Wily,
Based on your figures, you make approximately 1400 trades per month (70 trades/day X 20 days/month) at $11,550 comes to about $8 per trade -- right?
Wow. I goofed! 35 round trips a day. Each round trip costs $30. That is $15/trade at Fidelity. 35 trips x $30/trip x 20 days = $21,000 in commissions in one month. Fido must be very, very, very happy.
I must say, you work very hard for your money
Definitely. 35 round trips x 20 = 700 round trips per month. Virtually all of this takes place in the first 1 1/2 hours of trading (work usually prohibits me from accessing the last several hours of the trading day). The first hour is intense, but I enjoy it immensely.
Do you see yourself branching into different styles of daytrading?
Definitely, if I'm ever going to make a more substantial return, I need to get away from scalping 1/8ths. For example, I'm getting into more naked put trades of late. These are executed on a month to month basis. Last year, I did quite well on longer term trades (several weeks or months in duration). However, these longer term trades were highly volatile and, for some reason, I've found myself shying away from that volatility this year, hence the far safer scalping routine of late.
As for the naked puts, I've just written COMS May 25s for 1 1/2 points. On Monday, I'm looking at IDTC May 25s for 2 points or May 22 1/2s for 1 point (safer). CPQ May 22 1/2 puts also bring in 1 point, and I don't see terribly much downside there.
Best,
Gary Korn
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