When you are trading and you have great entries it is really hard not to have a good day. I had 100% track record today with 5 winning trades. I did not overtrade and was patient with my entries and exits. It is important to be able to find the right stocks in play. With a stock that has the volume and momentum the trades become easy. On Monday or Tuesday I discovered the Trade Ideas Free Trading Chatroom. This chat room is great for two great reasons. You get to see live action of Trade Ideas for Free, which I feel is amazing scanning software and you also get to be a part of chatroom which is really nice for newbie traders.
I know what it is like in the beginning when you don’t know what broker to use, what charting software and are overwhelmed. This chatroom is nice because Barrie the moderator is great at explaining what you see on the screen share. Also for someone just starting out this isn’t going to eat into your trading budget with a cost of Free.
Today I traded 5 stocks which I all found through Trade Ideas. I like to play bottom bounces and reversals and the software is amazing at finding these plays. WDC had a big selloff yesterday and going into the long weekend I expected the shorts to want to cover to avoid the short borrow fees. It acted in the way I expected 100% I set my limit for my sell at a reasonable point around the whole dollar mark of 48. I would watch it in between my ass kicking by my trainer and happened to catch it the moment it spiked above 48.
With NRG I saw it come up on the scanner and consolidate down around 12.35. I knew that an entry at 12.38 was not going to be bad as it was 3 cents of the low of the day. NRG had only come down 50 cents off open so I did’t want to get greedy and looked for the first point of resistance over the half dollar mark to set my limit. My sale executed while not the road to the gym.
With GIII I opened this swing trade on Tuesday expect the gap to be filled somewhat by the end of close today. It had a very strong finish and I believe there is more to be filled so I held 50% of my position through the weekend looking for a spike at open on Monday to start the week with a cushion.
PTLA I thought would have a bigger finish to the day with such selling today. In at 12.35 and out at 12.44. It did go up to 20.65 and I saw the resistance but I didn’t exit. A poor exit on this one but still in the green. I will watch PTLA for Monday.
I am long GIII 44.67, and STRP from 27.47 and will watch PTLA as well. Sunday night I will check to see if anything else interests me, but I will probably decided on Monday morning.
You can see with the right entries and patience and for me letting my winners work without me there. It is possible to have a great day. A good entry is crucial. Knowing where you stand in the price action for the day and what your risk to your entry is will help you to stay green.
As always study hard and do the work and the results will happen. I began with a $6K loss in my first months. Now I am making $2,500+ in one day. You can do it as well. I do really like Tim Sykes giving back and I’m very thankful to have found his tools to learn. That is why I highly recommend his How to Make Millions DVD which is roughly 35 hours and a great starting point. The best part is the proceeds from the sale of the DVD go to charity in which he give back to people that need it. When I get to the Million Dollar Mark I want to give back as well to a charity for children. Until then I will give small to other people that I know appreciate the help. Today I made $1300 with my trainer and treated him to some training tools. He was talking about them during our session, not knowing they would be gifted to him for his good heart and compassion in training others.
I believe in helping others and it won’t necessarily come back from them but you will get it back in other ways. So if I can help in training others to be self sufficient I am happy to do so now. Who knows maybe one day I will set up a real teaching program. For now all my blogs are also helping me to review my trades and grow in trading as well.
Have an amazing holiday weekend!! I love hearing about other’s journeys it is touching to learn other’s stories.
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.