Daily P/L - Page 12

Margin: + $34. Holding UDN. Was dumb and sold GLD yesterday because it keep making new lows on the 5 min chart. Missed a $130 gain if I held. Account closed at highest level since the large summertime loss. Been taking small consistent profits.

Roth: + $62. Holding SLV Still down 320 from my initial deposit. Made some dumb trades last week.

Didn't make any trades today. Too risky to enter a swing trade in the margin account since I have no daytrades left, in case I need to exit.

most people are inclined to think of only the positive when they think of trailing stops--well maybe because most of the time they are used after a decent chunk of profit is "locked" in. They don't expect the butthole part.

What did you do that trailing stops got a bad name today?
If someone gets too aggressive with any stop or uses them poorly it's a bad thing.

A trailing stop on a runner is really easy in theory. Trail to just above the last waves swing high/low. If that breaks the trend is technically over anyhow. Now you could scale some out to lock in partials if a wave makes a massive move OR you could set extended targets that if hit you cash out and remove the trail. The later lets you trade without fear of a retrace/reversal after a big move.

Targets can be just like a trailing stop though it that you may miss a target fill by a few ticks and give $ back anyhow. It's quite a mind fcuk, this game.

True, I just used it improperly. I was teetering on profit. I should have just placed a limit order. It's no worries though, you live and you learn and you win some you lose some.

I just used them poorly. The profits weren't already noticeable and i used it on a highly volatile stock atm lol. Now I'm stuck waiting 3 business days for my funds to be available.

That's what I should have done, but I guess I'm too greedy atm. I want to get out of the 3digit range and move to the 4 digit range in the following weeks so I have less rigidity in my trading. I have quotas I set for both accounts per week dependent on the money available for trading and I feel like I'm missing too many opportunities. Never-the-less, patience will bring me the rewards I need.

It's a fun game though. Challenges the mind

Patience is indeed the key. Just remember these rules for (swing) trading:

1. Emotional control is at the heart of good trading.
Controlling yourself allows the ability to think clearly at each moment, resulting in success as a trader.

2. Cut losses with the most strict discipline.
We must preserve capital at all times. Losing is part of trading, but opportunity cost is to be considered when hoping for a losing position to reverse course. If your trade reverses and violates support, get out and be willing to re-enter. This will save you from big losses and you can always re-enter if the stock crosses the entry price again.

3. Make good decisions and winning will take care of itself.
Focus on how you play the game and not on the scoreboard. Trade with discipline and follow your game plan.

4. When you lose, don't lose the lesson!
Forget the names but remember the events. Those who don't remember the past are doomed to repeat it. Make mistakes with composure and character, without blaming others, and don't dwell on mistakes.

5. When in doubt, get out.
Scrutinize your positions at all times, each day, and you will not be left holding a stock without reason. Be willing to change direction at any time, because your flexibility as an individual investor is a big advantage which should be embraced!

6. Keep your risk/reward profile in check.
Profits can exceed losses even if the number of losing trades is greater than the number of winning trades. Always properly manage money, size positions accordingly, obey stops, and protect profits. This will keep you in the game!

7. Avoid scheduled news.
We are unable to foresee breaking news, but scheduled news we can step aside from. Scheduled news includes interest rate announcements, corporate earnings announcements, and various daily economic releases. Remember to trade only when you've got the best of conditions.

8. Consider your account size for appropriate trading.
An account that is too small magnifies the effects of each trade, which keeps us from thinking rationally. Trade with the attitude that the next trade will simply be 1 of the next 1000 trades you will make.

9. Get a charting program that allows you to build watch lists, sort stocks, and draw trendlines.
This is essential to learning. Price action and volume are vitally important in finding good chart patterns.

10. Scale out of winning positions as they work for you.
This achieves two goals: taking some off the table and keeping you in the game. If your trade reverses, you took some profit at good spots. If the move continues, you are still on board for the ride.

11. Don't dig yourself into a hole early in the day or in your career.
Be willing to observe the market and make an informed decision. Missed money is better than lost money, so wait patiently for the best opportunities to arrive.

12. Trade with a blend of anticipation and confirmation.
Balancing these two will mean that you adopt a system of "if this happens, I will do that." Wait for your pitch!

13. Beware of your trading process following a winning streak.
After a win streak, be extra disciplined! Many will make money in the market, but discipline is required to KEEP it. Stay on your guard at all times!

14. Evaluate your results at least monthly.
Monitor your P&L, your win/loss ratio, and the relationship between your biggest wins and worst losses. Reviewing these results helps you continually improve your understanding of the markets and yourself.

15. Finally (perhaps most important), always be patient.
Long-term patience will keep your confidence and optimism high, and short-term patience will help you wait for the best trades. Success doesn't come easy, and rarely are fortunes made overnight. Be willing to pay your dues and put in the work in order to achieve your goals.

And these rules for (day) trading:

If you are a day trader, your position size is likely larger due to the fact you are looking for a smaller move with your short timeframe. Keeping a tight stop is extremely important when trading larger size, as a day trading strategy gives stocks multiple opportunities to work. For day trading, the strategy is rather simple:

• Always keep your profit objective at least 3 times greater than what you are willing to risk.
• Allow no more than a 1% move against you from your entry point. Ideally, you are in the trade beyond the trend line and out of the trade below it. You can always get back into the trade if the stock returns to the buy point.
• If a stock gaps beyond a technical trigger price, the original trade plan is negated for a day trade so a new plan should be made.
• If the futures (Nasdaq and S&P e-minis) make an intermediate lower high intraday (or higher low when trading the short side), exit half of your position. This implies a weakening market and can make it tougher for open positions to continue working.
• If your stock hits a new low for the day (long trades) or new high for the day if you are short, exit the position. A day trade is intended for initial moves, so there is no purpose in widening stops to accommodate a stock moving in the wrong direction. Get out if the stock breaks a low (or high if short) as you can reenter the trade if it triggers again.
• Once momentum fades and buyers are thinning out, take your profit. This can be done by carefully monitoring the intraday chart and the time & sales window for fading momentum.

Profit for the day = $146 on 400 shares of URE from $4.60 to $5.00.

Profit for the day = 160. Got into FAZ for a quick 10 min flip. Down for the week about -300 My goals of the week were to get into FAZ early and hold. On monday I had 0 funds ready for trading. On tuesday I got all of my funds back, jumped into FAZ, and got shaken out. Finally got my funds back on friday and was able to make a small flip. FAZ = up like 60 percent this week, me = down 1.4 percent, me missing ship = whats new /sigh

Change today + 400.00 overall gain over 5 stocks.

You strictly a futures player cire?

Cire is an all around baller.
#1 stunna!

Here's today's positions. Doesn't show entry prices, so the gains/losses are off since I started these positions today. Wish I had SPY puts at Friday's close!

Down $1100 between my two accounts, that's well over 10% loss today.
Not too far down from Jan 1 though. I was hoping to liquidate a couple of my Roth holdings before the dropoff but they didn't hit my prices. I really don't want to sell for a loss if I can help it and all 5 holdings pay great dividends (between 9%-30%) so unless I can sell them for what I paid then I'll just forget about them for a year and collect the dividends. FCX is my biggest mistake here, got anxious and bought too high.



My biggest mistake in my margin account was buying GNK last week for too much. I averaged down this morning about 10-10:30 when it looked like the typical mid morning reversal, then when I looked again at 3:30 everything had gone to crap. Hopefully it will come back up in the next couple weeks. I transferred another $500 into my margin account today which is why the balance shows a $4 loss. It's actually $504 down.

Down $99 today after DRYS hit my stop.

Any specific suggestions from some of you with more experience (and funds)? I'm open to any intelligent suggestions except for selling the TNK, that one is a moneymaker for me and I'd like to increase my holdings if I ever have funds available when it's cheap.