Small Time Trader

Seriously, you'd think that after trading for 9 years that I could hold some bigger positions. Normally, when I get involved with a larger position I mess it up. Case in point today, DSX.



I learned that this stock wasn't going to go down with the rest of the shippers the hard way, by shorting it and losing money. This gave me a new idea... "hey, maybe there's strength in this stock." Clearly, it didn't want to go down. So I started buying at around $41. I bought 2500 shares.

I held the stock as it dropped below my purchase price. Each time it did this, my P&L would dip below $1000, making it impossible for me to place new trades because of my self-imposed loss limit. So basically, if I wanted to continue trading, it was all about DSX going up.

The problem is that once the stock got up to $41.25, I was down only $500 on the day and decided to sell most of my position so that I wouldn't have to be dependent on only it for the rest of my day. I sold 2000 of my 2500 shares and watched as the stock went up another point.

So I need to work on this... holding winners. Unique problem, right?

I had a nice turn around though. I caught the moves in PMI, FED and ABK though with small positions and managed to bring myself back positive on the day. At one point, I got all the way up to $1400 but then I started giving back and decided to call it a day.

My worst stock of the day was WCG. What can I say, I'm an idiot.

However, I did do something different today which definitely showed a little "growth" or "discipline" or something. Remember last week when the market gapped higher I got smoked and I said I always lose money when the market gaps up at the open? Well, I remembered that today and didn't screw it up too badly. Lesson learned.

Anyway, considering that I was down a bunch today and clawed back into the green, after my huge giveback yesterday, would look kind of like a "V" bottom on a graph. That's bullish and I'll take it.

Enjoy the weekend.

Here's the stats:
P&L, $796
Best, PMI, $537
Worst, WCG, -$393

63,000 shares traded.
28 stocks traded. 12 winners, 16 losers.
269 trades.