stockrookie's Commentaries
Jul
6
2009
Monday Trade Review
by stockrookie
Overall Rating:
Watch List: GOLD DDUP SPPI HMY MTXX
I opened my prop account in February. But I only have 25 days live trading in since then, but it sure feels like more - though likely some 40 days paper practice since then. Haven't come close to netting $100 day trading so I closed things down only after 45 minutes of trading today.
| Tick | Shares | Side | Gross | Fee | Net | Set-up | Actual |
| GOLD | 200 X 2 | Flip | 95 | -6 | 89 | BO & Fade | BO & Fade |
| SPPI | 200 | S | 15 | -2.7 | 12.27 | ORL BD | ORL BD |
| $101.27 |
I didn't follow my revisited guidelines to let my winners run from my post last Thursday, especially on SPPI. GOLD was played relatively well - I hesitated on the first breakout and missed a half buck with my unexecuted order sitting in OMS at 9:45am with 200 shares long at $62.10. I entered when it pullbacked for a small profit and then shorted when it cracked $62.00. SPPI my partial profit per my rules should have been $5.46 and then putting the rest at breakeven at $5.66. Now with it testing $5.30, my stop limit should be at $5.50. This would have given me a $33 (rather than $12) with potential for more. To be fair, if I had followed these guidelines, my first trade of GOLD would have probably resulted in a small loss.
However, I need to become willing to give up my $15 winners and let some of them turn into break even or small losses so that I can get more $50 to $100 profitable trades.
Tags: day-trades | gapper-strategy | gold | sppi
