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

Tuesday, April 24, 2007

Stepping It Up....But Only By A Little

Net: +$805.75
Trades: 33
Shares Traded: 17200

Stocks Traded Today (net profit/loss):
Ameren Corporation (AEE): +$390.87
PartnerRe Ltd. (PRE): +$349.25
Suntech Power Holdings Co., Ltd. (STP): +$94.44
Honeywell International Inc. (HON): +$25.34
Continental Airlines, Inc. (CAL): +$24.43
Alcan Inc. (AL): +$20.42
International Business Machines Corp. (IBM): +$13.61
Equifax Inc. (EFX): -$36.06
AK Steel Holding Corporation (AKS): -$76.58

Today was the second full day of using my subscription to Trade-Ideas and like yesterday, it alerted me to several trading opportunities.

I tried to get a little more aggressive with my positions size-wise, but for whatever reason, I still felt a little reluctant to go all out and put on a position that really mattered.

But instead of using a lot of 200 or 300 share positions, I stepped it up....if only by a little today as most of my positions were 500 shares.

However, this morning I found it another day with very little in the way of opportunities...just nothing seemed to come up on my radar.

After about an hour and a half of trading, I had traded very little and I was just about break-even P&L-wise.

There were a couple of alerts via Trade-Ideas, but I found myself just watching them in the morning as I didn't feel comfortable putting a position on them simply because the S&P Futures kept tanking in the morning and the alerts I had on were for longs.

I also find it interesting that I'm actually trading less than I normally would. I had thought that I'd be trading a lot more simply because Trade-Ideas would constantly feed me alerts and I thought I'd be trading a lot of them.

Instead, I'm finding that I'm becoming pickier with my trades (which is a good thing!).

Why?

Well before Trade-Ideas, I'd usually have a watchlist of about 8 stocks and if they were doing nothing, I'd have to go through the arduous task of looking for stocks that were moving....this involved looking through the most actives list, the most up list, the most down list.

Doing all of that was rather time consuming and I found that if I found even a semi-mediocre setup, I'd trade it because of the lack of opportunities and because my thinking was that that was the best opportunity at the moment.

But now since I have Trade-Ideas feeding alerts to me, I find that the need to trade a setup is not as urgent since I know there will be many more alerts to come.

I also find that Trade-Ideas is keeping me away from those "I'm bored" type of trades. Since it's constantly giving me trade ideas, I can flip to the chart and look (and possibly wait) to see if there are opportunities available to trade it.

If not, then I know they'll be another alert that would soon follow.

I find that if the markets are sideways or quiet, I'm prone to putting on a trade just to kill some time or because I feel like I need to do something before time runs out. But Trade-Ideas keep me from doing this because I'm constantly watching the price action and the charts for their alerts.

Anyways, two good trades and no bad ones today.

One final note - lately I've been receiving a lot (I mean a lot) of spam (I get at least 50 emails telling me about some cheap penny stock along with a whole lot of other spam) and as a result, I'm kind of slow in responding to emails.

As a result of this, I've turned off email notification for whenever a comment is left on this blog. If I don't respond to your comment, it's not because I'm ignoring you....it's because I'm trying to reduce the amount of emails I'm getting.

That being said, if you really want me to respond, please drop me an email (see my complete profile on the sidebar)....I might be slow in responding to you, but at least I'll get around to it.

Oh and one last thing...I've modified the daily post (yet again) and now I'll only be posting my net profit and I'll no longer post my gross profit (after all, the net profit is the most important right?).

Let's see if I can continue to step it up (even if it's just a little bit) for the remainder of the week.

Good Trades
(trades in which I make $200 or more)
  • 10:54:56AM - I was alerted to a move being made by Ameren (AEE) and so I watched for it to break the $53.00 level and when it did break, I tried to go long 1000 shares, but got partially filled for 900 shares. Once AEE broke the $53 level, it just started to run to the upside...I tried to hold as long as I could, but I ended up chasing it back down. I got out as follows: 25-cent winner (200 shares), 40-cent winner (200 shares), 49-cent winner (200 shares), 55-cent winner (300 shares) ($393 profit before fees ; Long 900 shares @ $53.00 ; Out: 10:58:52AM)



  • 11:14:24AM - I was alerted that PartnerRe (PRE) was making new 52-week highs so I flipped to it and waited for the break of the $73.00 level. When it broke, I went long 500 shares. Once the $73.00 level broke I had to wait for a bit before PRE made a move, but when it did, PRE just exploded to the upside and I got out as follows: 60-cent winner (200 shares), 75-cent winner (200 shares), 80-cent winner (100 shares) ($350 profit before fees ; Long 500 shares @ $73.00 ; Out: 11:21:40AM)




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

Labels:

10 Comments:

  • What scanner do you use to find stocks?
    Glenn

    By Anonymous Anonymous, at April 24, 2007 5:49 PM  

  • J.C., congrats on two nice days in a row. I know that you've been frustrated lately, but it looks like you've got some mojo back.

    Glenn, he's using Trade-Ideas:

    http://www.trade-ideas.com/

    skh.pcola

    By Anonymous Anonymous, at April 24, 2007 9:01 PM  

  • Way to go, JC. I bet this feels better than playing EMC for pennies.

    BTW, AEE was a bit too extended at $53.

    By Blogger wincity, at April 24, 2007 9:24 PM  

  • Nice to see you putting up some numbers again. I see you are making good use of trade ideas.

    By Blogger OBAT, at April 25, 2007 1:32 AM  

  • Great stuff JC, getting those bigger runs now, awesome.

    Quick question, what alerts are you using from trade ideas?

    Best wishes
    Lee

    By Anonymous Anonymous, at April 25, 2007 3:22 AM  

  • Where is your march net?

    By Anonymous Anonymous, at April 25, 2007 8:59 AM  

  • I think that with many people using TI, there is a bit of self-fullfilling prophecy at work here: an alert gets triggered and TI-alerted traders piled into it, thus exacerbating the move. Nothing wrong with that, but you gotta be quick to get out :-)

    By Anonymous Anonymous, at April 25, 2007 2:09 PM  

  • Whoa....sorry about that! Didn't realize there were a couple of comments here...

    Wincity,
    Yea...it sure beats waiting for a dead stock like GE and EMC to make a move! I just need to get more comfortable riding out those winners!

    Lee,
    I mainly use the Upside Momentum, Approaching Daily High, and the Yearly High scans for now...until I get more familiar with the other options, I'll probably stick with those ones.

    Anon@2:09PM,
    Yea, I was also wondering that too...I wonder how many out there are using TI and I wonder if that in itself would cause some adverse reactions in the stocks it alerts us to...but like you said - in and out quickly is a good bet.

    By Blogger J.C., at April 25, 2007 4:50 PM  

  • Oh yea - I did a rough calculation and punched out my March net (see the sidebar) - my worst month ever, however, I was surprised that it was still on the positive side...but still, I wasn't too happy about it and I never got around to doing my review for March (because I didn't really want to think about it).

    By Blogger J.C., at April 25, 2007 7:18 PM  

  • I took off my TI daily highs alerts for a few months. I have added it back. I think those are good because you see the stocks constantly flashing, where as stocks on my other alerts only appear a few times. I usually miss them.

    By Blogger OBAT, at April 26, 2007 6:50 AM  

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