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 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



  • 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 p.m.  

  • 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.

    By Anonymous Anonymous, at May 02, 2007 11:17 p.m.  

  • the number one killer is always over-trading.

    By Anonymous Anonymous, at May 03, 2007 9:28 a.m.  

  • 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 p.m.  

  • 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!

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