Heavy losses and a change in format.

Well, today was interesting.

This has been the worst day since I started tracking this in April.

We have been holding overnight, trying various methods of trading to ensure that the group, as a whole, is profitable (aiming for $500 days) and trying to bring everyone up to speed. Mostly to no avail as it turns out. Some members need to be dropped, they just don't know it yet but questions still come up that should not have come up even on day one. Shit disturbers are disturbing the shit and some just will not listen to reason.

I suspect that we will drop back to the 300 range from near 500.

We will be trading very liquid securities options to allow quick order execution and to allow the larger traders to not block the fills for everyone else.

We will not be holding anything overnight. This is sort of too bad as some of our overnighters have been hugely profitable BECAUSE they were held through gap downs when we could not have possibly gotten into the trade once it started to move.

We will be concentrating on first hour, or so, trading as was the initial intent.

As a result we closed some held trades for losses rather than holding them, even though, technically, there was no real reason to need to close them. Just starting out on a clean slate only in cash on Monday. I chose to close some but not others, my decision. This closing out added to losses already incurring from having three other trades go against us off the start.

The interesting thing was that I was annotating charts on the fly, trend lines, support and resistance etc and I saw the break point were we pretty much knew that the trades were toast...moments before they were called closed. As a result I closed them when John started to mention to close them and I was out before anyone starting farting with limit orders...therefore I got better exit prices than most anyone. Still large losses in addition to closing other trades and having three expire worthless today.

I have not done the math yet but I am sure that most, if not all of my June profits (close to $5,000) are gone. But there is still a week and a half yet and all of the momentum option trades to work out. It is just a shame that I cannot add to this account to top it off or I probably would just to increase my trading capital base from my other account that still has some cash in there.

So, Monday should be a good day as we return to the beginning where the trades were all short and we are finished and in cash by morning's end.

Jeff.