{"id":4153,"date":"2024-01-07T19:00:16","date_gmt":"2024-01-07T19:00:16","guid":{"rendered":"https:\/\/economicherald.net\/?p=4153"},"modified":"2024-01-07T19:00:16","modified_gmt":"2024-01-07T19:00:16","slug":"confessions-of-a-day-trader-what-the-trading-lord-giveth","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=4153","title":{"rendered":"Confessions of a Day Trader: What the Trading Lord giveth\u2026"},"content":{"rendered":"

Each week, Stockhead\u2019s 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.<\/p>\n

Platform used:<\/strong>\u00a0Marketech<\/p>\n

Round Trip:<\/strong>\u00a0A round trip is $10 up to $25,000 and then above $25,000, commission is at 0.02% in and at 0.02% out.<\/p>\n

Rules of engagement:<\/strong>\u00a0Never hold any positions overnight (unless forced) and try to avoid any suspensions (if possible). No shorting.<\/p>\n

\u00a0<\/p>\n

Tuesday January 2<\/h2>\n

Happy New Year and to the markets as well, as a few stocks have a cracker of a day.<\/p>\n

Have a go at CBA.<\/p>\n

Open at $111.85. Have a low of $111.79 and close at their day\u2019s high of $113.61 on 1.63m shares.<\/p>\n

What is a poor little day trader meant to do when volumes are low to start out and then pick up as stocks go up?<\/p>\n

Managed a trade in BHP and that was it my friends.<\/p>\n

As my teacher would say to me, if you had studied a bit more, you would have got higher than just a pass. I would say, I will do as little as I can to pass. So if you want me to get higher grades, lift the limit then.<\/p>\n

What I am saying is today I was being lazy and scraped through with one trade. Tried to sell them at $50.60 (after they had reached there once) but reduced it down to $50.55 as not trying too hard.<\/p>\n

And if you are out there Mr Driver, I am still making more than you! <\/p>\n

\u2018Pass C+ but could try harder\u2019.<\/p>\n

Ha!<\/p>\n

Image: Marketech
\nImage: Marketech<\/p>\n

Recap<\/strong>
\nBought 2,000 BHP @ 50.40
\nSold 2,000 BHP @ 50.55 ($300 profit)
\n\u00a0\n<\/p>\n

\n<\/h2>\n

Today leaves me up $60 for the week so far. <\/p>\n

The market had a downward dog kinda day, though the only thing stretching for me today was my patience.<\/p>\n

I managed to yoga myself into a few positions, some of which I was only able to unwind at the end of the day as I was in the hands of the trading God\u2019s and had got myself a bit stuck.<\/p>\n

Basically, everything fell but never really recovered, as you will see from the charts.<\/p>\n

Down $240 and today nothing really lined up for me, as higher limits never got touched and day\u2019s end rotation only made things worse.<\/p>\n

Image: Marketech
\nImage: Marketech
\nImage: Marketech<\/p>\n

Recap<\/strong>
\nBought 1,000 RIO @ 135.02
\nBought 1,000 CBA @ 112.28
\nBought 1,000 WTC @ 73.96
\nSold 1,000 WTC @ 74.17 ($210 profit)
\nSold 1,000 CBA @ 112.13 ($150 loss)
\nSold 1,000 RIO @ 134.72 ($300 loss)
\n\u00a0<\/p>\n

Thursday January 4<\/h2>\n

So, CBA who were over $113 the other day, have a bit of a tumble pre 11.00am and then blow me down, they fall below $111.00 and keep heading south. In for a penny, in for a pound and I reckon a bit of margin call coming into play. <\/p>\n

Up the size to 1500 and in I go. Doesn\u2019t take long before they are back nudging $111.00. See chart for the picture.<\/p>\n

The other one of note was my manic child CSL. <\/p>\n

Get set below $284.40 and put them on a limit 1c below $285. <\/p>\n

They go through it and just keep on going like a firework on NYE on the Harbour Bridge. They touch $287.14 before having a breather. <\/p>\n

Manic stock!<\/p>\n

End the day plus $1,185, so it makes up for the other day\u2019s efforts plus twice today I managed to buy something at their day\u2019s low. <\/p>\n

That is something which only happens about two times a year.<\/p>\n

Recap<\/strong>
\nBought 1,000 CBA @ 111.63
\nBought 20,000 RRL @ 2.11
\nSold 20,000 RRL @ 2.12 ($200 profit)
\nBought 1,500 CBA @ 110.94
\nSold 2,500 CBA @ 111.40 ($460 profit)
\nBought 1,000 WTC @ 73.34
\nBought 500 CSL @ 284.40
\nSold 1,000 WTC @ 73.51 ($170 profit)
\nSold 500 CSL @ 284.99 ($295 profit)
\nBought 2,000 WBT @ 4.09
\nSold 2,000 WBT @ 4.12 ($60.00 profit)
\n\u00a0<\/p>\n

Friday January 5<\/h2>\n

Today, the trading lord, he giveth and he taketh, as I have a couple of goes in RRL.<\/p>\n

The market is in a let-down phase and you need to look at the WTC chart as a good example. <\/p>\n

I was running around today, so I didn\u2019t have much time to really get stuck into things, so I just stuck with RRL and still managed to get caught in the market downdraft.<\/p>\n

Being a Friday didn\u2019t help me either.<\/p>\n

Down $200 today, which takes me to a plus $1045 gross or $647 net, as had a few bigger bets to get here, so just kept my head above water!<\/p>\n

Image: Marketech
\nImage: Marketech<\/p>\n

Recap<\/strong>
\nBought 20,000 RRL @ 2.11
\nSold 20,000 RRL @ 2.12 ($200 profit)
\nBought 20,000 RRL @ 2.11
\nSold 20,000 RRL @ 2.09 ($400 loss)<\/p>\n

<\/span><\/p>\n

The post Confessions of a Day Trader: What the Trading Lord giveth\u2026<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

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