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

Wednesday, March 21, 2007

Not Going To Second-Guess Myself

Gross: +$254.00
Net: +$222.04
Trades: 38

Stocks Traded Today (net profit/loss):
AT&T Inc. (T): +$205.82
Freemont General Corporation (FMT): +$101.74
The Kroger Co. (KR): +$44.93
SuperValue Inc. (SVU): +$6.08
Valero Energy Corporation (VLO): -$0.85
Fotress Investment Group (FIG): -$4.58
Federated Department Stores (FD): -$26.25
ConocoPhillips (COP): -$32.55
Freeport-McMoRan Copper & Gold Inc. (FCX): -$72.50

Wow! What a fantastic move there was today after the FOMC announcement!

I really do hope all you folks out there were able to take advantage of the move and pocket some big $.

As for me, I called it a day after lunch at around 1PM. And I'm not upset about it. I stuck to what I wanted to do today and I'm glad I had the willpower to follow through on what I wanted to do.

I knew the the FOMC announcement would move the markets, but I had already told myself that today was going to be a half day....just until I can get things going again.

And I'm not going to mull over the fact that I missed a great move out there and I refuse to think about how much potential money I could have made had I stuck around.

If I were to constantly mull over missed moves or mull over how much potential profit I could have taken had I been there, I'd probably second-guess myself at every turn and on every decision I make and I'd probably find myself asking the following questions time and time again:

The markets are sideways, but if I don't trade, I'll miss out on profits won't I?

Should I stick around and trade even though I told myself I'd only trade the mornings?

What if I miss a move?

I can't concentrate anymore, but if I leave, will I miss something?


From yesterday's post, you already know my mind is polluted with thoughts like these and if I constantly mull over missed opportunities, it would serve to only pollute my mind even more.

I'll just accept the fact that it was a good move, accept the fact that I wasn't there to trade it, and move on.

Anyways, today was just another day I wanted to trade conservatively and I'm starting to feel more comfortable in my own shoes again, so tomorrow I'll step it up a notch.

While the last few trading days I've limited myself to trading only 1000 shares, tomorrow I'll up it to a maximum of 2000. Hopefully with this step up, I can finally get to listing out more good trades (but hopefully no bad ones).

As you can see, there weren't any good trades nor any bad ones.

For whatever reason, this morning I seemed to be slow to the punch and missed out on many level breaks because I was too slow and by the time my order was acknowledged, prices were already long gone.

Let's see if I can get back into a trading groove tomorrow shall we?

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

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

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4 Comments:

  • I didn't trade the FOMC minutes either. I was worrying about losing money trading FOMC minutes since last weekend, so my emotions would have most likely interfered with me making sound trading decisions.

    By Blogger LifePost, at March 21, 2007 5:32 PM  

  • I traded it and lost a pile of money :( Don't know what I was thinking.

    By Blogger mOOm, at March 21, 2007 7:23 PM  

  • JC, I have been trading for a little over a year now, still very new. I have been reading your blog, and your style is very similar to mine. Is there anyway i can contact you to ask you a question or two?? I didn't see anyway to contact you on your blog through email or anything, so i'm hoping you will read this and be able to contact me. You can contact me at p l a y f a s t e r @ g m a i l . c o m Without the spaces obviously. thanks so much!! Hope to hear from you!

    By Blogger PLYFSTR, at March 22, 2007 2:45 PM  

  • Lifepost,
    Thanks for your comments. Yea, I feel like the last few weeks my emotions seemed to be doing most of the trading for me...hopefully things will turn around for the both of us.

    Moom,
    Thanks for your comments. Ouch...I saw your post about the day you had on the FOMC day...don't worry, you'll bounce back and as long as you learn something from it, it'll count as experience!

    Plyfstr,
    Thanks for your comments and thanks for visiting the blog. If you wish to contact me, you can reach me at:
    jc_at_trivita@rogers.com
    and I'll gladly answer any questions you may have!

    By Blogger J.C., at March 22, 2007 9:43 PM  

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