June 28th

I wish I had some stock info to post but, alas, there is none. A very busy day-job today so I had no time in front of a computer at all. Because my construction project has taken all my free time as well as some of the time that should have gone to my day-job, I have a backlog of customers who are booked this week. It looks like my time to practice-trade this week will be limited. Business is definitely better this year as compared to last and trading time is reduced from 2009 because of it. As of July 1st, part one of my transformation to trader will have been implemented. Part two will be more difficult... namely, the marketing and sale of my business. When that major step has taken place, I will be committed 100% to learning to trade.
Until then, it is practice-trade when time allows. I have seriously missed it, I must say.
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Good trading to you all.

June 17 & 18

No Trades and no time to log on to the computer. Next week will be more of the same; no time to practice-trade stocks. The following week will have a lighter schedule and I should be able to sit and watch the market some.

June 16th - EOD

Two quick scalps in BP to end the day. I got on the computer with 20 mins to go and took these two trades on successive moves in the stock. Out a bit early on the first but within an acceptable range. On the second, I was out too early by half. Still, two winning paper-trades to close the day with no study and no preparation; jumped on, jumped in, jumped out.

June 15th into 16th

I watched DRQ for a bit yesterday and took a succession of paper-trade shorts as it approached its daily high. I held overnight, expecting a morning drop after the big market run-up yesterday. After my morning day-job appt, I logged in to find the position near a support area so I covered for a gain. The large volume spike at 10:30 accompanied by a candle which had broad price range but with a tight open to close ratio was another clue that traders were taking profit and reversal was a high percentage play. And, my premonition came to pass: While changing my blog template and managing my blogger reading/following list after covering the overnight position, DRQ went on a tear upward, rising over a dollar per share in about 30 minutes. Glad I got out where I did. It is still running upward after taking the screen shot you see above. I must get back to my building project now, but may try to get to the market at the close for another try.

Long weekend

It was a long weekend here at bluecollartrader central. Lots of construction work... I nearly finished the install of 750 sqft of hardwood flooring while Mrs Bluecollar touched up paint and filled the nailholes in the casing after a family friend hung our doors then covered them and the windows with the trim casing. With only 11 days left on a very firm deadline, I haven't had much time to think about trading. Only the occasional moment to log-in, the one trade if things look right for it.
I have the flooring nailer rented until 2:00pm today so I must not sit in on the markets today... In fact, I should be nailing flooring NOW! After the return of the nail gun, it is on to the countertop manufacturers to give them the sink cut-out template. I'll make time to stop at the post office, then back home. By then, it will be after 4:00 pm market close, I'm sure. So, there is too much "life" going on in my trading day! After this weekend, I need another cup of coffee as I make my way to the project...

Good luck to you all today. I'm planning on taking some serious trading practice time in July. But, it all depends on how busy day-job is... after 20 years doing it, I have very loyal customers calling for service. This is why I have a long outlook on my goal of trading for a living. It is impossible to just drop everything and practice trade. Slow and steady wins the race...

June 10th

I did get a chance, albeit briefly, to sit in and practice-trade the market.

The move down between 12:15pm and 12:45 pm was well under way by the time I signed on and I decided to get in on the momo, going short even though the move was getting "stale." I picked a horrible price to go short, getting the bottom of the move, as it turns out. I held the stock though, and looked to exit if I went green on the trade. It didn't. So, instead of exiting, I held for a reversal area, and found it at $44.45 - $44.50. It was there that I really pounded this thing short... adding to my position heavily. This felt like a very high percentage shorting area, and time proved me right. The 1:10 doji after a tall green candle which ended at its top for the 5-min period was a trigger for me to play for the true reversal of the move. I went short then waited for a breakdown. It didn't materialize right away, but rather, I found myself in a consolidation zone for 20 mins or so. Then the drop began. I exited with a gain then shut the computer down and went to pick out some granite counters for the new construction. I only just looked at RIG for the first time since I closed the trade. Looks like I had a nice area to short... the move continued substantially after my exit. Once again, out too soon. I grabbed about 10 or 11 cents of the $1.22 available to me; a mere 9% of the potential.

Definitely won't have any time tomorrow... I am installing hardwood floors and then getting supplies for the weekend in the late afternoon if I'm not dead-tired by then!

See you on Monday. Hope everyone has a great day, educationally and monetarily.

June 8th & 9th : No Trades

No trades. day-job is incredibly busy. Probably no time in the markets for me until next week.

June 7th

I had an hour or so to watch the markets after the day-job finished. Earlier, I heard on the radio while working that the markets were getting hit so I went immediately to TNA because it is a great 3x mover. I was watching for a reversal of the 2:50 - 3:05 pm upturn once all the shorts collected their pirate booty. I was looking for the stock to resume its overall down trend for the day.

I took the paper-trade short right at the candle change over... and it gave a little last gasp upward, then proceed to drop for me. I doubled up short right beside my original entry and waited. Not long before it started down. I took a quick gain then covered. Once again: far too quickly. The down trend continued for three additional candles before another green candle appeared. I took $261 paper bucks out of a potential $2,680; less than 10% of the trend I was playing.

The overall downtrend continued into the close after the 3-candle profit-taking at 3:30/3:35 and a brief consolidation. I am happy with my read of the reversal, and of adding to the trade... something I rarely do. Less satisfied with my hasty exit, though.

There's no doubt that I am still uncertain about my skill level and therefore don't trust that I have made the right choice on my practice trades. When I get a gain, my initial reaction is to snatch it and run before it goes awry. Only experience will cure this, imo. Thousands and thousands of charts, and the same number of sim-trades will be what saves me from uncertainty. Right now, I cannot devote that amount of time to learning.

June 4th- Friday

This was a practice trade I put on at the close of day Thurs. I had a sense that the RIG bounce was basically over, given the fact that the spill in the gulf continues. Dangerous, I know, to hold overnight in a stock with so much headline risk. I would not do this with real money. This is all about practice and developing a feel for markets. While my ultimate goal is to be a day-trader, Mrs. Bluecollar and I have longer-term money in the markets as part of our retirement plans. I favor a broad knowledge base of economics and markets, though it is specialization where one's bread is buttered.

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I could not watch the trade in the morning, spending much of the time at Home Depot. I've been there so much, I fear they will start charging me rent.

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I closed the trade at an S/R area after I got back, then went to work installing lights and bathroom cabinets. In hindsight, as is so often the case with my practice-trades, I exited too soon. No worries, though. I was content that my trade closed for a gain, modest though it was.

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This is more about "how well" than it is about "how much."

June 3rd

On my lunch, I took two paper-trades in RIG. The great thing about the first trade was that I saw the momentum and entered without a clear signal... no hesitancy. I was comfortable with the idea that if it stopped and reversed, I'd just get out. Interesting because that is not how I normally approach it. Too bad I did not wait for an exit signal however. One of my familiar signals appeared at the end of the candle, the "close at or near the top/bottom for the 5-min candle with a volume spike." With my disappointment fresh in my mind, I took the short near the start of the next candle after confirming that the reversal was true. As you can see from the chart, I exited pretty quickly, and it continued down before I could get the screen shot. I have no idea where it went after this as I closed everything down. It's time to get back to real work!

June 1

I had about 45 mins at the end of the day to look in on the markets. I was looking at the weak oil sector for opportunities. DRQ was my initial choice so I took a long, looking for a nice eod bounce off the volume spike at 3:20pm. Time dragged on with the stock staying in a tight range... the doji at the 3:25 candle was promising, but time = risk. I exited with a $1 paper gain. Shortly afterward, the move I had anticipated came to fruition. I don't feel too badly about my exit... it was the right choice, imo.

Memorial Day

My personal thanks to all United States Armed Forces veterans, especially to those who gave their lives serving their country. Remember their sacrifice, honor their gift of freedom by preserving it.

Capitalism and free markets rely on individual liberty... the personal rights of property and personal liberty. Remember that "collective rights" and the idea that "It Takes a Village" are code for destruction of individual freedoms. Socialism is the most dangerous enemy to the first ten articles of the United States Constitution; the Bill of Rights. And, of all enemies, the most lethal is the one which attacks from within.
Remember the sacrifice of our veterans by preserving the freedoms for which they died.

To learn more:

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