isa's short term trading journal

This is a discussion on isa's short term trading journal within the Trading Journals forums, part of the Reception category; I had a quiet week and only made two new trades and was stopped out at breakeven on the open ...

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Old Jan 23, 2011, 1:40pm   #81
 
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Account Update

isatrader started this thread I had a quiet week and only made two new trades and was stopped out at breakeven on the open trade from the week before. The first new trade was an attempt at scalping the S&P 500, which was quickly stopped out. So I took a step away after that and have been considering whether I should be making day trades at all, as they have proved largely unsuccessful for me. I also donít think it helps with the S&P 500 spread trading 24 hours a day as the reason I was stopped out was because the spread is widened out of normal hours from 0.6 to 0.8 points, so I wouldnít have been stopped out if it had got to the same price during normal hours.

So my current thinking is that I should instead try and do more short term position trades, that last a few days or more, and also have a longer term position in the S&P 500 when I have enough risk available.

The position in Vedanta that I opened at the close on Friday was a bit impulsive. It had a 17 point spread and itís too much risk for my account, so if it doesnít have a strong open on Monday then I will probably close it, as risk management is my priority.

Below are the usual charts
Attached Thumbnails
trades_spreadsheet_21-1-11.png   relative_vs_sp500_21-1-11.png   relative_vs_ftse100_21-1-11.png  

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Old Jan 23, 2011, 2:47pm   #82
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re: isa's short term trading journal

If your aim is to make 3%/month THEN I would not touch VEDANTA as it is very volatile (you make more or loose more)
I traded NG. 5 times last week with 5.5 times gearing, i.e £10/point for every £1000 available for margin. Each time I got 4- 8% back. Last week's trading range was 528-542p.

Closed at 542p.
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Old Jan 23, 2011, 3:28pm   #83
 
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re: isa's short term trading journal

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Originally Posted by top trader View Post
If your aim is to make 3%/month THEN I would not touch VEDANTA as it is very volatile (you make more or loose more)
I traded NG. 5 times last week with 5.5 times gearing, i.e £10/point for every £1000 available for margin. Each time I got 4- 8% back. Last week's trading range was 528-542p.

Closed at 542p.
Hi top trader. I'm glad you were successful with NG. But what was your risk management per trade may I ask? As looking at NG, it has an daily average true range of 12.5 points currently, which at £10 a point would risk 3% of my account – so that would be double my monthly maximum risk on a single day. If I traded NG and used my standard initial stop loss of 2.5 x ATR, then my maximum position size of 0.5% risk would only allow me to trade 65p per point.

So like I said, I've broken my rules with Vedanta, so will most likely close it immediately on Monday if it doesn’t open strongly.
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Old Jan 23, 2011, 5:51pm   #84
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re: isa's short term trading journal

With NG. you are bit safer than Vedanta therefore you are allowed to brake rule.

I normally have 10 times gearing with ng. but I had few other positions opened.
Keep an eye on DGE and BG.

I will give you a shout next time, if I remember BUT do your own research etc.

Last edited by top trader; Jan 23, 2011 at 5:58pm.
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Old Jan 23, 2011, 8:02pm   #85
 
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UK Shares Trading Group Idea

isatrader started this thread I've had an idea for a thread that would be a place for people who trade UK shares to collaborate on a weekly basis. I currently participate in the Elder Spiketrade group, which is a friendly competition where you submit a US stock pick each weekend and then trade it via his site during the week. So I'm thinking we could do a similar thing on a thread on T2W but for UK Stocks, and for free, where each member would submit a UK stock pick each weekend. They would say whether it was long or short, and give a detailed reason as to why they think itís a good trade and where they are looking to enter. Each pick would have to have a stop loss and a target and ideally a marked up chart.

I think the benefit of it would be that it would be a good way for people here to learn from each other and also a free resource for trade ideas that week which people could then go and do their own research on.

Let me know if anyone's interested?
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Old Jan 23, 2011, 10:31pm   #86
 
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Re: UK Shares Trading Group Idea

[QUOTE=isatrader;1397484]I've had an idea for a thread that would be a place for people who trade UK shares to collaborate on a weekly basis. I currently participate in the Elder Spiketrade group, which is a friendly competition where you submit a US stock pick each weekend and then trade it via his site during the week. So I'm thinking we could do a similar thing on a thread on T2W but for UK Stocks, and for free, where each member would submit a UK stock pick each weekend. They would say whether it was long or short, and give a detailed reason as to why they think itís a good trade and where they are looking to enter. Each pick would have to have a stop loss and a target and ideally a marked up chart.

I think the benefit of it would be that it would be a good way for people here to learn from each other and also a free resource for trade ideas that week which people could then go and do their own research on.
Hi,

I'd be interested, however I generally trade indices (DAX, S&P) and some fx (aud/usd) rather than individual shares. Usually I trade with IG Index and I can get guaranteed stops on shares to cope with overnight gaps but I'm still not too keen. I prefer the greater liquidity with indices/fx.

Count me in if you want though. I work full-time but can manage to trade and respond during the day.
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Old Jan 23, 2011, 10:51pm   #87
 
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Re: UK Shares Trading Group Idea

isatrader started this thread [QUOTE=SlipperyC;1397742]
Quote:
Originally Posted by isatrader View Post
I've had an idea for a thread that would be a place for people who trade UK shares to collaborate on a weekly basis. I currently participate in the Elder Spiketrade group, which is a friendly competition where you submit a US stock pick each weekend and then trade it via his site during the week. So I'm thinking we could do a similar thing on a thread on T2W but for UK Stocks, and for free, where each member would submit a UK stock pick each weekend. They would say whether it was long or short, and give a detailed reason as to why they think itís a good trade and where they are looking to enter. Each pick would have to have a stop loss and a target and ideally a marked up chart.

I think the benefit of it would be that it would be a good way for people here to learn from each other and also a free resource for trade ideas that week which people could then go and do their own research on.
Quote:
Originally Posted by isatrader View Post
Hi,

I'd be interested, however I generally trade indices (DAX, S&P) and some fx (aud/usd) rather than individual shares. Usually I trade with IG Index and I can get guaranteed stops on shares to cope with overnight gaps but I'm still not too keen. I prefer the greater liquidity with indices/fx.

Count me in if you want though. I work full-time but can manage to trade and respond during the day.
It doesnít necessarily have to be individual shares. Is just the area Iím interested in the most. It could work with indicies or forex as well, would just be harder for people trading forex if we do end up making it a friendly competition, as the percentage moves are lower.

Same principles as I mentioned before. i.e. one pick per week submitted by the end of the day on Sunday. Then saying whether it was long or short, and give a detailed reason as to why you think itís a good trade and where you are looking to enter. Each pick would have to have a stop loss and a target and ideally a marked up chart.

We could start it next weekend? Iíll need to come up with an intro post for the new thread and a standard template that we can use for submitting the pick. Also will need to think of a name and where to put the thread? Off the top of my head something like "Pick of the Week" maybe? Or something with group in it. Or maybe "Careful Ė Requires Effort"

What do you think?
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Old Jan 24, 2011, 10:33am   #88
 
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Re: UK Shares Trading Group Idea

[INDENT][I][QUOTE=isatrader;1397770]
Quote:
Originally Posted by SlipperyC View Post


It doesnít necessarily have to be individual shares. Is just the area Iím interested in the most. It could work with indicies or forex as well, would just be harder for people trading forex if we do end up making it a friendly competition, as the percentage moves are lower.

Same principles as I mentioned before. i.e. one pick per week submitted by the end of the day on Sunday. Then saying whether it was long or short, and give a detailed reason as to why you think itís a good trade and where you are looking to enter. Each pick would have to have a stop loss and a target and ideally a marked up chart.

We could start it next weekend? Iíll need to come up with an intro post for the new thread and a standard template that we can use for submitting the pick. Also will need to think of a name and where to put the thread? Off the top of my head something like "Pick of the Week" maybe? Or something with group in it. Or maybe "Careful Ė Requires Effort"

What do you think?
Sounds good to me, I'm in.

What did you do with Vedanta?
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