5/27/11:

Had a good trading day today (+322.70)

Before I got into $LNKD, freaking slow system lol

After I got into $LNKD, CLUTCH! lol

My trade summary for 5/19/11

Trades for 5/18/11

This is what I call the poorman’s trader platform….it ain’t much but i’m trying to make do with what I have lol

TRADE REVIEW- TICK: UXG March 24, 2011 

TICK: UXG came into my radar again after touching a high of 8.64 after 3 months. Today it had a nice uptrend and stochastics showed it was overbought, however there was some buying in the post-market hours. 

10 minutes before the close I decided to short-sell and placed a limit order of 1400@8.61 

My trading plan tomorrow:

• if it holds 8.61 level, ask who is buying?
• if 8.61 holds and drops, add onto position
• if 8.61 holds and drops, the stock should trader lower and lower
• if it touches 8.68, consider decreasing position
• if it touches 8.71 exit all positions
• if it touches 8.81 GO LONG 

I traded both AT&T and VZ today because after the announced buy-out of T-mobile by AT&T over the weekend I knew these stocks would get some price action early morning. I had the right idea, but executed my trades poorly which resulted in a loss. With both stocks I got caught at the top and came in to late. AT&T gained 3% in pre-market trading by the time the markets opened people that got in early were selling and there weren’t any buyers left.

Lesson Learned today:

- Be patient. Despite missing the train, its better to stand aside instead of getting run over :-/

- Once the trade goes against you get out quick! Step aside and re-evaluate.

P&L:

(-6k) 

Alright I’m currently on spring break and have not been trading. My plans for this week is to start with a clean slate, currently I have no positions, and start trading before I start school again. As of right now I’m reading The Complete Trading Course by Corey Rosenbloom and I just finished the first chapter which discusses the importance of identifying a stock’s trend structure utilizing the Pure Price Method and the Moving Average Method. I’ll have these methods in mind when I’m analyzing stocks this week. 

Stocks that I’m looking to play are: 

AT&T/ Tick: T

Verizon/ Tick: VZ

http://online.wsj.com/article/SB10001424052748704433904576212810008230654.html?mod=WSJ_hp_LEFTTopStories

After trading in the past weeks I’ve learned a couple things about myself and my personal tendencies. What I love about trading is that you can never truly stop learning, it seems you can learn something new everyday no matter how experienced you get. I believe one thing that differentiates a professional trader from an amateur is how discipline they are. How do you develop discipline? From reading numerous books, I’ve learned that traders are recommended that they develop a set of personal rules or guidelines that they follow when they trade. From my many mistakes that I’ve done in paper trading I feel its time I develop my own personal trading rules, these below will just be a few of many that I will follow:

1) When executing a buy order for a long position, place a stop loss below the planned entry price.

2) When executing a buy order for a short position, place a stop loss above the planned entry price.

3) Sell immediately when the stock goes 10cents against your position.

4) Trade the market and NOT your assumptions.

This is what I have so far, but I’ll adding some more soon maybe taking some rules out and editing this periodically.

So I traded UXG again today and I executed my buy entry at 7.35. If you look at my post yesterday that wasn’t my planned entry, I originally planned to enter below 7.34. What happened? I lost my patience. A lesson that every trader eventually will learn in their trading career. I had a plan and did not execute it accordingly. Today I learned a little bit more about myself and my weaknesses. On top of that, I didn’t sell UXG  when my indicators we’re screaming to sell it at overbought levels. Why? once again greed, I thought it would have enough power to push above the 7.47 level, but it didn’t once again indicated by the volume. The day ended with UXG at 7.32.

Lesson learned today:

-Create a plan and execute it.

-Be patient

- Screw what you hope the stock will do, listen to your indicators for buy and sell signals!