Well it's 2:00pm ET and I'm up $704 for the day. I've decided to quit trading. I've just been doing some thinking, and I've come to the conclusion that when you say making $700 dollars in a few hours isn't enough, then you may be showing signs of greed. So, I did some more thinking and the rule of thumb I ALWAYS like to use is that if you make $250 a day, every working day (no weekends), for a calender year, that's $65,000 (pre-tax). Now I'm not sure how much money anyone else is comparing, but by any standard, that's a nice chunk of change, some people don't make that in 3 years.
I had some very profitable scalps today, to include SanDisk (SNDK), Best Buy (BBY), and then my biggest intra-day mover Xyratex (XRTX).
Here's the chart:
*Evening Update*
After over-looking the Exxon Mobil (XOM) chart and identifying the run up it's had, and reviewing oil's current status, I decided to buy some of the JAN '07 XOM $75 Puts, for $1.25 a piece.
Maybe I'll have a nice Christmas. Breitling watch.
5 comments:
You have a nice blog too...I would, however, have to learn the day trading stuff from you.
BTW, check out Blancpain. My fav watch :)
Good for you! If you can make even $250 a day then that's great. Anything more that mens you are doing a lot of things right.
Cal, what criteria do u look for before entering/exiting a scalp?
YR
Cal... I completely agree with you regarding how much to make in a day. I find myself way to greedy and end up losing more profits than I would like. I personally have a goal of $350 a day (average over the course of a week). If I can get there on a consistent basis... I'll feel very, very good.
There are a lot of criteria I like to use, for example, opening range breakouts/breakdowns, high volume breakouts, GAP plays, etc. I use quite a few tools to help me find the right trade, and Trade-Ideas really helps because it sifts through hundreds, of stocks on the backburner, while I can only manage looking at a few. Humans may not be eliminated from trading, but I am sure with more machines and tech coming out, we'll play a smaller role in trading.
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