Tough Day To Be Aggressive
I really wanted to buy WLT today. With the strong ACI earnings, I thought this could be a good sleeper play, as they have some coal operations (along with some metal production and, oddly enough, mortgage financing). But I couldn't find a good spot. In fact, the one time it would have been a good trade is just after 2:45, when it enjoyed a smooth run til the close.
But the thing is, I gave up on the stock at just after 2:30, when I lost 20 cents in it for like, the 3rd or 4th time. I highlight this stock first because this is how low volume days typically trade... with choppiness.
The good thing is that even my bad trades today were well thought out, and not disastrous.
I liked this trade in NEM today. I was looking for the stock to run to $45 support on the daily. He made a decent base around $45.50 and so I got short. The problem was that I got squeezed from my first entry for a loss and so was trigger shy for the second run.
Many of the stocks I was watching today just didn't have good enough volume for me to want to trade them aggressively or with any type of size. So basically, I made many 100 and 200 share trades. My best stock of the day was FCX. But even though I made a couple of 30 and 40 cent trades here, I only made $200 in the stock. No volume, no conviction, no size.
And then, at the very end of the day, a near miss in PX. Here, I was watching for the stock to break $93. And it did, but it pulled back and I lost a little. Since I kept getting caught in these little chop moves, I decided my day was over. At around 3:50 I looked up and saw the stock printing over $94... frustrating.
So I didn't make any money today. But I felt my ideas were good. It was a tough market to execute them though...
Hopefully tomorrow is more interesting.
NOTE: In case you missed it, check Dogwood's post here about my trades on Friday and how pivot points might have helped my exits. However, only read that post... because after that, he posted a Guns 'n' Roses video...
Here's the stats:
P$L, $85
Best, FCX, $204
Worst, WLT, -$114
13,800 shares traded.
11 stocks traded. 4 winners, 7 losers.
3 comments:
DT - long-time lurker of your blogs and Virtual Office. I'm based in Tokyo, and thought I'd let you know I'm shamelessly stealing your idea to set up a Tokyo Virtual Office for my better half, her mom, and myself, to track our Tokyo market trades as a group. I've linked your blog, let me know if you want/need it removed. Feel free, if you want, to grab our numbers (or I can send them in) for a 'global' aspect to the real virtual office!
Hey, what do you have against the big hair bands of the '80s?
You're just a hater. First plastic shoes, now big hair.
Sigh.
@S,
Sweet! I'll check it out. Good luck!
@Dogwood,
Plastic and hair bands are a match made in heaven, and yes, I hate both, intensely.
-DT
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