Closed some overnighters

Closed some laggard overnight trades today and opened two more.

This day trading at the open is turning into short term momentum trading. Quite a few trades are doing nothing off the start and taking a day to resolve...or two...and then not really doing much. Sadly I didn't start keeping stats on these specifically but I think that I would be better off closing them at the end of the day rather than holding them over...but I am not the one that came up with the trade idea in the first place so I do not have all the criteria and factors to make that decision easily. For now I will ride along and see how it works out.

Today I have 11 trades closed this week and two open overnight.

Average per trade is down to $17.09 but my daily average is up to $94.00.

I half expect that will drop if all I did tomorrow was to close the two open trades as they look as if they are set for a loss... but that could be completely wrong based on the setup they are in as well as I could easily have 5 more trades tomorrow that make nice gains.

I know very well that there is a good possibility of making really good profits doing the early trading but the good profits will be from the trades that take off right off the bell and those have been few so far. Last week had a couple of those but there were many more that were missed due to the coddling that was going on with the non-traders in the group. That does not seem to be an issue this week so either a few dropped, were dropped or did some homework over the weekend.

I pulled a boffo by leaving a stop on an overnight stock and it got stopped out mid day. All I had to do was buy it back later in the day when the price was lower anyway...even at that it did not make any great profits for me, so in hindsight I might as well have left it alone.

Considering that I am trading a little less than half size positions right now I consider I am doing well enough. After this week, if I see a solid profit number I may ramp them up 25% to 50% larger and end up with 100% sizing by the following week.

I still think that the group has some growing pains to go through as I could easily handle more concurrent trades given my sizing but we are topping out at five. I would love to see up to ten.

Jeff.