AlleNation

I’m really confused as what should I do with the money I will get from Betfair: After I complete all of the transfers, I will have around $20,000 (including current account size). Should I:

1. Transfer them immediately to Cy Group in order to start trading witht this prop firm WITHOUT daytrades limitations? this would be a bit messy and my bank may start asking questions on why suddenly I have so much action..From abroad to bank account to Cy Group then from TOS to Bank account to Cy Group..

OR

2. Avoid all the transactions between banks and going back and forth and just transfer it to ThinkOrSwim, have about $20,000 there and work it up to $25,000 under PDT?

Thanks for asking. I’m probably moving to Cy trading Group very soon, combined with my poker profits, I should have around $20K in that account if I move my ThinkOrSwim account. (yes, I’ve won more in poker, not interested in discussing it, do the math yourself and if you don’t believe me - just don’t) After I hit $25K I will move over to IB.

Trading-wise I did a crappy daytrade yesterday that took $90 away in 10 minutes. It’s not worth mentioning as I didn’t even have a reason to enter it. Thanks to Christmas (no pun intended) I will only have daytrades on Monday, not Friday.

So I contacted Betfair early this morning to withdraw my 2-hours winnings of playing poker, but they said no withdrawals can be made until Monday. I’m still a bit stoned so I didn’t even bother to take a look and see today’s Sunday LOL.

Anyway, I told my friend about this, of course he didn’t beilieve until I showed him my statement, including timestamps. Later we went with three other friends to a nice restaurant, of course I paid, and my friend suggested I keep $500 in the account, to play low limits..I told him that $500 here and $500 there wouldn’t make any difference, and I don’t want to blow any of it away.

Later I thought about it, and thought “hey, why not? if I lose those $500, fine - I’m out by tomorrow”..here’s how THIS ended:

Settled	Ref Id	Placed	Description		Avg. Odds	Stake	Status	DR ($)	CR ($)	Balance ($)
	2008-12-21 19:55	6851194431	2008-12-21 18:09	Fixtures 21 December Arsenal v Liverpool / Match Odds Comm Charged 4.9% On Net winnings of USD250		-	-	-	(12.25)		9,036.21
	2008-12-21 19:55	6851194431	2008-12-21 18:09	Fixtures 21 December Arsenal v Liverpool / Match Odds / Liverpool Lay		3.65	250.00	Won		250.00	9,048.46
	2008-12-21 06:09	131894912	2008-12-21 06:09	Poker Room Cash-In : Carbon 81		-	-	-		1,174.50	8,798.46
	2008-12-21 05:53	131894251	2008-12-21 05:53	Poker Room Cash-In : Carbon 86		-	-	-		878.00	7,623.96
	2008-12-21 05:52	131894231	2008-12-21 05:52	Poker Room Buy-In : Carbon 81		-	-	-	(500.00)		6,745.96
	2008-12-21 05:39	131893740	2008-12-21 05:39	Poker Room Buy-In : Carbon 86		-	-	-	(500.00)		7,245.96
	2008-12-21 02:06	131873409	2008-12-21 02:06	Poker Room Cash-In : Carbon 77		-	-	-		1,192.00	7,745.96
	2008-12-21 02:01	131872743	2008-12-21 02:01	Poker Room Buy-In : Carbon 77		-	-	-	(500.00)		6,553.96
	2008-12-21 02:00	131872690	2008-12-21 02:00	Poker Room Cash-In : Carbon 87		-	-	-		893.00	7,053.96
	2008-12-21 01:31	131868082	2008-12-21 01:31	Poker Room Buy-In : Carbon 87		-	-	-	(500.00)		6,160.96
	2008-12-21 01:31	131868071	2008-12-21 01:31	Poker Room Cash-In : Nitrogen 148		-	-	-		510.00	6,660.96
	2008-12-21 01:28	131867685	2008-12-21 01:28	Poker Room Buy-In : Nitrogen 148		-	-	-	(500.00)		6,150.96

Yes, that last bet was on football, something I don’t usually do, but hey - I was at work and wanted to pass time a bit faster. I’m out by tomorrow, or maybe keep $500?

I am still realizing what happened yesterday, so pardon me if this is a bit unclear.

As I finished watching Tim’s last Pennystocking II, I felt that the devilish part of me has been calling me again - my poker “addiction” (I’m up overall) was lingering inside me. This time I didn’t dream of building a professional bankroll from scratch or anything, I just wanted to drive my anger and PDT-disgust feelings away.

I deposited $50 at Betfair, and decided that if I turn it into anything significant, I won’t run anymore. I will withdraw, and deposit my poker winnings into my trading account. I know this is hard to beilieve, and I don’t care if you beilieve me because I still can’t beilieve it myself, but here’s how it went, 2 hours, when I logged off my Betfair account: (Intial deposit at bottom, final balance at the top)

	Settled	Ref Id	Placed	Description		Avg. Odds	Stake	Status	DR ($)	CR ($)	Balance ($)
	2008-12-20 04:53	131753346	2008-12-20 04:53	Poker Room Cash-In : Beryllium		-	-	-		6,650.96	6,650.96
	2008-12-20 04:35	131752192	2008-12-20 04:35	Poker Room Buy-In : Beryllium		-	-	-	(963.74)		0.00
	2008-12-20 04:35	131752117	2008-12-20 04:35	Poker Room Buy-In : Beryllium		-	-	-	(2,000.00)		963.74
	2008-12-20 04:34	131752110	2008-12-20 04:34	Poker Room Cash-In : Boron 27		-	-	-		2,963.74	2,963.74
	2008-12-20 04:23	131751001	2008-12-20 04:23	Poker Room Buy-In : Boron 27		-	-	-	(1,494.87)		0.00
	2008-12-20 04:23	131750989	2008-12-20 04:23	Poker Room Cash-In : Carbon 72		-	-	-		1,494.87	1,494.87
	2008-12-20 03:43	131747427	2008-12-20 03:43	Poker Room Buy-In : Carbon 72		-	-	-	(340.56)		0.00
	2008-12-20 03:43	131747410	2008-12-20 03:43	Poker Room Cash-In : Nitrogen 77		-	-	-		340.56	340.56
	2008-12-20 03:32	131746128	2008-12-20 03:32	Poker Room Buy-In : Nitrogen 77		-	-	-	(157.18)		0.00
	2008-12-20 03:32	131746120	2008-12-20 03:32	Poker Room Cash-In : Nitrogen 123		-	-	-		157.18	157.18
	2008-12-20 03:11	131743895	2008-12-20 03:11	Poker Room Buy-In : Nitrogen 123		-	-	-	(139.08)		0.00
	2008-12-20 03:11	131743879	2008-12-20 03:11	Poker Room Cash-In : Oxygen 120		-	-	-		139.08	139.08
	2008-12-20 02:39	131739349	2008-12-20 02:39	Poker Room Buy-In : Oxygen 120		-	-	-	(50.40)		0.00
	2008-12-20 02:38	6838498872	2008-12-20 02:38	Credit Card Fee		-	-	-	(0.77)		50.40
	2008-12-20 02:38	6838498872	2008-12-20 02:38	Card Payment - EntroPay		-	-	-		51.17	51.17

Yes, I have turned $50 to 6,650 - a $6,000 profit in a bit more than two hours. Don’t ask me how this happened because I don’t know. I deleted the poker software of Betfair right after I logged out, I know this is mostly luck, especially when you turn $50 to $6,00. And I won’t count on the luck-fairy to keep smiling..

After I transfer these to my ThinkOrSwim account, I will have around $11,000 to trade with. Meaning I can apply to IB, but I won’t - I will moving to Cy Group, as James (Welcome To The Gutter) is doing so I’m no longer under the stupid PDT rule. Yes, none of this makes me a better trader - but it’s surely a nice push. I know this happens once in a lifetime, so I won’t chip them away dollar by dollar.

Though it averaged up it up, and could have covered when it hit it’s lows for a tiny gain, I’m not upset with MAXY’s trade as I am with that stupid DDR. MAXY is still gonna go down, and I’m gonna catch it right when it does. But DDR was just based off an alert on the chat. I covered for comission loss when i saw the HUGE buying block at 4.44

Yep, not a great day for me. But what makes it even worse is that I’ve used 2 DAYTRADES, one with averaging up MAXY, and one with DDR.

From now on I will try to be a bit more passive with trading, I figured I’d rather not lose much over the $410 (11%) I’m already down, and start being more aggresive with adding money to my “$5,000 for Cy Group” fund. I must accomplish this within a month, or two months at most. If I can get back to my original $4,000 start point and add $1,000-$1,500 off the fund, I’d be able to move to Cy Group. Less comissions, much easier to short, and NO PDT!

Note: MAXY was shorted 12/18/2008, no 12/15.

Yep, 0.82c/32.50% return on CPE. I covered yesterday for 3.38, it did go lower, which means I’ve left about $120 on the table by not waiting to EoD, but that doesn’t bother me too much, this my biggest gainer by far. I cannot tap myself on the shoulder too much, since this was almost purely an a-la Muddy play, but a gain is a gain and I’m happy to recover most of my losses.

Some positive notes on my trading in the last 3 days:

1. AMLN was an overnight as well, I covered my losses quick with this one, and saved myself a lot of trouble.

2. I said I’d try it the-Muddy-way, holding for 2 nights - and therefore maximizing my gain with CPE without worrying about meaningless noise like spikes in price. I’ll try this with MAXY as well, which had it’s first red day yesterday.

3. I was calm, even when things went wrong with AMLN and CPE spiked for a while.

4. And this golden:

Arrr, nevermind, couldn’t find the InvestorsLive chat transcript where Laura scolds me for being way too anxious with overnight holdings, she said something like: “if you’re worried about these things (morning spikes and intraday noise) then you’re in the wrong chat”

Now I only gotta find a balance between being meticulous and trusting the charts.

Hint: $CPE

Hint 2: shorted two days ago

Hint 3: still short

Hint 4: euphoria.

Since I started trading. I honestly don’t know what I’m doing wrong..everything started out well..now I’m down almost 15% in two weeks.

I hope this one is gonna be an expensive lesson.

I averaged up on GM 3 times, adding 200 shares tomorrow, and that’s only to cover at 4.20 near day-end.

I know it will go up on bailout news, but I simply can’t take anymore…

I don’t wanna write another word before I throw up, here are some screens:

I’m not going to take a break tomorrow, but something I will definitely do today is compile a list of rules I’ll trade by from now on. Yes, I’ve heard about being flexible and open minded, but the 3-5% stoploss rules seems to work for most, why should I take losses like 7% and 9%? fuck mental stops..

I remember how determined I was when I first started, how strictly I planned to trade, mainly TIMAlerts (btw: big winner today, couldn’t trade because of PDT) and only some of my own - I’m going back to that. I’m yet to understand all the “jiggy-momo” expert jargon on InvestorsLive’s chat, and newbs there aren’t given too much smiles..so for the time being, I just wanna live to trade another day..

This is just out now on CNBC -  House approved auto rescue bill for Big-3.

From my post written 40 minutes ago:

Experts and analysts are saying more hurdles are in the way. If more bad news come out tomorrow, I may have to take a larger loss than my carried $25 for the night.

Open position for 12/10/2008 - LONG 550 GM @ 4.625

Exit price? I’m thinking 6 would be nice.