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

Monday, March 19, 2007

Easing My Way Back In The Game

Gross: +$315.00
Net: +$284.04
Trades: 43

Stocks Traded Today (net profit/loss):
ConocoPhillips (COP): +$211.06
Freeport-McMoRan Copper & Gold Inc (FCX): +$97.78
Hewlett-Packard Company (HPQ): +$17.28
Wal-Mart Stores Inc. (WMT): +$5.23
AT&T Inc. (T): -$13.07
The Home Depot Inc. (HD): -$34.24

Today I took it real easy and didn't try to force things.

I gave myself a limit of 1000 shares to trade at a time and I forced myself to just focus on a couple of stocks.

Lately I've noticed that I seem to be all over the place and I seem to be jumping from one stock to another and not really feeling what individual stocks were doing. Initially I only watched COP, FCX, HPQ, WMT, and HD...but I switched HPQ out for T as HPQ didn't seem to do much all day long.

Today was also I day that I focused on taking my profits as soon as prices start moving against me...as a result, I didn't really hold any position for any length of time.

I also tried to utilize other charts to aid in my trading today....in particular, I had up charts of light crude oil to help me in trading COP and I had the NYSE TICK chart up....I'll have to do a little more reading on how to use the TICK more effectively.

Anyways, I just want to string together a few positive days just to get the ball rolling a bit....

As you can see, I've adjusted the daily post yet again to a more simplified post. I was finding that I was spending wasted energy in reporting things that I probably don't make much use of, so I'll stick with this type of post for the next little while to see how it goes.

I've also been looking at different prop firms that are available to see what kind of other options are out there. Thanks to some folks that left comments over the weekend in helping find other firms that are out there.

In particular, Lifepost from the High Probability Trading blog posted up the following link that I find is a great resource - especially if you're interested in what's out there in terms of prop firms....the link is:

http://www.utropix.com/jmowery/PropFirms.html

I have already started to explore other options right now, so I'll try to keep you folks updated as to what I plan on doing.

I have always said that once I get some form of consistency or once I get to a point where I'm making some good money that I'd switch to a different firm, but it's definitely taken me a lot longer to get to where I want to be.

I may even wish to explore the possibility of remote trading for a prop firm....again, I'll have to try to collect more info on the various alternatives there are out there. If you know of a good prop firm or links to other prop firm websites, please feel free to leave a comment and hopefully others will find it useful as well.

Anyways, gonna keep this one rather short as I have other things to attend to tonight....


Good Trades
(trades in which I make $200 or more)
  • None

Bad Trades
(trades in which I lose $150 or more)
  • None

Labels:

6 Comments:

  • JC,

    As a remote trader I'll tell you that it has it's pros and cons.

    Check my blog post from today titled "A Perfect Storm" to see how sometimes trading at home can be stressful when things aren't going your way. Your trading problems can easily bleed into other problems that may be under the surface at home.

    Also, unless you are a great self-starter and have no problem finding ideas to trade, your trading production may decline. And, if you thrive in a competitive office environment, think twice.

    That said, there are lots of positives as well, most of which are obvious.

    Good luck in your quest.

    DT

    By Blogger Dinosaur Trader, at March 19, 2007 7:02 PM  

  • http://www.movethemarkets.com/blog/2007/01/23/better-know-the-tick-indicator/

    Here is some info on the TICK.

    -Big Bill

    By Anonymous Anonymous, at March 19, 2007 7:10 PM  

  • Dinosaur Trader,
    Thanks for your comments and thanks for the insights! There are definitely a lot of things I need to consider and I hadn't thought about some of the things you mentioned. I'll keep those points in mind in my search!

    Big Bill,
    Thanks for your comments and thanks for the link. I'll also check the TraderFeed blog because I know there's a lot about the TICK written there.

    Again thanks!

    By Blogger J.C., at March 19, 2007 7:33 PM  

  • Oy, oy, oy...

    Wrote a long response that got lost. Bleh.


    In Canada there aren't so many options as in the States. That link you gave had several dozen prop firms, but we've got a handful and fortunately they're all in TO. Most of the prop firms are run just like Swift only with different people and different software. It might be nice to shake things up, find different mentors, meet different people, and use different software but it won't be a huge change.

    If you have a small stake and can use it for trading, you can go to Questrade. They let you put up your own money and they'll leverage it up 10:1 or more. I think they'll give you even more leverage if they keep 20% of your profits. Their rates are very reasonable and the software platform (CyberTrader) is pretty good. It has some limitations (like not allowing both long and short orders simultaneously), but you can get used to them. If you call them up, you may find that they even have an office in TO which you can trade in, if you like the company.

    Other than that, I think Bright is the only other option. You'll have to put up at least $15k USD but they would rather it be $18k+. Their fees are higher and their software isn't nearly so nice, but they are some stand-up pros and will let you trade some strategies that are hard to do elsewhere (open orders, close imbalances, etc.). You'll also have to get your Series 7 before they'll let you trade with any size, and until then they'll sting you with even higher rates. Plan on 2 months of studying and about $1,000 for all of the fees and membership stuff.


    You can scalp and make money with Quest and you'll probably even take home more money than with Swift (crunch the figures for yourself and see). You can't scalp for pennies with Bright, their fees are just too high. So if you do leave the Swift model, you may have to learn new strategies. Not necessarily a bad thing, but plan for the bumps it'll bring you.

    Luck.

    By Blogger Tyro, at March 19, 2007 7:35 PM  

  • Tyro,
    Thanks for your comments and thanks for all the great info! Again, more stuff for myself (and possibly other readers) to explore!

    Good luck to you and good trading!

    By Blogger J.C., at March 19, 2007 7:52 PM  

  • http://traderfeed.blogspot.com/2007/03/trading-short-term-range-breakouts-with.html

    Actually Doctor Brett has an artile today that I think would fits your style.

    Big Bill

    By Anonymous Anonymous, at March 19, 2007 8:40 PM  

Post a Comment

<< Home