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

Wednesday, May 02, 2007

Frustration Nation

Net: -$240.23
Trades: 86
Shares Traded: 45200

Stocks Traded Today (net profit/loss):
Freeport-McMoRan Copper & Gold Inc. (FCX): +$123.21
WellPoint, Inc. (WLP): +$95.91
Eaton Corporation (ETN): +$68.75
Wyndham Worldwide Corporation (WYN): +$44.15
Johnson Controls, Inc. (JCI): +$29.54
McDonald's Corporation (MCD): +$27.61
Owens-Illinois, Inc. (OI): +$20.67
McDermott International (MDR): +$18.32
Danaher Corporation (DHR): +$12.19
Watson Pharmaceuticals, Inc. (WPI): -$18.32
Idearc Inc. (IAR): -$23.39
Varian Medical Systems, Inc. (VAR): -$26.91
FedEx Corporation (FDX): -$28.74
Whirlpool Corporation (WHR): -$41.02
R.H. Donnelley Corporation (RHD): -$47.07
Constellation Energy Group, Inc. (CEG): -$47.12
W-H Energy Services, Inc. (WHQ): -$61.02
E.I. du Pont de Nemours & Company (DD): -$83.20
Hartford Financial Services (HIG): -$87.40
Oil States International, Inc. (OIS): -$104.95
Continental Airlines, Inc. (CAL): -$111.42

What the hell.

These last two trading days have really really sucked.

Today the markets moved, but the moves made by stocks just really really sucked. Unbelievable.

Literally every trade I got into didn't want to do anything. Even when the overall markets were ripping, the stocks I happened to be in didn't want to move.

I dunno - maybe it's been my attitude these past two days....I've been wanting to get May off to a roaring start and maybe I'm coming in too aggressive by taking trades that may not be all the best.

I've also been going in with larger positions but like yesterday this only amplified the losses I was taking.

For whatever reason, nothing wanted to move or run.

And my mistake was that when I did have a position that was profitable, I waited and wanted to book a big winner on it....but by waiting, I missed out on my opportunity to get out and as a result, there were many trades that were initially winners, but turned into losers.

And there were just soo many trades where I would get in and I'd sit there and wait and wait. I felt like I was just wasting my time by sitting there waiting for the stock to make it's move. When I could have been focusing on other potential positions, I'd wait and wait and in the end, I'd either book a loser and a very small winner that was hardly worth the time.

It's not that I lost a lot of money today, but for some reason I really felt ticked off today.

Usually when I get frustrated (or desperate), I end up taking a lot of trades and trading a lot of stocks.

All afternoon I kept going from one stock to another and I'd be thinking "Damn this stock, oh yea, well there's another stock over there that'll probably move!".

What I think I have to do is to go back to the way I was trading all last week....by picking the opportunities and waiting for a good trade. Today I was trying to trade everything that came up as an alert (mainly because I was frustrated).

I had been up in the morning...then I proceeded to lose close to $600 during the course of the afternoon.

For the rest of this week I think I'm just gonna call it a day after lunch....I'm finding that the afternoons moves are not like the mornings and the same setups don't seem to work as well in the afternoons.

Ahhhh forget about it. I don't want to think any more about today.

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

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

Labels:

19 Comments:

  • NYSEtrader,

    Nice blog,I've learnt a lot here.

    Losing is part of the game. don't feel so down in the bad days.

    you are doing great these days. Focusing on the big picture, exceptional traders will always win over the long run.

    good luck

    By Anonymous Anonymous, at May 02, 2007 7:32 PM  

  • I have been watching your blog for a while and you seem have the same problem many of us have. Impatience, trying to force the market to render to you. The hardest thing to do is nothing. I have had to literally sit on my hands and wait for moves. At least you know when to cut your losses, I have a big revenge trade problem I am trying to overcome.

    So far I am having the best luck in the Oil Services. All big movers intraday especially OIH.
    Doug

    By Anonymous Anonymous, at May 02, 2007 11:17 PM  

  • the number one killer is always over-trading.

    By Anonymous Anonymous, at May 03, 2007 9:28 AM  

  • I feel your pain (although today was a HUGE up day for me, thanks to ICE, NYX, and AUY). Yesterday I was up $880 in AUY in 15 minutes (6500 shares), cashed out, and then in the afternoon got cocky and bought back in again. Lost $800. With trading fees factored in, I only made $25. Suffice it to say, the stock immediately jumped up after it rocketed down to my sell point. Lesson - don't get greedy.

    Today I shorted AUY towards the end of the day after a nice runup, and it stalled. After watching it for an hour, I bailed at 1c profit per share. Made $65, or $45 after fees.

    Have you tried trading less stocks with more money?

    By Blogger Bluedog, at May 03, 2007 4:15 PM  

  • Hey all,

    Thanks for all your comments and thanks for the "pick-me-ups". I think these last few days have just been really disappointing as I have high expectations in the month of May.....But all of you are right - these kinds of days will always be around so it's best not to make a big thing about it.

    Good luck to all and happy trading!

    By Blogger J.C., at May 03, 2007 7:43 PM  

  • Hi
    Your blog is quite nice and informative.
    As far as stock market is concerned. Trading in market requires
    both time and Knowledge. Without these two factors its impossible to trade .
    If you get recommendations from some specialist then also you must keep in mind its your money you
    should invest it wisely. Its always advisable to get recommendations from analyst but again before investing you should do your research also.
    Indian stock market is very high already now wait for dips before going long in Nifty or in some script.
    If you have any Query please feel free to contact us.
    Regards
    Sharetipsinfo team

    By Anonymous Anonymous, at May 23, 2007 1:53 AM  

  • Bazaarlive.info is your source for Free Stock Recommendations in India. It has a group of Analysts who provide Free Investment Advice and Free Share Trading Tips . Buy Vakrangee software at 220 for a target of 300+ in 3 months.

    By Blogger Anamika, at May 08, 2008 6:30 AM  

  • Hey guy...where are you? Are you still trading? Please come back...we are missing you.

    By Anonymous Anonymous, at February 19, 2010 2:29 AM  

  • I am sanjeev. I am a technical Analyst. I like to read a lot. share market tips

    Play a crucial role in today’s economy; they are the key contributors towards a country’s GDP growth. India in the last decade has established itself as a powerful economy and it is growing at a healthy rate. One of the key constituents of India’s robust economy is its stock market. The stock market tips dates back to the eighteenth century. However, the real journey of the Indian Stock market began in the middle of the nineteenth century with the passing of the “Company’s Act” in 1850. The primary driving forces behind the development of the Indian Stock market were the native shares and the stock broker’s Association.



    We provide intraday tips and MCX tips.

    You are welcome to visit my website for updated prices and other information of all Indian trading scripts

    By Blogger intradaytips9, at June 08, 2010 6:05 AM  

  • Hi, i am from trading tips .Wealth in its most primal form comes from under the ground. Plants come from under the ground. Minerals come from under the ground. Water comes from under the ground. Even petrol comes from under the ground. Little wonder then that Lakshmi, the Hindu goddess of wealth, is called Patala-nivasini, she who resides in the subterranean realm. She is also addressed as Pulomi, the daughter of the Asura-king, Puloman and Bhargavi, daughter of Bhrigus, another name for Shukra, who served as guru to the Asuras. But Asuras are demons who have been shoved under the ground by the gods! What make Lakshmi the daughter of demons? Is this an ancient moral judgment against wealth?
    We provide nifty tips and MCX tips.
    You are welcome to visit my website for updated prices and other information of all Indian trading scripts.

    By Blogger tradingtips, at June 17, 2010 4:46 AM  

  • We offer intraday tips expert share tips for Intraday tips, intraday trading tips, share tips intraday, share market tips Stock recommendations, STOCK TIPS, Indian market stock tips, Stock market, Stock Market India, Indian Stock Market

    stock tips

    By Blogger stock, at July 06, 2010 7:45 AM  

  • It was a very nice idea! Just wanna say thank you for the information you have shared. Just continue writing this kind of post. I will be your loyal reader. Thanks again. and welcome to my site:

    http://freecashmarkettips.blogspot.com/

    By Blogger Swati, at July 16, 2010 12:13 PM  

  • useful informative site
    sharemarketing live

    By Anonymous nainar, at October 30, 2010 1:22 PM  

  • I really appreciate your post and it was superb .Thanks for sharing.
    Regards:
    http://www.blackitsoft.com/inventory-pos-software.aspx

    By Anonymous Inventory Management Software, at December 30, 2010 2:26 AM  

  • very nice blog and contains useful info
    lic concepts
    lic mutual
    lic nav status

    By Anonymous licmutual, at February 23, 2011 9:15 AM  

  • It was a awe-inspiring post and it has a significant meaning and thanks for sharing the

    information.Would love to read your next post too......
    Thanks
    Regards
    Stock Tips

    By Anonymous Stock Tips, at March 26, 2011 4:53 AM  

  • Thanks so much for this! I haven't been this moved by a blog for a long time! You’ve got it, whatever that means in blogging. Anyway, You are definitely someone that has something to say that people need to hear. Keep up the good work. Keep on inspiring the people!
    regards:
    Share Tips

    By Anonymous share tips, at May 03, 2011 4:53 AM  

  • I absolutely adore reading your blog posts, the variety of writing is smashing.This blog as usual was educational, I have had to bookmark your site and subscribe to your feed in ifeed. Your theme looks lovely.Thanks for sharing.
    Regards
    Share Tips

    By Anonymous share tips, at June 13, 2011 10:39 PM  

  • People say gold is cash money, we say trading in gold is money is, because truly it is. There are gold investors all over the world who are making a remarkable money, it's a well kept secret. But according to commoditytradingcall will help you to become effective and smart trader in gold trading tips, we will help you to learn our program of dealing and help you reach your financial targets. No more having to work for somebody else, no more having to battle traffic or work with other individuals you don't get along with. Welcome to the magic of learning how to business or trade in gold using our unique and effective trading plan.
    Either you are making money with Intraday Trading Tips, Intraday Mcx Tips, gold tips or sureshot mcx tips, we will help you to gain more an more.

    By Blogger abhishek singh, at October 15, 2013 7:25 AM  

Post a Comment

<< Home