My goodness... the moves in the coal, steel and ag names were epic. I didn't trade those moves...
Instead, I caught a nice move in SWN early, and pretty much scratched after that.
For whatever reason, I can't save esiggy charts to blogger right now, so I'll just describe the situation.
I was watching SWN to crest $50. This has been on the HCPG watchlist for the last couple of weeks. The stock opened at $49.75 and then based around that level for a few minutes. At 9:34, the stock traded $50, I entered at $50.10 and the thing just went vertical. I exited a couple hundred shares at $50.43 and then a few hundred more just over $51.
It was 9:36 and I was up nicely.
I got a little greedy though, and decided to try to play the short side of oils when they started to roll. I was early to the trade though, and barely missed huge moves.
So I gave a little back from my early morning highs, no big deal, and chalked up another win.
Again, the RO had a gigantic day.
Two guys in the RO were up over $25 grand, and a number of other players traded into the mid-thousands.
However, I want to share a little tidbit from some of the chat today. I know a lot of people are thinking, "Geez, idiot... these guys in your office are making such huge money, why don't you just do what they do?" It's because I can't deal with the huge drawdowns that are necessary to trade like they do...
Here they are talking about their P&L swings today...
Trader A: my pnl went from -20 to +15 to -4 to +26 here. what was the biggest drawdown for u?
Trader B: was up 8 then went flat.
They're talking thousands of dollars...
If I think of this job as a career, it's all about the slow build back right now... while it's tempting to doubt myself after days like yesterday and today, I'm thinking 5 years out, when I'm not burnt out and stacking coin every day, just like the good ole days.
I'm not saying those guys will be burnt out... I'm just saying I can't take those swings anymore. So I'm gonna keep trying to make a few hundred a day, and slowly build it up to a few thousand a day...
If I can do that, in 5 years, I won't give a damn about missing the coal shorts today.
Good music will drop with the sun.