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

Friday, May 11, 2007

Another Useless Day

Net: -$176.58
Trades: 67
Shares Traded: 40000

Stocks Traded Today (net profit/loss):
Allegheny Technologies Incorporated (ATI): +$75.20
The Black & Decker Corporation (BDK): +$40.61
Merrill Lynch & Co., Inc. (MER): +$30.70
Countrywide Financial Corporation (CFC): +$22.68
Canadian Pacific Railway Limited (CP): +$21.24
Varian Medical Systems, Inc. (VAR): +$19.09
Wal-Mart Stores, Inc. (WMT):+$5.83
Titanium Metals Corporation (TIE): -$11.21
Foot Locker, Inc. (FL): -$19.04
McDonald's Corporation (MCD): -$29.06
MGIC Investment Corp. (MTG): -$37.68
KB Home (KBH): -$45.51
Johnson & Johnson (JNJ): -$112.59
Spectrum Brands, Inc. (SPC): -$136.92

Another useless day.

Not much else to say.

I tried to do something new today - but it didn't work out as planned.....there were several positions in which I added to once the trade was going for me.....but this turned out to be a bad idea as I eventually gave up most of my gains on the trade or I would end up with a loser on my hands.

This happened every time I tried to pyramid up....it happened on MER, CP, MCD, VAR, and MTG. On all of these, the trade went for me and I added more to the position....but then it would move against me and I ended up giving up most of my gains on them, some of them resulting in a loser.

I'm not going to do that again for the next little while.

Also took two "spur of the moment" trades. These were downright stupid and again I don't know why I took them....these were on Johnson & Johnson (JNJ) and Spectrum Brands (SPC).

I didn't even really assess the trade - I just flipped to the charts, quickly got into a position on them and both just reversed once I got in. I literally didn't think about why I was getting in.

This weekend I'm going to review how I do things. Lately I feel as though I don't really know what I'm doing any more and I'm finding that I don't have valid reasons for getting into trades. I have to figure it out.

No good trades and no bad trades to review.

There will be no Weekend Reading this week....

Not sure if you folks have noticed, but I don't feel as motivated to blog as much these days. I haven't done my monthly reviews and my posts are getting shorter and shorter these days.....perhaps is it a sign of things to come?

Good Trades
(trades in which I make $250 or more)
  • None

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

Labels:

22 Comments:

  • maybe you should try to concentrate on just few stocks, say 2-3. When you are focused, it is easier to follow the trends.

    By Anonymous Anonymous, at May 11, 2007 8:14 PM  

  • Keep you head up man. It's all a part of trading. Today was a bad day to trade. I traded only the first 3 hours and took off after lunch.

    Your blog does help other traders. It's good to read about other peoples days.

    By Anonymous Anonymous, at May 11, 2007 10:02 PM  

  • you might need the skill to identify the trend and hold it longer. see misstrade's LVS today. if you hold it, it will give you more than one and half dollar...

    By Anonymous Anonymous, at May 11, 2007 11:04 PM  

  • Keep a good attitude and do your due diligence and you will be ok. Your a good trader, your blog is evident of that, and everything will work things out. I find blogging gives me a chance to exam not only my actions, but my thoughts as well.

    By Blogger KC Equity Trader, at May 12, 2007 8:37 AM  

  • Oh yea, Friday's action was boring and disappointing by this was expected.

    By Blogger KC Equity Trader, at May 12, 2007 8:39 AM  

  • One of the main reasons I wanted to get other authors on my blog is so the site stays active when I don't feel like blogging. Sometimes I go a week or more without saying much of anything, and no one even seems to notice! You can always join us over there if you want. :-)

    Just remember you don't owe anyone extensive blog posts, and there's nothing noble about burning yourself out on trading by forcing yourself to grind out commentary. Unless your ads make a lot more money than mine, you have no financial incentive to blog when you don't feel like it, either. Just do what you want, when you want!

    By Anonymous Richard, at May 12, 2007 3:32 PM  

  • Often when I try to pyramid, I wait too long and get nailed....check the times/price where you add.

    By Anonymous Anonymous, at May 12, 2007 3:38 PM  

  • wow,misstrade hack over 40k in april...

    By Anonymous Anonymous, at May 13, 2007 1:30 PM  

  • AMZN, I made almost 4 points today by scalping it up and down as it channels toward the options exp. Been playig it since the short squeeze and it has been the gift that keeps on giving.

    Some big guns reporting tommorow HD/WMT so things might get volatile. Ihope so.

    Doug

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