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.
So 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.