Pic: Getty
Confessions of a Day Trader: Every which way, you lose
News
share
Each Monday, 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.
Tuesday January 4
And we’re back open and trading, so hopefully we can get into the ‘zone’ at some point this week, or at least that is the plan!
Chased up CBA and finally got them and they were trading nicely in my favour, and had a go in FMG but cut them as not really feeling right to me and happier to ride the CBA.
So cut FMG and finally sold CBA and then tried it on with CHN in the last 10 mins. Made a 1c turn!
Still feeling my way and not too comfortable just yet. Made $530 which is good but maybe could have been better.
Recap:
Bought 1,000 CBA @ 101.76
Sold 1,000 CBA @ 102.40 ($640.00 profit)
Bought 5,000 FMG @ 19.66
Sold 5,000 FMG @ 19.63 (-$150.00 loss)
Bought 4,000 CHN @ 8.94
Sold 4,000 CHN @ 8.95 ($40.00 profit)
Wednesday January 5
Markets up overnight but the tech stocks take a bit of a selldown.
So watching APT and ZIP, though ZIP is a takeover target at some point and APT has kinda consummated the relationship and therefore is now just a reflection of their American parent.
Having said that though, there will always be Australians selling too low in our domestic times and a few hedge funds lined up to push them lower, shake the tree and then push them up.
See today’s chart as an idea on how the pros will play the non-pros and swing everyone around.
I just thought they were too oversold. Up $636 and only one stock traded.
Recap:
Bought 600 APT @ 79.90
Sold 600 APT @ 80.96 ($636.00 profit)
Thursday January 6
OMG.
APT open at $74.51 and I hold off till they hit $72.73 and still manage to lose money.
CBA have a high of $103.13 and a low of $99.78.
I also lost money on them, having waited for them to fall below $101 and getting firstly set at $100.89 and then having to double down at $100.06.
In all I manage to wipe out $1,063, which now brings this week’s total to plus $103.
All that effort over three days and that’s all I can manage.
Obviously, I certainly haven’t found my trading zone and may decide to join Djokovic and just watch from the sidelines tomorrow.
Recap:
Bought 600 APT @ 72.73
Bought 600 APT @ 71.91
Bought 500 CBA @ 100.89
Bought 1,000 CBA @ 100.06
Sold 1,200 APT @ 71.89 (-$513.00 loss, cut with 3 mins to go)
Sold 1,500 CBA @ 99.97 (-$550.00 loss having waited for the 4.10pm match up, which doubled my loss)
Friday January 7
Actually got a bit of luck today out of MFG. Had to wait for a bit as they became oversold around 12ish.
All their bad news was out pre market and I thought I had found the bottom in them at $19.35 but they fell another 13c or so before a small short squeeze pushed them up.
The 4000 I bt at $19.25 was because I realised I was being too wimpy and needed to get more aggressive.
Also did OK out of APT but CBA became very boring and after commission is taken out, I almost washed my face but not quite.
Finished the week up $1036 gross and $732 net and a bit bruised and battered. Maybe next week volumes and people’s interest may pick up, if stuck in isolation.
Recap:
Bought 600 APT @ 73.67
Bought 500 CBA @ 102.57
Sold 600 APT @ 74.20 ($318.00 profit)
Bought 2,000 MFG @ 19.35
Bought 2,000 MFG @ 19.22
Bought 4,000 MFG @ 19.25
Sold 8,000 MFG @ 19.34 ($580.00 profit)
Sold 500 CBA @ 102.64 ($35.00 profit)
