I set an initial goal of making $100K profits by Feb 1, 2017 and then once I broke $50K I moved it up to my birthday of August 15th. Well I exceeded that goal and surpassed $100K in profits July 8th.
After training for 4 marathons in life, I find it helpful for myself to have small goals along the way to my ultimate goal of 1 Million. My next stepping stone in profit goals will be $250K by Jan 1, 2017. I didn’t expect to have an absolutely amazing week of $20K+ in profits.
I’m not sure if it has to do with the market rebounding from Brexit or it that I’m becoming more diligent with my stops. I do still make errors and forget stops. I try to learn from each error. I know I am human and I hate taking a loss, however it is better to take a small one than a huge one.
I really enjoy trading and I think that comes from now being able to look at a stock and see where it is in the price pattern and know if it is a beneficial spot to enter or if I need to wait. I remember in the beginning of my studying I was watching Tim’s DVDs and he would look at a chart and say yes or no. I thought I need to get to that point. I feel like I have reached that point after watching the market daily. The patterns are recurrent and the volatile stocks tend to act the same. It will take time for you to learn and understand what drives the price action.
I have to say that my husband is doing very well in his trading studies. He is being a diligent student and studying hard. He has just begun paper trading with Think or Swim. In his first day he spotted ALR on Friday breaking out. A great trade. Then yesterday he spotted BAC running up. He is beginning to see the stocks to trade, but still curious on how I find my winners.
Well I use two tools. I use EquityFeed Market View and usually keep it on the biggest losers of the day. I will look at them to see where they are in the sell off cycle and how much longer to wait before the reversal happens.
I also use Trade Ideas scanning software. Their software is amazing as is their customer service and their always Free Trading Room. I definitely look for stocks that are setting up for reversal and one of the key alerting indicators I use is RSI. In fact one of the best things about Trade Ideas is when you have an alert that you customize you can share it with others as a cloud link. As a Warrior Trading Chat Room member, I saw Ross’ customized RSI alert and continued to profit if of it. As a genuine caring teacher, when I asked him if I could have the cloud link he gladly share it with me. There are some amazing people and services out there that do look for you to profit. Ross and his Team are great at helping new traders learn and providing tools to help them.
These are two amazing services and both have some free services too. In fact Trade Ideas is in the process of an Open house this week to test out their pro software for $7.99 for the week and there always Free Trading Room. Warrior Trading will also offer two FREE Mondays a month in their Chat room. Great way to see the tools before you invest.
In my opinion you don’t have to have the best tools, but when you do it makes profiting that much easier. Yes the expenses in the beginning add up, but they very quickly pay for themselves.
The first free Monday I traded in Warrior Trading chat room I made enough to pay for 3 months. I subscribed and then in a month I made more than enough for a year. So I upgraded. As a result I discovered Trade Ideas in their room and then went out to connect with Dan the CEO from Trade Ideas and now I use the best stock scanner out there in my opinion.
Enough rambling on about tools back to stocks.
This week there has been great volatility in the stocks. Today I absolutely rocked HAS on the long and short. I did the same to STMP in the past week as well. Once you start to see the patterns and know when the stock will sell off it seems to become easy and stress free. When you have confidence the trades become fun and passionate.
This is the first job in my life I absolutely love getting up to do each day. I know a lot of people have questions and I am always happy to help.
As always I love hearing feedback from you. It makes my trading more personal and I like to hear how I can help you. If you have questions or comments you can contact me here or on Profitly, Twitter, Instagram, LinkedIn and 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.