I haven’t posted in a while, I know. I have at least one article in the works, which I hope to finish soon.
Lack of blogging doesn’t mean lack of trades, though. I have been trading more than ever, lately (except for a few days last week when I was out of town). I made 6 trades today alone (all winners). But, that presents a couple problems:
- I can’t write detailed descriptions of so many trades… it would take too long.
- Even if I did write them, it would be boring to read, as these have all been very quick, in-and-out trades. The charts aren’t very meaningful aside from context.
- Because of the incredible risk:reward for these scalps, the statistics look ridiculous… the R curve just goes straight up. I’m not sure they are meaningful anymore. I have gotten behind, putting my trades into stocktickr, but I will probably catch up with that this weekend.
Admittedly, these are mostly good problems to have, but I’m going to have to think about how to address them. I could move to a “trade-of-the-day” format, and just outline the trade I had the most to say about, maybe. If you have suggestions, speak up.
Things have been going very smoothly lately. Of course, that could all change tomorrow. But, right now I am mentally counting down to the point where I’ll have covered my projected expenses for the rest of the year. Then, I’m considering taking the remainder of the year off. Sounds good to me! Unlike many people out there, I don’t have any kind of drive to be in the markets all the time… I think that’s what keeps me from overtrading.
June 19th, 2007 at 3:06 pm
what do u plan on doing with all that free time? stick around and get “filthy” rich, or at least a little dirty
June 19th, 2007 at 3:47 pm
i don’t know… hang out, read books, travel.
June 19th, 2007 at 4:13 pm
Very cool! I think when I get back I will try and add scalping to my tool box Thanks Richard. Are your trades the basic rising triangle plays you have shown in the past?
June 19th, 2007 at 5:14 pm
Richard-
How about taking over where Trader-X left off, highlighting a good trade every few days or so, and grading the setup. Just seeing what other traders did helps my learning process.
I’d also like to read more about your scalps and how you choose them. And if you are comfortable, it would be interesting to know how you have adapted your asset allocation to scalping, as I assume you are trading much bigger lots.
Alan
June 19th, 2007 at 6:23 pm
@Zoomie, no that’s part of the problem with blogging about them… there sometimes aren’t any classic chart patterns involved.
@Alan, as for finding them, I’m starting to believe they are everywhere. And, the only “trick” is to get me to focus on a stock long enough to spot the opportunity. I’m surprisingly bad at this, though (easily bored). So wallstreak and jaiku have been helpful, since I concentrate on stocks they talk about in order to say something intelligent about them.
position sizing is easy. I just pick MAX(desired $ risk divided by stop width, my buying power, my personal comfort with the stock’s liquidity). So, the bigger lots come naturally out of the tight stops you have to use to scalp successfully.
June 19th, 2007 at 10:23 pm
Richard,
wha???
Take the rest of the year off????
Does that mean you have made enough $$ to FINALLY take me out for a steak?
June 19th, 2007 at 10:25 pm
I would take you out for a spring roll or a chmi-changa…
June 19th, 2007 at 10:27 pm
Steven!
Very nice to see you!
Chimi-changa!!!! Yes!
June 19th, 2007 at 10:29 pm
Good thing you are here, Steven!
Richard saw this video http://youtube.com/watch?v=bNF_P281Uu4 that I posted in the comment’s section of my blog under CROX and has decided to “travel the world”!
What ever will we do while he is away?
June 19th, 2007 at 10:31 pm
Hold the beans though…I would not want to cause a scene in the hot tub later…
June 19th, 2007 at 10:34 pm
Trust me… there is no hot tub here.
These boys are all about numbers and equations and pi equals blah blah.
June 19th, 2007 at 10:35 pm
Yeah…sure do miss the worms ass of the day
June 19th, 2007 at 10:37 pm
LOL!
Wormie had a great idea the other day!
You see…
Trader-X left me for my bi-sexual Intern and his blog is still “up”. Chatting in the comment’s section over there could be interesting…
June 19th, 2007 at 10:38 pm
hmmm…I bet X would close comments though.
June 19th, 2007 at 10:41 pm
Close comments? I didn’t think of that.
hmmmm….
btw, I wonder if “wormie’s bi-sexual Intern” will make the GOOG big-time.
hehe
So tell me…. how have you been? I have missed you.
June 19th, 2007 at 10:44 pm
all right busy with the kid and work. Not doing much blogging.
June 19th, 2007 at 10:50 pm
I understand.
The times after the birth of a baby can be trying, interesting, and almost “epititomic”… if there is such a word.
June 19th, 2007 at 11:00 pm
sorreee… meant to say - “epiphatomic”
June 19th, 2007 at 11:00 pm
seems we are all alone tonight
June 19th, 2007 at 11:03 pm
HAHAHAHHAHHHAHAHAH!
Now you sound “let down”. Richard sounded that way once waiting for you.
HAHAHAHAHAHAH
June 19th, 2007 at 11:07 pm
sorry…so i got this weird package today
June 19th, 2007 at 11:10 pm
“Weird” package???
lol!
June 19th, 2007 at 11:10 pm
Wait a sec!!!!!!!!!!
You got a package today?????
June 19th, 2007 at 11:15 pm
yeah..really weird no way to tell who it came from
June 19th, 2007 at 11:15 pm
no card or nuthin
June 19th, 2007 at 11:16 pm
HAHAHHAHAHAHAH!
Really………
Was it a rather large package? This is hilarious!
June 19th, 2007 at 11:20 pm
yes quite large..weighed about 20 pounds
June 19th, 2007 at 11:24 pm
Steven!
OMG!
You received TG, Jr.’s baby gift????
Tell me………….
June 19th, 2007 at 11:27 pm
Steven!
Did you fall asleep? Or did you go to feed the baby?
Dang it all!
I have been waiting for this day!
June 19th, 2007 at 11:32 pm
what it is was a double headed…
June 19th, 2007 at 11:34 pm
wait now I remembner
June 19th, 2007 at 11:35 pm
LOL!
You are now infamous!
Yes!
That is part of the “blue paper clip” project from Ugly Chart!
hehe
Did it arrive in good condition?
June 19th, 2007 at 11:37 pm
it was double headed gumball machine like this one
http://www.uglychart.com/category/paperclip/
June 19th, 2007 at 11:38 pm
yes it appeared to be brand new
June 19th, 2007 at 11:43 pm
HAHAHAHAHAHHAHAHAHA!
Very good! I will run and tell Mr. Ugly it arrived safe and sound!
btw, you can put cashews in there if you wish. hehe
June 19th, 2007 at 11:45 pm
going to bed now that mystery was solved..thanks talk to you tomorrow
June 19th, 2007 at 11:48 pm
lol!
Me as well.
Nite!
(mmmm…macadamia nuts!… Reese’s Pieces… ooooo! Hot Tamales!!!)
June 20th, 2007 at 8:35 am
Glad to see that the gumball machine has finally arrived
June 22nd, 2007 at 12:16 am
Ugly,
It will be interesting to see what you say I “traded” you for it…
;)
Thanks again for keeping on top of the “missing gumball machine” for me. Great customer service you have goin on there. Do I get to rate you like eBay? hehe