The drawn brackets show each closed trade. Most often I trade by opening and closing only one lot at a time, but fairly often I add a lot or two to my original position and then close all open lots at once to bring my account back to all cash. The chart in the middle of this post (see below) shows a full week for each security with the totals made or lost trading that security for that day of the week. I also typed up trade logs which are just another way of displaying the data in the detail sheets (above for TNA and below for UVXY). Starting with the TNA trades:
On Monday, October 10th, I sold 200 TNA short at 80.23 at 10:26AM.
An hour later at 11:33AM, sold 200 more shares short at 80.26.
Covered all of these shares at 1:07PM for 80.22. P/L: -$18
Also on Monday, October 10th, at 1:22PM, sold 400 TNA short at 80.12.
Covered these shares at 3:59PM for 79.88. P/L: +$78
On Tuesday, October 11th, at 9:32AM, sold 400 TNA short at 79.02.
An hour later at 10:23AM, sold 200 more shares short at 77.66.
Covered all of these shares at 12:42PM for 76.10. P/L: +$1,449
On Friday, October 14th, at 10:01AM, sold 200 TNA short at 74.70.
A few minutes later at 10:16AM, sold 200 more shares short at 75.04 .
Inside an hour, sold 300 more shares short at 73.43.
Covered all of these shares at 12:34PM for 73.24. P/L: +$674
As for the UVXY trades:
On Tuesday, October 11th, at 1:25PM, sold 500 UVXY short at 16.51.
At 2:36PM sold 300 more shares short at 17.18.
Covered all of these shares 3:35PM for 16.75. P/L: -$20
On Wednesday, October 12th, at 11:25AM , sold 300 UVXY short at 17.01.
Covered these shares at 11:59AM for 16.97. P/L: -$9
Also on Wednesday, October 12th, at 12:01PM, sold 300 UVXY short at 16.95. .
At 12.23PM, sold 300 more shares short at 16.66.
Covered all of these shares within a half hour at 12:30PM for 16.48 . P/L: +$167
On Thursday, October 13th, at 10:01AM, sold 300 UVXY short at 19.03.
Just five minutes later, covered these shares at 10:06AM for 19.04 . P/L: -$21
Also on Thursday, October 13th, at 10.20AM, sold 300 UVXY short at 18.79.
Less than five minutes later, covered these shares at 10:24AM for 18.62 . P/L: +$32
Also on Thursday, October 13th, at 10.49AM, sold 500 UVXY short at 18.88.
At 11:00AM, covered these shares at for 18.87 . P/L: -$15
Also on Thursday, October 13th, at 11:25AM , sold 500 UVXY short at 18.48.
Covered these shares at 12:47PM for 18.09 . P/L: +$176
Also on Thursday, October 13th at 2:26PM, sold 300 UVXY short at 17.72.
Covered these shares at 3:03PM for 17.67. P/L: -$3
On Friday, October 14th at 12:41PM, sold 500 UVXY short at 17.35.
Covered these shares at 12:47PM for 17.48. P/L: -84
The TNA trades were more profitable, but I was happy to have the extra return from the UVXY trades, although they were a lot of work. I can't remember which were more nerve-racking, but if you desire meticulous detail and if you bring up your own charts to see the movements of these securities between the opening and closing points of all trades, you will see that in many cases positions moved against me by a lot (not just a little) before they ultimately became profitable or even more-or-less flat.
My general trading behavior looks something like this:
I try to judge whether to cut losers short or allow some "room to become right," and it seems like the latter pays off many times. When I need to cut a loser, I make all efforts to close it for flat, whether it has gone against me and come back, or gone in my favor but come back to where it's threatening to start robbing me.
In many cases, I add to winners so that I can amplify any returns should the movement be in my direction and the potential profits appear to be rolling in. I strive to do this, actually; a day of adding and adding until my account is maxed out and break-even stops are a mile over the current trading price would be my dream come true.
In other cases, when a position goes against me, I short more shares at a higher price (see the paragraph about judging whether to cut losers for a loss) to raise my average basis so that, should the movement of the security resume downward, I can get out sooner and/or with less loss (or a greater profit! That's right - I don't honor that old saw, "Don't add to losers.") I probably should have included an enlarged inset showing the instances where I did that, but I'll leave it to any motivated readers to bring up and zoom into charts themselves if they want to wear out their own eyeballs, since every last data point of every single time I hit "order" last week is printed and accounted for two ways here (in the detail sheet and in my typed log).
I don't wait until I'm an expert at something before I start doing it, so don't expect to see perfect trades, exemplary technique, or even trades that you'd consider trying when you see what I do. I learn as I go and I assume I'm always improving and refining my methods, so what you see is a work in progress, but also an attempt borne out of necessity as I have bills to pay and income that needs generating. I don't think the week was too bad... Will the next one be better, or way worse? Can't tell until we get there, and tomorrow's coming up soon, so I'll close with this word to my fellow traders: Goodnight and good trades tomorrow! Thanks for reading (if you didn't skip all of it and simply read the last sentence. If you did, go back and read the WHOLE thing - right now.) ;oD
No comments:
Post a Comment
Say what you think about this.