Thursday, February 28, 2008

Shifting Winds

I haven't had to post a trade disaster since November I think... it's an awful thing to have to do.

But I really fucked up in BG today. My timing was wrong, I was using market orders in a thinly traded stock, I was pissed off... it was a perfectly stupid storm. I lost $1454 in this fucker.



Besides that piece of shit, I didn't have any massive losses... just no real good winners.

I just missed a great trade in EOG at the end of the day... this stock was nuts today. Check out the daily...



I caught one decent trade with Evolution today, a short in TGT below $54.



But overall, my day was a mess. I haven't had one of these in awhile.

Every trader suffers losing days. The most important thing is to absorb the loss with some equanimity, try to learn from it, and move on.

And here's what I'm taking from today... I keep making the same mistakes and I'm not learning shit.

Therefore something is going to change, massively, and soon. Details tomorrow.

Here's the stats:

P&L,
-$1869
Best, TGT,
$286
Worst, BG,
-$1454
36,600 shares traded.

18 stocks traded. 6 winners, 12 losers.

7 comments:

Woodshedder said...

DT: Not to rub salt in the wound, but you shorted every low and covered every high. I say that because that level of fucktarded trading doesn't happen on accident. I'm no expert, but I had a period of months when I was doing that, on a swing trading basis. I can tell you that it was happening because I had no real plan, and no conviction, whatsoever.

I'm still not seeing that you have any kind of plan of action for anything that you are doing. From my observations, it seems you are picking the odd NYSE stock and using trendlines and momentum to establish your entries and exits. If that is the case, why not choose 5 liquid stocks, and trade them and them only? At least them you would be familiar with how they trade.

You know I love ya and I'm not trying to bust your balls. Just don't ignore the obvious.

Dinosaur Trader said...

Woody,

Listen, leave my balls alone.

With BG, I saw that huge spike up and could only think one thing, "short." You see spikes like that all day long and often, they spike up and at least retrace a good portion of that spike quickly before they head higher (if they head higher). So it started out as a regular trade.

It went bad when I continued to short after the spike play didn't work out. Then it was no longer an aberrant spike, it was actual strength. I should have recognized it as such and stopped shorting.

It's true, my trades were remarkably bad in this stock.

As I mention in this post, a change is gonna come. Check back tomorrow.

-DT

FX said...

As you said you didn't post disaster trade since November. It's not so big deal to make massive changes. Just go look back on your best of best days to recharge and see how you should trade and how you can trade.

ainkurn said...

BG is a hard one to trade. I've traded it a few times and almost always lost money. the light volume makes it quite squirrelly.

Masterjaz Out said...

Anyone else think it's a scalper's market? The lack of follow through is amazing. And if there is follow through, it's ugly, no growing volume with enlarging green bars (not talking St. Patti's here!), etc. I think one has to accept a win of a few pennies, maybe a quarter and then move on. Fast trading rules right now. I had a winner go red real fast too.

Just my two cents,
Masterjaz

Pete said...

so whats the change? u quitting?

Dinosaur Trader said...

There is no quit.

-DT