Bought 12:00pm
500 shares @ $4.50
exit: (practicing adding liquidity in preparation for prop trading...)
sold 100 shrs @ $4.54 (usual 1%, although I entered the limit at $4.55, so a slightly subjective...)
sold 250 shrs @ $4.55 (limit order practice, ECN rebate)
sold 150 shrs @ $4.56 (had to attend seminar, happy to lock profit)
Commentary: As alluded to, I am contemplating joining a prop firm in order to get over pattern day trader and cash account issues. This three trades a week is a blessing and a curse in that I must focus only on the best setups yet I can only take the three trades and opportunity costs are huge. Many firms have partial to full ECN rebate pass-through such that my usual method of market orders will cost me more if routed through the various ECNs. An alternative is to set my 1% partial scale out with a limit order, thereby adding liquidity and providing a rebate. I was testing that today and was successful. More will follow, I am sure.
Gross P/L: +$25.50 gross, +$14.95 net
We'll see what tomorrow brings,
Masterjaz out
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