Writing clears one’s thought. And it is true from what I have seen. So, I’ve decided to write more everyday. This is a beginning of my journey that I had decided to start long ago, but it’s never too late to follow through.
Over the last few years I’ve noticed that my writing is free flowing as I’m writing more and more. Now, I want to get better at it. Write with susbtance and punch.
I’ve read good emails and bad emails in corporate dealings everday. The good ones stand out and makes the person sending look professional and of susbtance. The bad ones are opposite of it.
My emails have improved a lot. I want to get even better at it. People might forget what you said but what you have sent in writing remains.
So, here’s to a new beginning….
This past week while holding onto the crude long, I traded stocks. It went quite well. The stock picking was momentum based from $3 to $12 range. Most of the stocks were from biotech sector that bounced on some news on a particular day.
BPTH stock netted $1200 dollars. I just happened to be in this stock and next day morning it bounced higher. Got in at $13 – next day got out at $19 at open, it went as high as $64 in 2 hours. Speculation at it’s peak.
Opened a new account at different firm to efficiently manage stocks for day trading. The commissions are low and it offers API connection and more robust trading platform. Gradually, I’ll move funds from other accounts to this new account.
Ended the week with $1500 in stocks. Holding onto crude futures with paper loss of $400.
I’ve been holding onto a contract of crude oil for the past week. In that time it has gone up a little and down a lot more, but it’s a position in my account.
This past week has thought a few things that I plan to incorporate into my trading going forward. I want to make this work and the only way it will is by following the rules and being disciplined.
The oil market is holding on and therefore my position has survived this long. I should not take this for granted and base future trading on this past week.
The plan is to see how it pans out in the overnight session tonight and make a decision to hold on for Monday or exit it quickly.
Was holding a position from yesterday’s trading. Overnight it went in other direction quite a bit and then retraced somewhat to where I had seen it the previous day. As the trading session opened the price spiked little bit but not as much as I had thought. The price action seemed strong overall.
I left my exit order at breakeven from yesterdays buy and closed the platform. The price hit my target and went further for another 10 ticks. I was just glad to be out of the trade.
The price fell down after that and I was expecting that.
Logged into the platform early in the morning and checked all the price levels. Although I felt like jumping in, as planned yesterday, I did not. Analyzed overnight trading and saw where the price came from and where it could potentially go. After that an opportunity presented and I entered the trade. This trade worked out well. In went in adverse direction for only 3 ticks and mainly hovered around the entry price and somewhat higher. I was expecting it to bounce more. Had to get ready so removed the stops and moved the target higher.
The price hit the target with huge momentum swing higher. The charts showed the spike but the DOM could not handle it. It froze and came back with the higher price display. My target was filled at higher price as I had expected.
New brokerage account went live today after 5 day hold. I was very anxious to trade since yesterday. Don’t know why. So, here’s how it went.
Logged in early to and saw the funds in the account. Then for some reason immediately placed the trade which should not have happened. The trade went south quickly and I removed the stops. Made the classic trading mistake right away. From there on it just hoping and praying. Eventually after 30 minutes the trade turned around and got out with 2 ticks.
The market was very flat from the previous day. Price was just jumping around flat line.
On Friday, February 22, 2019, I started in a new personal office location. This office is more organized environment for trading profession. The early start went well and got settled in on time for market open.
Performed a little ritual in the new space and dived in slowly. Did some multi tasking in the morning with regular work and then went for an appointment.
Day went well overall. There is a lot more to be desired in terms of becoming an professional trader. Slow and steady wins the race. Remember to stick to the targets and have patience. DO NOT over trade. After every trade step away from the desk and go for a little walk. Reset.
You can do it and you will do it. There is no doubt about it.
Futures is fast and furious form of trading. Heavily leveraged instruments that offers ample opportunities with risk at the same time.
Preparation has been going on for a few weeks to get ready to reenter the world of big boys! Institutions and large firms with millions of dollars run this show, they roll over people like me thousands of time every hour.
Traded crude oil futures with 1 contract 4 times.
Net Profit $189
Is Day Trading gambling? Lot of people think of it that way and for many it’s daily 9-5 job. There are different types of investors and traders for different markets. There is long term investing, there are swing traders – people who buy/sell stocks for a few days to weeks – and then there are day traders who buy and sell stocks multiple times in any given day.
Large hedge funds, banks and institutions that have day trading as part of their strategy to invest and make money for their clients. High Frequency Trading is nothing but Day Trading. Continue reading