In the interest of keeping ahead of any work stuff that comes up I had decided to not sequester myself and remain available during themorning trading times. I also do not let trading take priority so I will fake trade if something else is going on at the time rather than being stuck in a trade that I may have to leave.
So, I now realize that will not work. In order to actually realize real gains I will have to shut my door and only trade for the period. I suppose it is no different than taking 5 smoke breaks over the day, except I don't smoke so I don't get that time off.
Anyway, today is a case in point. 3 trades in 30 minutes done by 1000h. I left the fourth and last one go and didn't even fake it even though it slipped for one last dollar as I might not have traded it for real so I didn't count it, too far into a slide for my comfort even with gains to play with. 5.37% net return. I almost made the trades but had people looking for stuff or was on the phone. I am satisfied with the faking in the sense that it re-affirms my actual trade strategies so I am in good standing as far as keeping my edge is concerned.
I did cheat and place one last trade at about 1030h. The only reason that I did was that I had seta limit sell at $34.00 earlier, dropped in to take one last look at the morning activity and saw the setup at the right moment, called the short and let it go for a bit, caught 35 cents of the slide so worth the effort. My daily gain was bumped to 6.27% net.
Combined real and fake trading for the week is 11,42% net even after considering my 4% loss on Monday while getting my feet wet again. I still count that loser day even though I half expected it to be a loss before getting in. Just finding my edge.
Jeff.
Questrade, My direct access discount broker.
Showing posts with label week recap. Show all posts
Showing posts with label week recap. Show all posts
Saturday, December 6, 2008
Friday, May 30, 2008
Weekly Recap
A very quick recap of the weekly activity.
I purchased a new position on Tuesday, HF at $11.60, a tad higher than I wanted but I got busy at work and failed to change my limit order...it doesn't really matter in the long run though as it was my initial entry price anyway. I'll probably move the stop up to $11.25 from $11.15.
I moved my stop on BVF to $12.10 last night.
I looked at the chart for LNR and decided to leave it alone. It's at 17% if it gets stopped out so I feel it's a good spot for a gain and it allows enough room for the price to flucuate while it decides where it is going.
This is a far cry from having to decide and manage 6 or 7 trade entries in one day, jiggling with the stop settings, and all the rest that goes along with higher volume trading.
I like it.
On the weekend I will select 10 more stocks to add to my potential list and chart maybe 5 of the existing potentials that look like they might be ripe for trading in the next week or two. I have three active, 12 iminent, 23 charted potentials, about 30 uncharted potentials and about 200 that fall within my general criteria.
A side comment. What other small enterprise can one start with $5K, no appreciable overhead, no staff, no inventory, no franchise fees, no business permits, very little risk and an almost guaranteed customer base? Oh, next year when the Tax Free Savings Accounts (TFSA) come out , no income taxes, no capital gains taxes.
The only downfall with the TFSA will be that I doubt they will let me use margin in the account, they don't for RRSP accounts already and these are likley to be treated similarly.
Sometime in June I will be transferring a larger sum to work with but I will be keeping this startup running separately as the other will be a transfer from an "advisor" managed RRSP account that has been losing money. I might have to change some of my rules for that one.
JD.
I purchased a new position on Tuesday, HF at $11.60, a tad higher than I wanted but I got busy at work and failed to change my limit order...it doesn't really matter in the long run though as it was my initial entry price anyway. I'll probably move the stop up to $11.25 from $11.15.
I moved my stop on BVF to $12.10 last night.
I looked at the chart for LNR and decided to leave it alone. It's at 17% if it gets stopped out so I feel it's a good spot for a gain and it allows enough room for the price to flucuate while it decides where it is going.
This is a far cry from having to decide and manage 6 or 7 trade entries in one day, jiggling with the stop settings, and all the rest that goes along with higher volume trading.
I like it.
On the weekend I will select 10 more stocks to add to my potential list and chart maybe 5 of the existing potentials that look like they might be ripe for trading in the next week or two. I have three active, 12 iminent, 23 charted potentials, about 30 uncharted potentials and about 200 that fall within my general criteria.
A side comment. What other small enterprise can one start with $5K, no appreciable overhead, no staff, no inventory, no franchise fees, no business permits, very little risk and an almost guaranteed customer base? Oh, next year when the Tax Free Savings Accounts (TFSA) come out , no income taxes, no capital gains taxes.
The only downfall with the TFSA will be that I doubt they will let me use margin in the account, they don't for RRSP accounts already and these are likley to be treated similarly.
Sometime in June I will be transferring a larger sum to work with but I will be keeping this startup running separately as the other will be a transfer from an "advisor" managed RRSP account that has been losing money. I might have to change some of my rules for that one.
JD.
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