +$201.98
Loss From Top: 0
Trades: 101
Shares Traded: 214000

Stocks Traded Today (net profit/loss):
Motorola (MOT): +$315.86
EMC Corp (EMC): +$255.24
Walmart (WMT): +$80.74
Exxon Mobile (XOM): +$10.71
Corning (GLW): -$17.51
Home Depot (HD): -$19.51
Bank of America (BAC): -$40.89
Advanced Micro Devices (AMD): -$52.60
Hewlett Packard (HPQ): -$330.05

On a scale of 1 to 10 (with 1 being bad, 10 being good), today I felt like 2.

Why?

Last night our stupid carbon monoxide detector started beeping (indicating that the backup battery is dead) and continued to beep every 5 seconds. I searched all over the place for an extra battery, but no luck. I tried shutting the breaker off so that it would no longer beep, but that just made it a constant beep.

I got NO sleep at all last night. And I had to wake up early to get my passport renewed (again). This morning that bloody annoying carbon monoxide detector pissed me off, so I tried to get at it's battery and I cut my hand while doing it. I ended up punching the stupid device, splitting open the outer case.

And for some reason the bloody house was too hot and I was sweating like a pig.

When I left the house to get my passport renewed, I was in a foul mood. By the time I got into the office, I really didn't feel like being there (I just kept wanting to come home and to use a hammer to smash the carbon monoxide detector into a million pieces).

While trading today, I found that I was too slow in reacting or I would get myself in a position without really analyzing it. We had some nice moves in the overall markets, but I had trouble concentrating today and I was fighting fatigue all day.

In the end, I traded like the way I felt...like crap.

BUT, all worries can now be put aside...passport problems resolved and stupid carbon monoxide device fixed. Just really really need some good sleep now. My brain is complete mush at the moment...

In the past, I used to trade a lot of EMC Corp (EMC), but I stopped trading it when it's intraday range got smaller and smaller. Late in the day I noticed that EMC had moved quite a bit today on some good volume and so I put on a few good trades on it.

Two good trades versus one bad one.

In case you haven't seen, I've added some trading articles on the weekend on the sidebar so have a look.

I desperately need some sleep...

Good Trades
11:04AM - Motorola (MOT) had a nice strong uptrend going while the Futures were moving up slightly. I tried to go long 10,000 shares when I saw some big size on the offer break, but I only got partially filled for 7400 shares. This was another trade in which I really tried to practice patience. I got out as follows: 3-cent winner (2900 shares), 4-cent winner (1400 shares), 6-cent winner (3100 shares) ($329 profit before fees; In: 11:04:14AM ; Long 7400 shares @ $23.10 ; Out: 11:09:44AM)

3:42PM - EMC Corp (EMC) was starting to move up while the Futures were bouncing off intraday lows. Huge size showed up on the bid and huge size on the offer was breaking so I went long 10,000 shares. I quickly got out the entire position for a 2-cent winner when EMC could not move up further ($200 profit before fees; In: 3:42:13PM ; Long 10,000 shares @ $10.71 ; Out: 3:43:06PM)

Bad Trades
10:59AM - Hewlett Packard (HPQ) was uptrending while the Futures were ranging. There was about 400 size on the offer at $33.75 and when the Futures looked like it was going to break out of the range, I went long 6000 shares. The Futures came back down, as did HPQ, but I still felt the Futures were going to go back up. When the Futures starting popping back up again, I went long another 1000 shares. But the level at $33.75 didn't break, so I got out as follows: 4-cent loser (2800 shares), 5-cent loser (4200 shares) ($322 loser before fees ; In: 10:59:14AM ; Long 7000 shares @ $33.75 ; Out: 11:01:21AM)
  • When I initially went long 6000 shares, I knew I went in too early...the Futures didn't make a convincing move to the upside
  • When the Futures popped up again, I went long another 1000 shares, but I got frustrated when the level didn't break
  • I think I had panicked a little when I saw that the level didn't break and I think I was the one that pushed prices down by 5 cents (take a look at an intraday chart of HPQ and you'll see that around 11AM there was a quick dip, but then it ripped up)...I was half asleep and half awake and I don't think I was too sure what I was doing...

2 Comments:

  • How odd - I came across your blog over the weekend and it just so happens that last night I only got a few hours of sleep and as I was trading today I felt like crap. I made some bad trades early in the morning that put a damper on what was otherwise a good day.

    It's as if somebody out there is trying to keep all of us down. Get some rest and good luck to you in the future. I'll try to check back.

    By Anonymous Anonymous, at August 14, 2006 5:44 PM  

  • Hey Anon,

    Thanks for your comments.

    I sometimes have days like Monday or there will be days when I wake up and I don't feel 100% there or I get the feeling that things are not going to go my way. It's usually those days in which I don't do too well.

    I guess when I get that feeling, it's probably best if I just stayed home and try to relax. I just hope I don't come across this too often!

    JC

    By Blogger J.C., at August 15, 2006 10:12 PM  

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