Confessions of a Day Trader: Size Doesn’t Matter!

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Every Monday, Stockhead’s resident day trader gives us a peek at the highs and lows of his trading diary and hints at what could be coming this week.

Platform used: Markettech

Round trip: A round trip costs $10 up to $25,000, then beyond $25,000 the commission is 0.02% on entry and 0.02% on exit.

Rules of Engagement: Never hold any position at night (unless you are forced to) and try to avoid suspension (if possible). No short circuit.

monday october 3

A slow holiday today and the market is still open. I planned to do nothing, but like a drug, I can’t help it.

Get NAB and also CBA below $90.00.

Put them both on limit sale and go and try to enjoy the day with your family and friends.

CBA rallied first, then NAB caught up and I adjusted my limit order to respond to the market.

After last week’s effort, was happy to book a profit of $660.

Image: Markettech
Markettech

to sum up
Bought 2,000 NAB at 28.53
Bought 2,000 ABC at 89.77
Sold 2,000 CBA @ 90.04 ($540.00 profit)
Sold 2,000 NAB @ 28.59 ($120.00 profit)

tuesday october 4

I can’t do anything today because not every move helps my trading style.

Everything rose from levels overnight and then we had a rate hike at 2:30 p.m. which added to the rally.

Attached charts on CBA and RIO and you will see a range of $3.00 in CBA.

Markettech
Markettech

to sum up
SFA!

Wednesday, October 5

Again, everything comes out of the traps above. Things like the RIOs have finally calmed down a bit and at $97 they’re down $1.86 from their opening high, and they keep falling, and then as they turn I have to try at $96.80, nearly $2 off their peak.

Leave them on a limit and away they go over $97 and continue.

Again, days like this really have me sitting on the sidelines as all the dancing goes on and all I can do is tap my foot not the keyboard.

Up to $200.

Markettech
Markettech

to sum up
Bought 1,000 RIO at 96.80
Sold 1,000 RIO @ 97.00 ($200 profit)

Thursday, October 6

Another day and it feels like another dollar keeps slipping through my hands. Volumes and daily amplitudes decrease.

For example, CBA had a range of $97.08 to $96.07 on 2 million shares of which 665,000 volume traded at 4:10 p.m.

The fishing rod is out but I can’t find many takers.

I only made two successful trades today and on each one I was down a combined $500 at one point.

I held my feet firmly in the sand and finally reaped two profits.

Not big ones but I’ll take them anyway.

Plus $340.

Markettech
Markettech
Markettech

to sum up
Bought 2,500 FMG at 17.26
Bought 1,000 RIO @ 97.61
Sold 2,500 FMG at 17.30 ($100 profit)
Sold 1,000 RIO @ 97.85 ($240 profit)

friday october 7

Really tough right now, so I’m just trying to keep my head down.

Hook a few trades but very hard and boring. Like waiting in a doctor’s waiting room before being called into action.

Up from $1640 gross and $1452 net and waiting for next week’s bull and bear market wave. I think the ABC will hit $91 next week and also $98. Let’s see.

Image: Marketech
Image: Marketech

to sum up
Bought 1,000 RIO at 96.94
Sold 1,000 RIO @ 97.20 ($260 profit)
Bought 1,000 CBA at 96.11
Sold 1,000 CBA @ 96.29 ($180 profit)

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