You wake up in the morning. You feel tired. Nothing new. But you're excited as heck to come into the office, find out what crazy numbers are trying to drag us back from advancing, test out some new scanners you've been working with all week, and... trade your favorite setups. You're in 1000sh of FCX at a heavily accumulated level. You're long 2000sh of SVU. You're in this stock, and watching another stock. Market reacts favorably. SVU starts holding where you want to add another 2000sh. FCX pops to high, which was your initial target (day's high about .55-.60 up). You attempt to take some monster profit taking. Your orders hang in midspace. Your Level IIs stop printing. Your charts look like they're all possessed by viruses. Down your row, one of your top traders slams his keyboard and smacks his monitor. "What the fuck is going on!? Get me the fuck out the market!" Everyone is scrambling giving their orders to Jane and Tom who are running around taking everyone's orders... on paper. In that moment, things slowed down for me. I didn't lift a finger or throw a tantrum. While I am not a 'top trader' here at Kershner, I am still a trader, who is training to be one of the best before I'm 30. Adapt. How do you get out of this? What do I have to do. "Jane, bail me out of SVU. Bail me out of MGM. Market order." I'm going to re-evaluate SVU. It's holding the 25 seller from earlier in the day. 1000sh. It's now holding 25 cents higher after breaking the high of day. Another 1000sh. MGM isn't in play today. Throw the chart away. What else is in play? What else! That's what winning traders do. Adapt. I will succeed.
Market gapped lower with disappointing economic numbers. Tested the pre-market high (130.80s) and quickly failed the first time. However, it held valiantly and eventually made it's way back into the 131 area and held as support. If it wasn't for the servers crashing, I would've went 50% long in my swing account. I feel like the market's ready for a bounce. This pullback would've been great to get some long exposure. Nice trending day into the previous range. We'll have to see a strong push tomorrow to get back above the 5 day. Another higher low above the 5 day will give me stronger conviction to start looking for more long exposure.
FCX: limit order at .51 for 1000sh, only to sell if a seller appeared below that level. Limit offer near high of day. This was a good trade. With all the server fiasco, I actually lossed $700 in it (I couldn't send any orders through). Our Pit however decided to eat the loss for me. It's probably because I was extremely patient. Learn how to say, "Thank you," once in awhile. It pays... literally.
SVU was definitely a tricky one. When 10.04-.05 held on the bid I wanted to get in a couple thousand shares. Couldn't because of the inability to throw orders out. It eventually held again at .24, the previous seller. I added at .52 when a buyer emerged above the high of day. Great trade. +$900 when it was done correctly the 3rd time. Be agile.
Flat for the week. The goal was $2k, but I'll play it by ear tomorrow. There's nothing wrong with falling short. It's more important to figure out why I fell short and what I could've done to get better results. Think like a champion. Compete.
This is my battle from -$1500. I am a trader. I cannot panic. I cannot hope. I can only manage my risk once I've put on a position. I will be one of the world's best traders before I'm 30. I will also help the traders around me be their very best so they won't have to suffer like I did the past 15 months. I have to believe. #faith
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2 comments to "Thursday Wrap Up - "Server goes down..." a prop firm tale"
Anonymous says:
15 months is already a very long time to suffer. Let me first applaud you for the effort. People say this business is a great life style, I'd agree, but at what price? Friends are ignored, relationships are strained. Trading can be a very lonely profession.
I love trading. It's an addiction. I, like you, want to be the best. I been doing this for more than a few years. I've had my share of side jobs, sleepless nights, big losses, and big successes. I don't have any free money ideas. My advice is keep your eye on that ultimate goal, make that 300k, but take calculated sacrifices. Our time is not infinite. Be sure the risk is worth it. Give your best. No regrets. Know when to fold them.
The effort and will is there. I hope to see your name on top of the daily reports.
Anonymous says:
Hi friend,
You're right.... this is an extremely lonely profession. I've even wrote a post on that months before. But it's also the profession, and a tool, that helps identify what really matters. I was fairly popular in college with lots of friends. Through my first year, I've lost a lot of those connections. At first, it hurt. But now? It's a part of life. I care more about my family than I've ever remembered, and have a wonderful girlfriend that's been nothing short of super supportive. My last one? Let's just say she knew exactly where all the exits were.
Side jobs... sleepless nights... big losses/successes. I have a feeling you and I would get along very well. Thanks again for dropping by and writing. I really do appreciate it. While our personal lives may be lonely, the internet has given us access to thousands of people who may be going through the exact same thing. Again, thanks for dropping by and hopefully I'll reach my potential soon enough.