Confessions of a Day Trader: Where does the good oil come from when markets get a little hairy?
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Stockhead’s resident day trader gives us a peek at the highs and lows of his trading diary and hints at what might be coming this week.
Platform used: Marketech
Round Trip: A round trip is $10 up to $25,000 and then above $25,000, commission is at 0.02% in and at 0.02% out.
Rules of engagement: Never hold any positions overnight (unless forced) and try to avoid any suspensions (if possible). No shorting.
Finally, I get to get my thoughts away from booze and food and into trading mode.
Today was a bit hairy, with some of their movements getting a bit exaggerated on the way down, especially CBA (ASX:CBA).
The last few minutes of trading was like the start of the Sydney to Hobart race with CBA’s share price tacking from $103.20, down to $103.05 and then back to $103.32 in under 2 mins.
Of course, I was caught up in the back wash and was happy to get out of them with a small loss and a bit of brokerage. Their range today was $102.76 to $104.55.
On a happier note, RIO’s (ASX:RIO) treated us well today and even though I put them on to sell at what I thought was a cheeky limit, they made it there, plus a bit more. Their range was $116.50 to $118.22 having opened up at $116.99.
Up $495, though was down about $600 before CBA had their late recovery spurt.
Bought 1,000 RIO @ 117.16
Bought 1,000 CBA @ 103.60
Bought 1,000 CBA @ 103.01
Sold 1,000 RIO @ 117.75 ($590.00 profit)
Sold 1,000 CBA @ 103.20 (-$110.00 loss)
Sold 1,000 CBA @ 103.32 ($15.00 profit)
Ah McCain, you’ve done it again, though slightly different tactics to yesterday losing trade in CBA, timing wise.
I waited today till 11.30am to get stuck in and that price was $102.27, having seen them at $103.14 on the opening.
I put on a limit to buy another 1000 at $101.90, just in case.
And ‘just in case’ came in.
So now all I can do is wait and there was a recovery above $102 and in their final 4.10pm ruck, I manage to lock in a $10 loss.
Boy it was a long day but am determined to see out the year with a profit and CBA has got to pay.
They owe me.
Bought 1,000 CBA @ 102.27
Bought 1,000 CBA @ 101.90
Sold 2,000 CBA @ 102.08 (-$10.00 loss)
Been eyeing off Woodside (ASX:WDS) for the last couple of days, as they had been over $36.00 last week.
When they opened at $35.17, I thought I’m going to have a crack. ‘Ummed’ and ‘aahed’ over 3000 or 1500 and settled for 1500, which with Harry Hindsight was the wrong size.
Ah well, I’ll take it after CBA, who escaped me today who opened up at $102.55 and closed at $102.60, with me nowhere to be seen.
Up $465 today and $950 gross or $638 net after all those ‘spinning wheels’ CBA trades.
Anyway, Happy New Year and bring on 2023. Cheers.
Bought 1,500 WDS @ 35.20
Sold 1,500 WDS @ 35.51 ($465.00 profit)