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

Thursday, October 19, 2006

A "Fuzzy" Day

Gross: -$325.00
Net: -$479.61
Loss From Top: $623.69
Trades: 96
Shares Traded: 137800

Stocks Traded Today (net profit/loss):
EMC Corp (EMC): +$193.31
Home Depot (HD): +$46.49
Exxon Mobil (XOM): +$21.17
Corning (GLW): +$13.31
Walmart (WMT): -$108.48
Hewlett Packard (HPQ): -$175.34
Advanced Micro Devices (AMD): -$291.63

I don't remember getting up and getting in to the office this morning. I also don't really remember how I got home either.

It was one of those days where your head wasn't really in it - and it had a disastrous result.

I've had a lot on my mind lately and all through the morning my mind kept wandering and it started thinking about this and thinking about that. A lot of the times I automatically reacted to something I saw without really assessing why I was trading.

In the end, it was just one bad trade after another. I took one big hit after another and the funny thing is that I was just too tired and fatigued to get emotional (ha! fatigue overcame emotions today! it's probably a good thing!). There was no revenge trading or anything of the sort - just more of a "oh - I lost money *yawn*.

Because of this, there were some trades I hadn't a clue as to why they were put on (in my trading journal there were a few times I just sat there, not knowing what to write as to why I got into the trade). And a lot of my positions had sizes that were nonsensical.

In fact, as I review my day right now, I don't really remember much of it (do I have a hangover or something?). It's as if the whole day was a blur or a dream and I can't recollect most of my day because it's all "fuzzy" and not too clear.

Oh well - right now I'm too tired to really get upset about what happened today. Looks like more trading tuition money today - boy do I have a lot to learn...which is not a very good thing - it means there's going to be a lot more tuition money I need to give up...

Lots of bad trades to share with you today. I'm not going to bother with charts for today - yesterday it took me 15 minutes to upload that one chart (it was probably something wrong with Blogger - AGAIN).

I'll hit the bed early tonight like an old man and hopefully I'll be more aware of what I'm doing tomorrow.

Good Trades
None.

Bad Trades
10:08AM - Hewlett Packard (HPQ) was moving up and reached some resistance at $39.50 while the Futures were also moving up. I thought the level was going to break so I went long 5000 shares. It eventually chopped me out of the positions and I got out as follows: 1-cent loser (1000 shares), 3-cent loser (2000 shares), 6-cent loser (2000 shares) ($190 loser before fees ; In: 10:08:59AM ; Long 5000 shares @ $39.50 ; Out: 10:10:34AM)
  • I guess if I held this, it would have been a winner, but that was one severe chop on HPQ and I just couldn't bring myself to hold on to a potentially bad loser
11:30AM - AT&T (T) was moving sideways while the Futures were moving sideways. I don't know why, but I went long 3000 shares at $33.85. Just then, the Futures tanked hard, so I bailed out for a 4-cent loser ($120 loser before fees ; In: 11:30:59AM ; Long 3000 shares @ $33.85 ; Out: 11:33:35AM)
  • Don't know what to say - AT&T wasn't really doing anything...I think my mind was wandering when I thought I saw something and went long (I think)
12:42AM - Advanced Micro Devices (AMD) looked like it caught some support at $21.50 while the Futures were moving down. I don't know why I decided to go long 5000 shares at $21.52 - I guess I was thinking "Hrmmm...$21.50 is holding up pretty good, time to get long!". Well Futures tanked more and I got out as follows: 2-cent loser (3000 shares), 3-cent loser (2000 shares) ($120 loser before fees ; In: 12:42:31PM ; Long 5000 shares @ $21.52 ; Out: 12:43:17PM)
  • Don't know what I was thinking...it was after this trade I decided I'm not of sound mind and I shouldn't be trading so I went home.

10 Comments:

  • quick question....is your firm in Canada??

    Also, with this firm, do you put up the money yourself or does the company spot you? I know some firms that require a deposit like 5000 and then they will give you leverage, and there are others out there that will spot you the money until you become profitable.

    If they do spot you money, how do they track your progress and is there anyway that they will let you go?

    By Anonymous Anonymous, at October 19, 2006 7:06 PM  

  • Sorry to hear about your bad day. Don't give up, man - I know you can do it.

    By Anonymous Ugly, at October 19, 2006 7:12 PM  

  • Hi JC,

    Do you usually use market orders?

    If you use limit orders do you pay the ask price when you buy and pay the bid price when you sell?

    Thanks!

    By Anonymous Anonymous, at October 19, 2006 7:50 PM  

  • Anon@7:06PM,
    Thanks for your comments and thanks for visiting. Yup - the firm I work for is in Canada and does not require me to put up any money (in exchange, they make a percentage of what I make). They do track all traders (there are almost 2000 traders worldwide now...) and they will let you go if you are constantly losing money month after month.

    Ugly,
    Thanks for your support! Yea - today I'm just not feeling 100%...I'll sleep on it and I know tomorrow it will be better.

    Anon@7:50PM,
    Thanks for your comments and questions. Nope - I don't use market orders, I just mainly use limit orders. With the way I trade, I'll usually pay the ask/bid price when I'm getting into a position. When I am exiting a position, I may sit on the bid/offer or I may also hit the bid/ask, depending on how prices are moving.

    Good luck to all tomorrow!

    By Blogger J.C., at October 19, 2006 8:37 PM  

  • JC:
    Bro, you need to catch some sleep.

    Have a good one.

    By Anonymous Gav, at October 19, 2006 9:00 PM  

  • JC,

    Good luck tomorrow!

    ZBS

    By Anonymous ZBS, at October 19, 2006 9:02 PM  

  • Sounds like you might be getting sick, rest well tonight.
    Signed The nursie

    By Anonymous Anonymous, at October 19, 2006 9:14 PM  

  • Gav & ZBS,
    I know I can always count on both of you guys for support whenever I have a bad day. Thanks a million guys!

    Anon@9:14PM,
    Yea - I think the rapid change in weather has gotten me a little under the weather :-)
    I think I've been staying up too late lately too...I really need to stick to a regular schedule...

    Happy trading to all tomorrow - and remember it's options expiration Friday!

    By Blogger J.C., at October 19, 2006 9:24 PM  

  • so no news for friday? (I'm hooked to this site its actually kinda sad :( )

    By Anonymous Fernando, at October 21, 2006 12:16 AM  

  • Fernando,

    Thanks for your comments and thanks for visiting!
    You may have to refresh or reload the page...otherwise you may have to clear your browser's cache and reload the page. Hopefully Friday's results will load.

    Let me know if you're still having problems!

    By Blogger J.C., at October 21, 2006 12:21 AM  

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