Friday May 11, 2007
$+3.00
Was up around $30 in the middle of the day. Traded some shares I shouldnt have. At least I ended the day positive, that was my main concern. Fridays are really annoying to trade.
Friday, May 11, 2007
Wednesday, May 9, 2007
Friday, May 4, 2007
Friday May 4,2007
+$15.00
Man, what a slow day today. After seeing a couple of setups in the morning hours I quickly put on a couple of trades. It's a good thing those moved in my favor because the afternoon was like watching paint dry.
You have to remember that I am only trading with 100 shares, and I only trade 1-3 stocks a day. There are only a couple of setups I can take throughout the day. While I didn't make any real money this past week, I am glad that I had 2 days of profits.
I was trading ELY (Callaway Golf) today and took one long setup for a couple of pennies my way and about 2 hours later I took a short setup. If I held the short for a little longer I could have made about 40 cents on the trade but I didn't like the way the market was behaving. It was a slow and choppy day and I decided to take any profits I had.
Have a nice weekend.
+$15.00
Man, what a slow day today. After seeing a couple of setups in the morning hours I quickly put on a couple of trades. It's a good thing those moved in my favor because the afternoon was like watching paint dry.
You have to remember that I am only trading with 100 shares, and I only trade 1-3 stocks a day. There are only a couple of setups I can take throughout the day. While I didn't make any real money this past week, I am glad that I had 2 days of profits.
I was trading ELY (Callaway Golf) today and took one long setup for a couple of pennies my way and about 2 hours later I took a short setup. If I held the short for a little longer I could have made about 40 cents on the trade but I didn't like the way the market was behaving. It was a slow and choppy day and I decided to take any profits I had.
Have a nice weekend.
Thursday, May 3, 2007
Thursday May 3, 2007
+$15.00
I had one goal when I came in this morning. After talking to someone at my office yesterday I realized that I was trading too much. There are only about 3-5 opportunities to trade a stock in any given day. So my goal for today was to finish positive. Didn't matter by how much or how many shares I trade, but I HAD to be in the black.
I was trading WTW (weight watchers) today. After watching it chop around in the morning, I noticed that it was testing the $50.00 mark. It hit $50 then pulled back to 49.90. I realized that this is a great entry, but for some reason I didn't take it. If I had taken it I would have made $1 on the trade. After getting upset at myself for not taking that and not being able to find another entry on the way up I left it alone.
After lunch I noticed that there was a buyer around the $50.70 mark and it didn't want to drop beyond that, so I bought at 50.70 and sold quickly at 50.95 for a quick 15 cent gain. If I had held it longer it would of gone up all the way to 51.46, but I didn't care.
Then the buyer wasn't there anymore and the stock went into freefall for the next 2 hours. I probably should of shorted on the way down but I was watching my other stock all afternoon.
All in all, not a bad day because I did what I wanted to do. I read the tape as correctly as I could and I came out with a profit.
On to the next day.
+$15.00
I had one goal when I came in this morning. After talking to someone at my office yesterday I realized that I was trading too much. There are only about 3-5 opportunities to trade a stock in any given day. So my goal for today was to finish positive. Didn't matter by how much or how many shares I trade, but I HAD to be in the black.
I was trading WTW (weight watchers) today. After watching it chop around in the morning, I noticed that it was testing the $50.00 mark. It hit $50 then pulled back to 49.90. I realized that this is a great entry, but for some reason I didn't take it. If I had taken it I would have made $1 on the trade. After getting upset at myself for not taking that and not being able to find another entry on the way up I left it alone.
After lunch I noticed that there was a buyer around the $50.70 mark and it didn't want to drop beyond that, so I bought at 50.70 and sold quickly at 50.95 for a quick 15 cent gain. If I had held it longer it would of gone up all the way to 51.46, but I didn't care.
Then the buyer wasn't there anymore and the stock went into freefall for the next 2 hours. I probably should of shorted on the way down but I was watching my other stock all afternoon.
All in all, not a bad day because I did what I wanted to do. I read the tape as correctly as I could and I came out with a profit.
On to the next day.
Wednesday, May 2, 2007
Wednesday May 2nd 2007.
-$33
Third day of trading. Seems like I might be getting this tape reading thing. I was going over my till today and noticed an interesting fact. My best trade was the one that I put on during lunch time and walked away from my computer.
I bought WTR and got put in the money immediately as it went in my favor. I put a stop limit on it and we walked out of the office for lunch. I came back from lunch to see that it tested the lows around my stop and came back for a $.25 gain.
I know myself and if I was sitting in front of my screen when it tested the lows around my stop I would of most likely sold. Good thing the stop didn't hit.
So my goal for tomorrow is to not rush into any positions and stick with my decisions once I make them and not switch out after a 10-15 cent correction.
-$33
Third day of trading. Seems like I might be getting this tape reading thing. I was going over my till today and noticed an interesting fact. My best trade was the one that I put on during lunch time and walked away from my computer.
I bought WTR and got put in the money immediately as it went in my favor. I put a stop limit on it and we walked out of the office for lunch. I came back from lunch to see that it tested the lows around my stop and came back for a $.25 gain.
I know myself and if I was sitting in front of my screen when it tested the lows around my stop I would of most likely sold. Good thing the stop didn't hit.
So my goal for tomorrow is to not rush into any positions and stick with my decisions once I make them and not switch out after a 10-15 cent correction.
Tuesday, May 1, 2007
Monday April 30th.
-$7
Traded too much yesterday. I was down around $60 in the begining of the day but I made most of it back. I need to not trade the first half hour of the market and just let it decide where it's going. Then you get into your positions. I am only trading 100 share lots so it's difficult to add on to winning positions. If I get into a position with 100 shares and it goes in my favor, I can't add anymore to it. I am always going in with my max shares, long or short.
Now it is more a learning experience than making money. I need to learn how to read the tape correctly.
I will post today's results after the close.
-$7
Traded too much yesterday. I was down around $60 in the begining of the day but I made most of it back. I need to not trade the first half hour of the market and just let it decide where it's going. Then you get into your positions. I am only trading 100 share lots so it's difficult to add on to winning positions. If I get into a position with 100 shares and it goes in my favor, I can't add anymore to it. I am always going in with my max shares, long or short.
Now it is more a learning experience than making money. I need to learn how to read the tape correctly.
I will post today's results after the close.
Thursday, April 26, 2007
1st Day
Thursday 4/26
Finally went into the prop firm today. Went in around 9 PST. Met some of the guys. Got my e-signal setup. Got my trading software setup. I am going to paper-trade tomorrow just to get a feel for the software. I haven't used this yet. I am not used to trading the way these guys trade. They read the tape all day. I am more used to charting, but this method looks more interesting.
I will start trading live on Monday.
Finally went into the prop firm today. Went in around 9 PST. Met some of the guys. Got my e-signal setup. Got my trading software setup. I am going to paper-trade tomorrow just to get a feel for the software. I haven't used this yet. I am not used to trading the way these guys trade. They read the tape all day. I am more used to charting, but this method looks more interesting.
I will start trading live on Monday.
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