Equities day-trading
So the cash balance going into today for one of the accounts I manage was $1.2 mn.
I was pretty active today in the european markets clocking in turnover of $1.7 mn.
The end of day balance is $ 950k (mind you, that decrease is not due to P&L, but positions now larger than yesterday....)
I guess a Miami based client I had back when I was on a trading desk was right when he said:
"I can tell; you're a flipper!"
The above stats proove it aswell.
I think what I learned today is the following:
Don't follow one stock with your eyes glued to that quote, but rather follow several - in my case today 5 equities - and dart in and out of them.
My new tactic is the following:
1. Have several position I feel comfortable with medium term (remember I need to justify my holding at least once a year, which is nice, as it's not too often right!?)
2. Have bids and offers in the stock, try and gage where support resistance will be, and just wait till something gets hit. Then depending on what I make of order book, general market conditions I'll either sell some more on offer or bid where I just got lifted.
It's great fun, even if today was pretty much zero sum game. Yesterday I was playing this chinese memory game with a girlfriend on her PC, forgot the name (of the game not girl), which is a zero sum game aswell.... Anyway, I'm sorry to say the equity market and having a "bet" on, are much more fun!
I think I'm going to ask a bank to employ me again. I can generate flow for their customers and increase the level of activity, commissions.... Just got to put into more stuck-up language why what I do is so clever and useful :)
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