Thursday, June 26, 2008

Virtual Office, $486. Dow, -358.41, 11,453.42.

Me, $253 on 15,000 shares traded.
OBAT, $159 on 6000 shares traded.
Tokyo, $110 on 8 shares traded.
Denarii, -$36 on 600 shares traded.

The market got smashed.

I have to say, I'm a little sick of making $200 a day. Worse, I can't afford to be making $200 a day for too much longer. Even worser, I'm not even averaging $200 a day... more like half that... almost. In general, it's the worstest ever.

Shoot me.

I called out a 9 point drop in MA today before it happened and took 50 cents. I'm pretty awful. It's a wonder I'm not panicking more... I must be in denial.

I may need to go back on hiatus soon. However, instead of letting the blog just die, I'll try and get someone from my office to contribute... I however, may need to just get back to focusing on trading again. I hate to do it, because I like to blog, but I'm fucking sick of being a mook.



Tyro said...

How can you focus on your trading when every day you publicly post your figures? Maintain the blog if you like, but ease the pressure by keeping your P&L to yourself.

Brett Steenbarger talks a lot about how we need to focus on learning and executions before profits and now that you're back to 'learning', it probably wouldn't hurt to adapt fully. At least until you hit the pimpin' stage.

And if that doesn't sing to you, here's a quote from the High Chart Patterns newsletter from Jan 4 (I hope they don't mind me sharing): "As an aside, as veterans of the game, the whole notion of posting one's p/l to the public is alien to us. This isn't some public contest, it's your livelihood, and in our opinion, it's best to concentrate one's energies on the primary business, that of making money by trading. To us it's as bizarre as a dermatologist posting on a blog how much he billed his patients on a daily basis. [...] To survive in trading, and to become consistently profitable, you HAVE to treat it seriously, and as a business."

Good luck DT. Love your blog, and I'll still love it even if you're quieter.

Dinosaur Trader said...


Thanks. Yeah, that may be another possibility.

Anyway, everyone knows those HCPG guys are smoking crank.


Bubs said...

I'm not sure if its coincidence or not but since I shut down my blog I've been doing much better.

I'm probably the last person that should be giving trading advice but I used to have many days in a row where I would make $100-200 a day. Then I would lose it all and more with one blowup. Since you are trading small size you should forget about even talking profits unless its more then a point. You might be stopped out of a lot of trades for scratch but you will make up for it with big winners like MA today.

Today's MA trade was a layup. I took 100 shares at 279.50 with a 1 pt stop. Since I was only risking $100 - $150 dollars I wanted to make sure I have potential of at least $300 dollars. I almost bailed on the trade when it failed to break the daily spot at 275.00 but held. Since the stock was basing nicely I added another 100 shares on the break of 275 (got a shitty fill). I sold 100 on the break of 273 and the final 100 on break of 272.

Not sure if this is any help or not but forget about making $200 day. Just focus on the trade and have your entries and exits preplanned.

Dinosaur Trader said...

Great trade, Bubs, and happy to hear things are going well.

I actually had the same entry. I just covered because I was watching V and V was having trouble breaking down so I thought for sure I'd get screwed in MA.

So I covered at $279 and fumed while the stock collapsed.


Stewie said...

i'd try and switch to focusing on having a good weekly PnL. Don't judge your performance too much. you are putting yourself in a small box with that mind set and it's no wonder you are booking small gains and losses. you are too scared to be down 'big' on any single day. i say put on trade as usual and once you are strong conviction on a trade that's printing $$, then press on the 'gas' and set your stop at breakeven, you might get stopped out, but every now and then you are hit a few home runs. and you'll be surprise din this mrkt, there are plenty of 'home runs'. Don't be a wuss :-).

wincity said...

DT, don't get discouraged. I think it's natural to go through a slow period when you start on a new style. Stop publishing your P&L might help. It'll probably also help if you don't get so mad about outside events, like your neighbor, the supreme court, drilling in Alaska, etc, although I admire you for being so principled.

Jamie said...

Agree with Tyro and Bubs. I love the blog, but can live without the P&L. Good music/bad music is more than enough to signal a good/bad day.

Also, would suggest that after you've taken your 50 cent partial, move it over to the 15 minute timeframe, and manage your stop above the previous bar high. This will give you a chance to pump up your P&L and stay in the game.

As Einstein said, we can't keep repeating the same old, same old and expect a different result.

Cheers, and all the best.

Dinosaur Trader said...

I'm gonna take your guys advice, since I respect all of your blogs.

The VO will be dismantled... taken to the woodshed, if you will.

I'll focus more on studying my trades... with a daily post each evening and less on the profit or loss made.

And I'll simply use music to designate a green day or a down day...