Wednesday, December 05, 2007

Dec 5 $704 on 37c and 5,499 shares

Traded much better today. Focused on not adding to losers, and waiting for trade setups. Much better profit to contract ratio today. Once I hit $500, I went into profit protection mode and switched to trading IWM and NQ instead of ER2(so my leverage was reduced and I could scale into trades without having to take as much heat).

NET P/L= $704 on 37c and 5,499 shares

I went short first on XOM in the AM because I saw relative weakness in the oil sector compared to the other sectors, however this trade wasn't smart in retrospect at the time, because NYSE A/D was above 3 and XOM was above VWMA. I should have looked for a long in financials or tech in the AM. I got a small profit on XOM in the AM by using good position sizing and then it wasn't until the afternoon (after the bond reaction to NBI) that I got a good short setup on ER2. After that I scaled back position size and scalped IWM and NQ. I didn't trade the last hour, as I normally try to avoid this time period even though it can be quite volatile.


Bubs on 3:32 PM said...

back to back days with decent profits, good to see.

Also how is the adsense earnings coming along?

HPT on 7:36 PM said...

My adsense has earned only a couple dollars the last week even though reader traffic has increased, due to my top banner having issues and having weird ads that aren't trading related. I'm looking for better ads on my free time. Thanks for coming by.

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