March 25th

Opened and closed a few trades, finally closing one that has been hanging for a couple of weeks. Sadly I lost about 18 cents when I could have held it for a break even a little later in the day. I set a VTSO but was too tight. Oh well, not enough to worry about. I did close out one loss late yesterday for almost $1 per share, it needed to go.

My stats are updated and are still looking reasonably good as my daily average is staying above $240 and my trade average is over $115.

I closed out a trade from another service but I don't count those in with these trades, although I could as they are very similar in duration and scope. I messed up a bit on it though. It was an option entry aimed at under $2 and I got in at $1.30. The standing target was to be 100% return to close automatically so I set my limit sell at $2.60... I should have set it for the 100% of $2 entry target or $4. Today the stock gapped at the open and the option went through $3 and was advised to be sold for $3.10. I let it go at $2.60 giving up 50 cents in profit... although I won't really complain about a 100% return seeing as anyone else likely bought at $2 and made $1.10 or 55% profit.

Counting these service trades as well bumps my daily average to $288 and my trade average to $134.

As much as I hate to look a gift horse in the mouth I am expecting to book some losers soon. i have to hefty positions not doing so well and a smattering of smaller ones also. The day trading is nice as these are offset beforehand as we open and close trades each day booking profits to offset any potential looming losses.

I need to remain focused on "right sizing" my trades and using balanced sizing. For example a $10 option might be best to use a 1 contract trade, a $5 option 2 contracts, a $3 option 3 contracts, $2 option 5 contracts. This can be scaled to match the capital being traded with as each represents an approximate or maximum $1000 risk per trade. If I were to risk $2000 then just double the contract count.

The key here is that any loss is not bigger than any other loss so losses do not suddenly get larger than gains due to an attempt to cherry pick the trades. I have always said that in order to win with someone else's plan all trades must be taken as picking half could end up with all the losers being picked. This day trading the only trades I have not taken have been ones that I have not managed to get into due to just missing the price. So far I am among the quickest traders so I have not missed very many at all..

Today I missed the $4,000 mark by about $50 in the three main systems that I am using. There is still tomorrow.

I am discounting the Optioneer stuff right now as I found some inconsistencies in the accounting and I am waiting for a response about this. The account is in the red, enough that there is no way that I can recoup the loss in the time frame allotted for the performance guarantee...so we will see what happens there. If this day trading and other services keep going like this I may consider transferring some cash back for this shorter term more lucrative trading...put it where it works the best.

Jeff.