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

Thursday, March 01, 2007

Stop The Bleeding

Gross: +$629.00
Net: +$453.31
Loss From Top: 0
Trades: 66
Shares Traded: 172000

Stocks Traded Today (net profit/loss):
Alcatel-Lucent (ALU): +$240.33
Pfizer Inc. (PFE): +$199.54
Corning International Inc. (GLW): +$125.14
The Home Depot Inc (HD): +$40.93
Limited Brands Inc. (LTD): -$2.69
National City Corporation (NCC): -$3.84
EMC Corporation (EMC): -$11.77
Nortel Networks (NT): -$62.64
Micron Technology (MU): -$71.68

After a rough and bloody week so far, all I wanted to do today was just end the day with some profits and to stop the bleeding.

I had losing days on Monday, Tuesday and Wednesday of this week....the first time I've had back-to-back-to-back losing days since...well...since I started as a trainee almost two years ago.

I've had many back-to-back losing days and usually when that happens, it gets to me mentally. I slowly lose my patience and my frustrations mount. I find that I get easily agitated when I get back-to-back losing days and that I start thinking that this isn't for me.

Well, you can imagine what must have been going on in my mind after the first three days of this week. But, I tried to make it a point not to let it bother me too much while trading today and that I should just focus on doing what I've always been doing.

Never mind the system glitches that still remained, the extreme execution slowness, and the messed up Level 2's. Just as long as I keep myself in the right state of mind, I should be able to pull myself out of this slump.

I don't know what I would be thinking right now had I lost money again today (I'd probably throw in the towel and call it quits).

I understand that volatility has gone way up the last few trading days and that it's probably not the best suited for the kind of trading I do.

But I think what I failed to do this week was to adapt to these changes.

Today I gave many of my trades plenty of room to move and I also gave them plenty of time to work themselves out (longer than I usually would give them).

I also tried to keep most of my positions small, just until I can adjust to this volatility and just until I can get myself back on the right track.

I'd like to thank all those positive comments that have been posted the last few days. You folks don't know how much of a pick-me-up they've been and how much they've helped in keeping me in the right state of mind. I also like to thank those who have shared their experiences in their comments as well - it's really great stuff to read about!

I realize that I'm probably not the only one who's been hurting the last few days so I should really be taking everything in stride and to try to learn from it.

Two good trades and no bad ones today.

We here in Toronto have just received quite a bit of snow over the last few hours and the whole city just seems to be in a mess. I left the office early today because of the weather and it took me almost 2 hours to get home (when usually it takes only 30 minutes).

My Internet connection has been on and off ever since I got home, so if this posting is a little late it's because of the storm. As a result, I'm not going to post up charts tonight (lest I lose my connection again).

I heard on the radio (since our cable is also out) that the city is telling people to stay at home because of the storm. Thus tomorrow I'm going to play it by ear...apparently everything might melt tomorrow and/or it may all freeze so I'll see how the weather's like tomorrow before I decide on whether I'll be trading tomorrow or not.

Good Trades
11:39:38AM - Pfizer (PFE) was moving sideways and several times it went below the $25.00 level and PFE just seemed so reluctant to move down that I went long 10,000 shares at $25.01. I waited this one out for a long time and I eventually got out as follows: 3-cent winner (5000 shares), 4-cent winner (5000 shares) ($350 profit before fees ; Long 10,000 shares @ $25.01 ; Out: 12:29:42PM)

2:03:34PM - Alcatel-Lucent (ALU) was moving up and broke out of it's trading range so I went long 5000 shares @ $12.43. ALU moved up rapidly from there and so I got everything out for a 5-cent winner ($250 profit before fees ; Long 5000 shares @ $12.43 ; Out: 2:06:57PM)

Bad Trades



  • I'm glad to see that your back on track. And you're definately correct in stating that the market is a bit wild at the moment. I feel I've been on a roller coaster this week (mostly in a good way). However, I think the key is to stick with your method and stay true to yourself. Keep up the awesome trading - you're an inspiration to others.

    By Blogger Lord Tedders, at March 02, 2007 11:59 a.m.  

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