{"id":4343,"date":"2024-01-14T19:10:18","date_gmt":"2024-01-14T19:10:18","guid":{"rendered":"https:\/\/economicherald.net\/?p=4343"},"modified":"2024-01-14T19:10:18","modified_gmt":"2024-01-14T19:10:18","slug":"confessions-of-a-day-trader-some-markets-just-want-to-watch-the-world-burn","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=4343","title":{"rendered":"Confessions of a Day Trader: Some markets just want to watch the world burn"},"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

Monday January 8<\/h2>\n

Well, we are back to a full trading week, which now gives me another day to either win or lose.<\/p>\n

Volumes are still low and there is some good volatility coming through but the underlying current is downwards.<\/p>\n

For example, CBA had a high of $113.22 and a low of $$111.87 and RIO\u2019s high was $133.48 and their low was $130.82.<\/p>\n

I got myself into such a pickle with RIOs that I realised that when I doubled down, I would have such a bad average, that I would have to go again just to get to something where I had a chance of getting out of the position, alive.<\/p>\n

So my \u2018in\u2019 average worked out at $131.503333333 after the number three purchase price of $130.94. <\/p>\n

That\u2019s how far in a hole I was. <\/p>\n

Decided to hang on till the grim death and I manage to scrape out with a small profit, though brokerage still killed me.<\/p>\n

Up $110 gross but still scarred from today\u2019s effort.<\/p>\n

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

Recap<\/strong>
\nBought 1,000 RIO @ 132.62
\nBought 1,000 RIO @ 130.95
\nBought 1,000 WTC @ 70.24
\nBought 1,000 RIO @ 130.94
\nSold 1,000 WTC @ 70.30 ($60 profit)
\nSold 3,000 RIO @ 131.52 ($50 profit)
\n\u00a0<\/p>\n

Tuesday January<\/h2>\n

After yesterday\u2019s effort and how the market was, I decided to wait for a bit before dipping the old toes in and again, the results weren\u2019t that crash hot.<\/p>\n

The waiting, oh the waiting\u2026 was all my mind was thinking every time I checked my phone.<\/p>\n

Managed plus $285 but gee it was boring. Low volumes and school holidays still on. Can\u2019t see this week getting any better. <\/p>\n

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

Recap<\/strong>
\nBought 1,000 RIO @ 131.76
\nBought 2,500 FMG @ 28.01
\nBought 2,000 BHP @ 48.96
\nSold 2,000 BHP @ 48.97 ($20 profit)
\nSold 2,500 FMG @ 28.06 ($125 profit)
\nSold 1,000 RIO @ 131.90 ($140 profit)
\n\u00a0<\/p>\n

Wednesday January 10<\/h2>\n

CPI figs out at 11.30am so I\u2019m happy to get an early mark in on some RIOs.<\/p>\n

Market reaction is not too hot, after they come out. <\/p>\n

By 2.30pm, everything has been mainly sold down and in I go on WBT, RIOs again and CBA.<\/p>\n

CBA did the complete opposite to RIOs in the 4.10pm ruck. Of course I doubled down on CBA and not RIOs, so CBA shot me in the back today.<\/p>\n

Down $110 after today\u2019s heroic effort and feeling bruised, rather than scarred like Monday\u2019s effort.<\/p>\n

When does this week end?<\/p>\n

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

Recap<\/strong>
\nBought 1,000 RIO @ 128.97
\nSold 1,000 RIO @ 129.20 ($230 profit)
\nBought 2,000 WBT @ 3.68
\nBought 1,000 RIO @ 128.73
\nBought 1,000 CBA @ 112.41
\nBought 1,000 CBA @ 112.12
\nSold 1,000 RIO @ 128.90 ($170 profit)
\nSold 2,000 CBA @ 112.04 ($450 loss)
\nSold 2,000 WBT @ 3.65 ($60 loss)
\n\u00a0<\/p>\n

Thursday January 11<\/h2>\n

Having a quiet day today, as I have to do an afternoon drive. Going away for the night, which works out okay for me, for a change<\/p>\n

My lower limits in RIO and FMG don\u2019t get touched, though I managed to ride some FMG on the upside, as they looked like they were about to go for a run.<\/p>\n

And that was that for me today. CBA\u2019s range today was $113.66 to $112.24 and they closed 6c below their high.<\/p>\n

RIOs on the other hand, traded between $129.30 and $128.03 and their last trade was at $128.40.<\/p>\n

Up $250 and cancelled all my lower limit buys, just in case.<\/p>\n

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

Recap<\/strong>
\nBought 2,500 FMG @ 27.20
\nSold 2,500 FMG @ 27.30 ($250 profit)
\n\u00a0<\/p>\n

Friday January 12<\/h2>\n

My manic child CSL came good today, though I missed them the first time on the sell at $289.60, but not the second time, as I put them on a limit after they fell away.<\/p>\n

Their range today was $288.40 to $290.40, last at $290.40, so they didn\u2019t let anyone down on the volatility level.<\/p>\n

Everything else rallied a bit from their opening levels, though strangely enough, RIOs did a kind of inverse at 11.00am, as you will see on their chart.<\/p>\n

Up $230 today and $765 for the week gross or $299 net, so I should have really just sat at the beach with everyone else and basically do nothing and let the sun burn me instead of the markets.<\/p>\n

Monday will be interesting as Monday night Wall St is shut for Martin Luther King day, so there will be no overseas lead for 48hrs.<\/p>\n

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

Recap<\/strong>
\nBought 500 CSL @ 289.14
\nSold 500 CSL @ 289.60 ($230 profit)<\/p>\n

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

The post Confessions of a Day Trader: Some markets just want to watch the world burn<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

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