Rollercoaster ride for stocks? Here is pcwSg's rollercoaster ride for P/L
Yesterday's SPY movement
Yesterday was a traders' heaven, surging up, spiking down, surging up again, then slowly fading down. [Allin] [Allin]
This is mainly because of FED related speeches (most are on Thursdays, a few on other days) and certain key economic data release.
Looking at the past week
The box in Orange is for Monday, mostly sideways movement.[Speechless] [Speechless]
The box in Yellow is for Tuesday, strong movement at market open and sideways for the second half of the day.[Great] [Great]
The box in Purple is for Wednesday, small upmove at market open, then 1 way movement downwards.[Wow] [Wow]
The box in Green is for Thursday, strong moves in both directions before closing down.[Miser] [Miser]
pcwSg's P/L for the past 2 months
Have not been trading on Tiger for some time, started trading again around 05 Sept, starting P/L at +$0.30
With around $800 in funds, first series of trades was a success[Bless] [Bless] :
Peaking on 13 Sept with $725 in profits
After a good week of few successful trades, giving back some with trades that didnt work...[Gosh] [Gosh]
Going into $267 loss on 14 Sept
This was mostly unrealised drawdown, it was back to flat for the weekend. The new week started with some good trades again, creating a new high[Bless] [Bless] :
$1648 profit on 25 Sept
After 1 week of trading, pulled it back from near $0 profit to $1648 in profits again.[Bless] [Bless]
Down to $671 in profits on 28 Sept
Trading during the less volatile start of the week always turned in losses for me... By 28 Sept (Thursday) was down around $1,000 from 25 Sept (Monday).
Trading on Thurday and Friday saved the P/L again[Bless] [Bless] :
Creating a new higher high on 05 Oct with $2071 in profits
This was after another week of trading, and catching a good trade on 05 Oct, Thursday.[USD] [USD]
Lost a half of the profits to become $1226 on 08 Oct
Trading on Friday didnt go well this time, giving back almost half of the profits.[Gosh] [Gosh]
The downfall to $69 (nice) profit on 11 Oct
After 2 weeks of downwards action and not completing any good trades, gave back all the profits... [Spurting] [Spurting]
Dead cat bounce on 15 Oct to $415 profit
Had a dead cat bounce of unrealised profits to $415, which dissappeared quickly[Facepalm] [Facepalm] :
18 Oct, down to $358 loss...
As of the latest available P/L, sitting at a $358 loss...[Sad] [Sad]
Lesson learnt
It is easy to profit from the markets, but not easy to be profitable...
Equity of $800 to a peak of $2800 back to $500 now, was unable to keep the profits due to poor allocation of capital and poor risk management.
Another reason which contributed to this might be that i was over trading to try to level up my Tiger membership level to level 8, that is another story worthy of another post in the near future.[Eye] [Eye]
How to access this data
Go to "Portfolio>Analysis"
This is one of my favourite features in Tiger app, provides the total P/L, total assets and exact P/L of each symbol. Good for reviewing trades and see which trades were profitable and which were not.[Eye] [Eye]
Summary
1.38M value traded within 2 months
Key profits came from $S&P 500(.SPX)$
Mostly focused on SPX and SPY, sometimes trading mega caps. Doing options trades only without any stock trades.
A post about trading options and the previously mentioned Tiger membership level would be coming soon too. More details about actual trading methodology and my tips on approaching options trades would be included there.
Thanks for reading and making it to the end of the article. [Salute] [Salute]
Modify on 2023-10-20 16:00
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Other than inflation being still high af, I see that interest rates are easing in the short-term and am expecting it to ease further. We'll probably see 438/437 level again before dipping. It doesn't really matter to me cause I don't swing trade. Nevertheless, I'm feeling particularly bullish if rates drop 60~80 bps, below what it is rn. At that point, SPY would probably make a recent new high.
💡Over 400 companies are reporting earnings next week. I don't think the economy is ready to plunge into the trauma of recession or depression quite yet.
Chop fest continues, bears won today, but we continue to hold bullish trend support zone for now 💪📈
Well we have a nice start to a waterfall. Do we get a Black Friday and or Black Monday? It’s the season!
This strategy is guaranteed to hit lots of wash sales. Your best bet would be to buy SPX