Friday, May 23, 2008

Same Ole Story...

Great entries, poor execution of my exits.

There really wasn't much to look at today, and I planned on taking it easy. However, SLB opened up with good volume, and since he was hovering above $100, I decided to watch him closely should he start to show weakness.



Look at that... I made $50 in the stock... meanwhile, the thing never looked back from my second short entry at $101.47. Depressing.

I took another trade in GES and received an awful fill on my entry. For the last two days, I've really felt a lag in my esignal quotes, and today I think it cost me about 20 cents on this trade. I went to sell when my esiggy quotes showed 38 and was filled .22 cents lower... given that I was looking for a run down to $37.50 before the stock hit some support, this kind of took the steam out of the trade. I covered 100 immediately at a small loss, and then the other 300 when the stock bounced off of the $37.50 level. So I made nothing, but I seemed to have the right idea.



Other than those two, I had a lot of small losses. The volume was really light today and with the holiday looming, it's not surprising that there wasn't a lot of follow through. The other stocks I traded, IPI, WFC and DHR didn't have great movement, and I didn't miss out from my entries. I took small losses in each which isn't a problem.

The thing I can't take is the missed opportunity in the SLB. I absolutely must learn how to hold these winning trades when they come or I'll never break out of this +200, -$200 grind I currently find myself in.

Anyway, I'm looking forward to the three day weekend. I don't plan on posting much, if at all. However, the mysterious Internet force known as Bloggerdotcom contacted me with tales of a new post... I will let you know when it will drop. Presumably next weekend, but I guess it could happen this weekend as well... you never know with bloggerdotcom.

I plan on going to a lot of barbecues this weekend. I told Judy, "Listen, take any invitations and accept them all."

So we've already got one tonight and tomorrow to attend. If I can't make money, at least I can mooch off friends for free meals. I also plan on watching my normally quiet town get taken over by "cityots" (mix of city and idiot). I will sit in town, sip a coffee from a bench, and quietly take notes on their actions, like an anthropologist watching monkeys or something. They always do something entertaining. Hopefully, we get a blog post out of it.

Be safe.

Here's the stats:
P&L,
-$60
Best,
SLB, $48
Worst,
DHR, -$60
7200 shares traded.

8 stocks traded, 3 winners, 5 losers.

8 comments:

Bluedog said...

Does Esignal let you choose to execute via arca, ndaq, etc? I use Schwab and always like to choose arca (gotta support my NYX! lol). I've had pretty speedy fills versus relying on the general execution service.

Dinosaur Trader said...

BD,

I don't execute through Esiggy, I use them for quotes. The quotes in my execution system were just much quicker...

Esiggy just kinda blows... I'd love to find another that was any good.

-DT

Sam Jackson Rhodes said...

dt, I was just curius...

do you ever hold positions over night? Are you strictly a day trader?
What percentage of your profits goes to commisions and other fees?

Do you have long positions or would you ever you consider holding long positions

StockHunter said...

Something that may help on your stop gains. I treat them just like my stoplosses, pick a good level (i.e. resistance/support) and leave a limit order there.

Dinosaur Trader said...

SJR,

Purely intraday... I'm looking for gains in a few minutes to a few hours. However, lately, with the low volatility, I've heard swing traders are doing quite well.

You're a swing trader I presume? It's been good?

-DT

The Lonely Trader said...

FYI, anthropologists don't concern themselves with "monkeys" per se...they observe and analyze a form of life much lower on the evolutionary scale.

Dinosaur Trader said...

Well, of course, not only monkeys... but they do study monkeys. right?

In fact, I just asked my anthropologist friend what he studies and he said, "monkeys and shit..."

-DT

Sam Jackson Rhodes said...

dt,

im not a swing trader, i guess you could say im just the simple investor. I feel that greater potential for profits come from small trading activity.

But yes, i have been noticing how swing traders could be raking in the dough. maybe you should try that approach for the month of june?