Friday, November 19, 2004

What a day!

My order for 50 shares was filled at 29.20 (definitely the high price of the day.) The stock fell in price very quickly and continued to fall (though more gradually) for the rest of the day. It closed at 28.74.

The market was down. My stock was down. Everything was down except the picks the hotshot new guy had (course he's only trading on paper but who's counting anyway?)

I wondered if there was news - there was - GCO announced higher than anticipated earnings on the 18th (record earnings?? Go figure! Seriously people were taking profits.) I also found out it was triple witching Friday (and I only know enough about THAT to be dangerous!) I kept thinking that if any professional traders had stumbled on my blog they were being gloriously entertained by everything I wrote. I could see them all passing around the laptop at Starbucks (no one else would be dumb enough to actually be on the trading floor today) laughing so hard their sides hurt.

But really how was this day for me? It was okay - the hardest part for me is to decide what to buy. Once I've placed a trade on-line, I can relax. I don't have to worry about when to sell - I already made that decision and keyed in my limit order to sell as soon as the buy was filled.

I check the price on my stock several times a day just in case it breaks down so badly I have to get out of it. I already know that statistically this can happen so there's no point in worrying about it. I'm keeping up with data and finding better ways to analyze what I'm doing. If I consistently lose money, I'll admit defeat and stop.

Now somewhere there has to be a website showing when these triple witching days occur (all I know is that has something to do with options expiring in the market.) I need to learn more and I want to learn more!!

Oh I had a productive day at work in spite of the mocking whiz kid. I wrote some new computer programs, fixed problems returned from my tester and got a final package ready for production. I really was worried that I'd be too absorbed by the market to work. I think I get more distracted when a stock is going up and moving quickly. It is fascinating to watch the data especially when it signifies that you are making money!

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