Well first real down day:
1) PCX: Bought 100 shares at $10.05. Stopped out at $9.95 = $12 loss
2) LVS: Bought 100 shares at $13.57. Stopped out at $13.40 = $17 loss
3) LVS: Bought 100 shares at $13.30. Stopped out at $13.21 = $11loss
4) LVS: Bought 100 shares at $13.30. Stopped out at $13.15 = $17 loss
5) BAC: Bought 100 shares at $17.40. Stopped out at $17.35 = $7 loss
That's almost a $54 loss for today. I also suffered another LVS $70 loss for the swing trade I carried over the night.
So I'm down about $125 for the day.
I don't trade daily so I don't know that any advice I have is worth much. But so far it seems that all of your plays are long, this means you can't possibly have all up days, so obviously days like today will happen. As long as days like this don't rock your psyche or make you second guess yourself then you just have to take the good with the bad.
ReplyDeleteBut after today's opening and then basically flatlining all day, why were you going long on five separate occasions? Were the individual set ups on those stocks bucking the trend of the overall market?
Again, I don't follow so I honestly wouldn't know. I'm a bit jealous that you guys are off learning and I'm behind you. I just don't have the time committment for another few months. I either want to do it full time or not at all. I hope to come back from Chicago with a plan because right now I don't exactly have one. I need to do some thinking but need some more information first.
Most of these were all aggressively taken at the open... LVS was a complete disaster on my part just didn't want to let it go. PCX was a feeler. BAC was at the close and unfortunately I ended up chasing at the top because I was observing a stock with a lot of momentum that looked like it had enough energy to break through resistance but ultimately failed.
ReplyDeleteI could have taken some gains off my C position and a few other longer term holds to boost my ego but those will stay according to plan.
Each day is a new day and presents
different setups and strategies. I was debating fading the open but backed off.
I just want to keep reporting on my trades for documentation purposes so in the future I can look back and laugh. I'll probably just try to sum up my trades in a daily recap instead of individually... $125 realized loss isn't a big deal right now because my holds are still working and I'm sitting mostly in cash.
Still testing and learning. Come September when I have a lot of time to dedicate I'm going to demo lightspeed and focus more on paper trading but for now I like the adjustment of trading small amounts of money to acclimate to the anxiety and emotional involvement of trading.
Hopefully if all goes according to forseeable plan I will follow in Dom's footsteps and learn with SMB...
I think what you are doing is great. You are obviously playing with enough money to keep your interest level high, but not enough that if you have a rough go at it that you'll be in any kind of financial straights. I wish I had the time to engage right now. I'm not far off though so I'll be patient. I might have the advantage of learning from you and Dom before I follow your leads. We'll see.
ReplyDeleteI appreciate being able to follow along and get insight from others. I'm definitely following the market on a daily basis again where as for a while I wasn't. I think this forum has kept me interested while I try and figure out my life direction.