Patience, what I need to remember after this week.

  • In reviewing my trades, for some reason my lacklustre Friday with $430 in profits I feel like I didn’t perform my best. I think it is because I felt like I was scalping all day. I saw some trades set up today and I entered but was too cautious on my exits. Obviously I’m never going to be perfect on my entry and exits, but I need to get much better at letting my winners develop and not cutting them too soon. In two trades I wasn’t patient enough and I left potential earnings of $900 in the market. I entered FXCM after seeing it on Trade Ideas scanner for being oversold and I watched and I entered just 13 cents off the bottom 10.51. For some reason I traded very fearful today and cut way to early at 10.68 as it ran up to 13.00 for the next hour and half.  I did the same thing with STRP too selling it right at open after CLUB failed to spike. It ended up around 37 from my 33.49 entry and I sold at 33.99.

20160311_210916So my lesson for today is to remember to be patient in letting the trade develop and having confidence in it. I am still presently in SCOR from Monday as my swing trade. I entered way too soon with a 28.26 average. The low of the year and this week was 26.21. I felt that the stock was way oversold on news and has more value. This is where my prior training from value investing comes in handy.  I am swinging it up to my target from 29-30 depending on action, which will hopefully be met on Monday. Today’s price action reminded me that this is the right move to be patient. I’m looking forward to watching it at open on Monday.

Looking at my week in review, I hope you had a profitable week and learned from your trades. I know I’m not perfect and try to learn from each trade. Keeping at it each day and starting with a fresh clear mind has allowed me to end up this week up $2541. I traded 22 trades this week and 15 were wins. I hope to improve, 2 out of 3 trades winning isn’t so bad.

I think understanding how to read the charts is very important but having the right tools to make it easier really helps. That’s why I really enjoy Trade Ideas  with all the different preprogrammed scanners and the ability to create your own alert windows. It is really amazing and worth the investment to help you make money. Since I have been using it to help me find winning stocks my track record for winners has definitely improved.

This week has been quite complimenting with multiple people asking for help to learn, since Timothy Sykes posted my testimonial. I am always happy to help others as I was there myself just over a year ago. I am a firm believer that in giving back to others it will come back to me in other ways. That being said I am happy to answer any and all questions. I think the easiest way to help is to by answering questions here for everyone to read. So if you have a question shoot it my way either here with a comment, on Twitter @Jane_Yul , Instagram Missairplanejane or Facebook.

This blog is for information purposes I am not a registered securities broker-dealer or an investment advisor. The information here is not intended as securities brokerage, investment or as an offer or solicitation of an offer to sell or buy, or as an endorsement, recommendation or sponsorship of any company, security or fund.

4 Replies to “Patience, what I need to remember after this week.”

Alex

March 12, 2016 at 6:31 pm

Hi Jane,

I love your story, being a part time trader and a mother. It has to be really difficult to progress in trading with kids around .
I’ve been traiding for 7 months and struggling because I haven’t found my niche. I would love to be like grittani , shorting into big spikers but have been crushed various times. Lately I struggle to be just still ! I overtrade ! So I’m struggling with thinking that trading is pressing buttons … Still after months ! I’m very frustrated.
I’d love you can give me suggestion to be stick to 2 or 3 trades , and a good setup with low risk reward.

Thanks !
I think for your coments

Reply

    jhgallina

    March 16, 2016 at 1:46 am

    I’d say to help overtrading you need to find the trades that are the right setups. That comes from understanding the charts and what looks like a winning trade. For me I really enjoy reversal trades. Like Tim it is finding the top or bottom and going in the reverse direction. If it is oversold or overbought it will correct to add liquidity back into the stock. Sometimes there is a complete reversal or a dip or bounce. That’s when you have to watch your trades.

    Reply

Mario Covarrubias

March 19, 2016 at 10:10 pm

Hi Jane-
How do you determine when a stock is oversold? Is it based on the consecutive red candles moving down as shown in the screenshot above? Or are you finding that information outside of the chart? I like the idea of reversals.
Thanks,
Mario

Reply

    jhgallina

    April 17, 2016 at 1:39 pm

    Mario,
    For me it is looking at the big picture timeframe on the chart. My favorite is when they hit a new 52 week low. Reversals tend to happen on 1 min chart once the price action drops outside of the Bollinger Bands and below 30 RSI. However that is not a hard rule to follow. Sometimes it will have a small bounce to add liquidity back into the market and then continue to sell off.

    Reply

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