Wednesday, September 26, 2007

Buffet And The Bear

Well, well. If it isn't Uncle Ben saving the market's ass, it's Uncle Warren.



If the bears weren't scared shitless after the 50bp rate cut, they must be freaked out now.

Anyway, it was a pretty crazy day for me. Like I said in my earlier post, I got killed in CMI, but had good trades in LDK and TBSI.



In LDK, I was in and out a lot between 9:45 and 10:45 but always net short.



I got short TBSI when all the shippers started to collapse. He was lagging behind the fall.



I still overtraded today. However, I'm pretty damn pleased with the performance of my "swing" account. I'm now officially in the green there. Once I gain a little more confidence with that style I will start increasing my position sizes and daytrade less. That's my new plan.

The writing has been on the wall as far as me and daytrading for sometime. Really, since the beginning of the year and the implementation of the hybrid market. Simply put, I don't like trading stocks with limit orders and I hate the way the NYSE trades like a goddamn ECN now. So I'm working on adjusting my style.

Near the close today I added another stock to my "swing" account. 100 shares of FED at $51.11. There's a lot of economic data out tomorrow so I'm a little nervous about adding any more size to my current positions. I'm going to keep it mellow for the rest of September and see what October brings.

Meanwhile, does anyone miss me creating links to the stock profiles directly from this post each day?

Here's the stats:
P&L, $1155
Best, LDK, $1225
Worst, CMI, -$831

54,600 shares traded.
27 stocks traded. 16 winners, 11 losers.
194 trades.

5 comments:

Prospectus said...

Nice trading, Dino! Did you have a hard stop in on CMI?

Reading your PnL numbers is depressing! Take my PnL number for the day and multiply by about 40 and you get yours! LOL Ahh, the plight of the small-cap part-time trader. :)

High Probability Trader said...

You must use stock screeners to trade that many stocks.

mOOm said...

Your August-September results seem very good.... Well August was amazing.

Dinosaur Trader said...

Pro,

Here's the story with CMI. I did have a hard stop that was about a half point from my original entry. I entered the position with 300 shares. My stop was hit and I was filled 60 cents below my stop, so I lost over $300 very quickly. I was pissed and so I bought back, this time 200 shares. Again, the stock dropped quickly and I bought 400 more shares, sure that it had bottomed. It was not through and I finally threw in the towel losing about another full point in very short order.

As for my P&L, I'm only making back losses from yesterday... my two day total is about $400. Not enough to support a family on!

-DT

Dinosaur Trader said...

HPT,

No screeners. I just watch the same stocks everyday and they are grouped into sectors on my screens. Often, if I think a sector is moving I'll get involved with the whole group and not just one stock... that's why I'm able to trade so many stocks.

Moom,

Yeah, August was great but September has been back to the grind. I'm up about $5000 for the month. I really need to be making double that per month since we're a one-income household here!

-DT