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Wednesday, February 20, 2008
Some of you may look at my recent string of small losses and small gains and think that I'm falling asleep here or something.
In truth, I feel better about trading than I have in awhile, despite the low volume in the market and my shitty P&Ls. There's definitely a weird disconnect between my recent trading (bad) and how I feel about trading in general (good).
Part of it may have to do with my immersion exercise. Part of it definitely has to do with my research schedule. And then for sure, a lot has to do with me thinking constructively about my trading instead of negatively. Also, it helps to hear guys in my real office doing well each day. There's always someone making multiple thousands of dollars.
Oh, and that shithead Momojuicing has been coaching my stupid ass... remember him?
Also, for whatever reason, I've stopped thinking month to month. Meaning, I'm not putting as much pressure on myself to make a certain number each month. Instead, I'm having a little more faith in myself that I'm going to work this shit out and be making enough money to support myself and my entire extended family again in a few months.
I didn't have any great winners today. Two of my best trades were very short scalps... trades that lasted less than 30 seconds each.
The first was in DV...
The second was in ENR...
Not exactly the types of trades that you can normally build good days around. However, when they happen and work, I'll take them. I'm much prouder of the following three trades. Trades like this are what I'm trying to build more out of right now.
First, a short in AG...
Then, a long in CNQ...
And another in CP...
Anyway, I also had a couple of losers. But the thing is, I not only know exactly what I did wrong, I was also immediately pissed at myself for doing it. Kind of like, if you ever smoked cigarettes... you know it's bad for you, but you do it anyway. Then one day, you really quit. However, you stumble after drinking too much and have a couple. You wake up the next day and feel like shit because of it. Then, you don't stumble again. In other words, mistakes like this will soon be a thing of the past.
I anticipated a break in ESI that didn't come. Instead of waiting patiently for the break, I bought in just before the breakout should have occurred and I lost a quick $200 because of it.
So that's that.
Anyway, in other DT news, this blog is almost a year old and getting close to the 100,000 unique visitor milestone (different from pageviews... remember when IBC had their platinum party because of pageviews? Gay.) I'm going to throw a Tupperware party as a celebration.
Maybe I'll have special posts too... like I'll have a few history posts fired up and ready to go. I'm not really counting on it though... with all the reading I'm doing, I haven't had any time to write.
Time will tell.
Here's the stats:
Best, DV, $191
Worst, ESI, -$290
21,400 shares traded.
10 winners, 9 losers.
NOTE: I'm going to fuck with the layout of this blog a little to see if I can get it to load properly again... not sure what the deal is.
Dehtrader, $551 on 5320 shares traded.
Me, $324 on 21,400 shares traded.
Timmay, $93 on 2200 shares traded.
Denarii, $76 on 2400 shares traded.
Wincity, $54 on 400 shares traded.
Retardo, no trades.
OBAT, -$343 on 16,400 shares traded.
Sanglucci, -$634 on 34,800 shares traded.
Equine, -$1191 on 1500 shares traded.
Well, it was a wild one today.
The market ripped 200 points from 12:00 to 3:00. Sounds good, right? Problem was that most of the move came on just 3 or 4, 5 minute bars. Meaning, if you missed the spikes, you go caught in the chop. It was a very mixed day in the real office today. A few traders got smoked, a few made some money. I don't think it was easy.
We traded just under 1.5 billion shares on the day and the VIX dropped a point, to 24.40.
I'm not sure what to make of the market here. The FED minutes sounded bad to me... oil is over $100 a barrel and commodities are ripping meaning that inflation may well be in our future. Unless growth is going to take off (which is hard to imagine with the housing market still in tatters) I'm not sure why we're rallying here.
Time will tell.
Meanwhile, funny story. Fox Business Network wanted me to do their gay little happy hour thing today between 5 and 6pm. However, I'm busy. So I emailed Timmay and he'll take part. Is he not the biggest media whore?
Anyway, if he mentions the VO I promise to read and say nice things about his book... like, it's the "Catcher of the Rye" of stock trading books or something like that.... oh wait... someone already said that.
My office is pondering over what caused the recent high volume rip in the futures in the middle of the day. No news, nothing. Huge volume came in and ripped the market higher. Perhaps someone got their hands on the Fed minutes a little early?
Either that or some French trader is getting mad long.