NEW TFSA day

Today was a short day for me and I was only able to trade until 1000h due to a funeral. There are always other days. I actually figured that my cash would not have been transferred to the TFSA and tradeable yet so I was likely to pass on the day overall... but that was not the case.

I split the account into $1000 trading pieces, 16.7% per piece which is high but I anticipate either some sort of stop losses on future trades so the entire amount is not necessarily the possible loss all the time. It seems to be the consensus in the group that we set some sort of stop if a trade is not going anywhere to at least clear the books, at least there was a stop level posted today on one of our languishing trades at 15% loss. That would be $150 for me or 2.5% of the account, which is acceptable. The high win rate offsets the possibility of a total trade loss anyway.

So, I made two trades, netted $212 which is not huge until I consider that it represents just over $350 in pretax income...which is higher than my typical $250 target. My TFSA minimum target would be $150.

Also, I checked the other group trades to see what profits I missed out on.

20 cent, 45 cent and 17 cent trades which, based on the position sizing represents $60, $90 and $51 respectively. I must mention that the 17 cent was a stock trade in the margin account and I may have passed on that one anyway seeing as I am focusing on options in the TFSA. Potentially the day would have been a $312 day...net commissions and tax free.

My return was 3.12% and could have been 5% on the total account.

I will stick with $1000 sizing for now and worry about bumping that up next week based on this week's trading. I may leave it there and add another trade at $1000 if we trade often enough to warrant it then compound up from there depending upon market risk at the time.

All in all it was a good day considering it was so short.

Jeff.