Watchlist: CLR GNK TTM ASML JNS HBC FUQI BEAT SLT ALTR JBHT IGT VALE
FYI, I posted at www.informedtrades.com early this morning, updating on my recent progress and asking for feedback:
From mid-February to mid-June 2009, I traded live with the real market 11 days. I got in about 45 days of significant paper trading though. I was red 9 of those 11 days, and experienced a 10% capital draw down. It was clear I was over-trading without a clear edge…. From mid-June to mid-July, I have traded 22 market days with 18 of them green days (though 7 of them essentially break-even). I’m about within $100 of bringing my account to the starting balance after commission costs and net trading profits.
Today was another clear trend day, at one point, 11 of the 13 stocks were breaking out – though not all at once but many of them. At 9:45am, none were busting above the Opening Range High. If I had just longed all 10 stocks as they crossed ORH, and put just under ORH as the stop loss order – five of the trades (CLR, GNK, TTM, ASML & VALE) would have resulted in $350 in profits if I had followed my exit rules, and the six failed set-ups would of been about break even with commissions since one of them would of gave me a partial profit (JNS) while the rest fizzled (BBC, SLT, BEAT, ALT, JBHT).
Fantasy retro-active hypothetical trading doesn’t count! Here is the reality:
| Tick | # | Side | Gross | Fee | Net | Set-Up | Actual |
| CLR | 200 | S | -26 | -3.6 | -29.59 | Top Fade | ORH-BO |
| FUQI | 100 | L | -16 | -0.9 | -16.89 | ORH-BO | Mixed |
| ALTR | 200 | L | 12 | -2.8 | 9.24 | ORH-BO | Top Fade |
| -$37.24 |
FUQI – First trade, wasn’t sure about set-up so I entered a half position. My first inclination was to have a tight stop and flip the 100 shares when it broke $19.59. Instead, I made the stop a little wider and when the set-up didn’t develop, I took the loss.
ALTR – The break-out above ORH did not occur; I didn’t follow my exit rules over-riding them based on price action and the failure for the stock to behave in a bullish manner. In this case, this gave me a small profit.
CLR – $26.60 was acting as strong resistance and shorted looking for a top fade, but it stayed above $26.50 at least until 3:20pm, and I was stopped out.
Tomorrow, I’m going to get back to studying my watchlist more thoroughly between 9:35am and 9:45am. I have work (deadlines) and life (brokedown car) distractions, but I need to make time to know my charts before I trade them.
PS: Looks like some profit taking into close, many stocks on my watch list are fading a little.
