It seems like each week my profits are becoming better and better. This week I had my biggest winning day twice.
First It happened on Monday with $4500 in profits. Roughly $1000 on Tuesday and Thursday. My most exciting part of the week was finding ENDP on the scanner setting up for my new favorite reversal setup. Both SCOR and ENDP were down roughly 30% hitting 52 week lows and rebounding.
I was lucky enough to enter $ENDP on Thursday with an average of 28.24 which was 80 cents off the bottom of 27.45. I knew that it was oversold and was going to rebound.
I had a limit set for open on Friday morning spike at 31.24. I thought it would improve throughout the day with all the shorts that sold off during the week and so I only sold half at open.
In hind sight, I know that when I hold overnight for a gap up sell 100% at open don’t wait. I ended up adding on the lows and closed my final position at 29.73 for my newest biggest day of $4700 including my short on LXU which looked way over extended up from $6 in two weeks.
This week has been an absolute blessing and seems almost unreal.
I remember the days last year I was dreaming of these sorts of wins. I was frustrated with poor entries at the time, sizing too big and not understanding the price action of the stocks.
In time it has become clear through practice and finding a winning strategy for me. I started with Timothy Sykes and I have taken the knowledge from him and created a strategy that works for me.
Honestly each time I hit a new milestone like a $4500 day and then a $4700 day and a $11,700 week I have to pinch myself.
This is my new reality it seems to have all clicked. It can for you too with the work. Every trader is different just like every athlete has their own stride.
With the right training it can and will happen. I have run 4 marathons and have the mental will power to persevere. In studying stocks there is a large emotional hurdle to tackle when you have losses or you make a mistake.
In the beginning I would get scared and let fear cause me to exit a trade at the biggest loss point ever and then it seemed like it would rebound.
I studied these mistakes and now I love the reversal. I figured out my weakness and turned it into my best strength. When something goes wrong turn it into a positive. Figure it out and learn from it.
Have an amazing weekend! Be strong and continue each day with a fresh positive mind and you will succeed.
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.
Found a 10K week winning setup
Jane,
Love what your doing. Trying to get into more serious trading.
Would like to ask you a few questions by email on how you developed your initial knowledge.
Dave follow me on Twitter and I will message you back on there. Or let me know you twitter handle and I will message you.
How do you final what stocks to watch or even when a penny stock is about to rise
I use Equityfeed and Trade Ideas to find the stocks that I’m going to trade. The way to understand that a stock is going to rise is understanding price action that comes with studying.
I have started to read this blog and I must say wow!
Would like to ask you a few questions. My twitter is @MrChelseaBoss
Hi Jane .. A big Congradulations on your week
A quick question .. What trading Platform do you use and how are you scanning your stocks.
Not sure if you are on mobile, but I have a page under the main menu of the Tools I use explaining I use Equityfeed for my charting and level 2 and Trade Ideas for my scanner.
Hi Jane, been following Tim for about a month now and going through some of his material. I wanted to ask, does his system work for Canadian traders as well? Im new to trading and noticed you are in Canada as well so I wanted to ask.
thank you,
Adnan
Adnan, I trade primarily US markets, but other students of his have said the trends are the same in oher markets I would believe all the markets would have the same trends as the technicals behind the price action would be the same. The difference might be with liquidity in other markets depending on how much volume is there to make the price action occur.
Bravo.
Great post! Thank you! How you set up your EquityFeed? Thank you.
Vitaly you can go to the tools I use and click on the link and try it free for 2 weeks to see if you like all the features.
Hi Jane,
Thanks for the advice before on tips to get started / what added the most value.
Would you mind walking through your reversal strategy? Would love to know more so I can hopefully try it – ie.) the play by play, things to look for on the charts etc.
And the type of stock? (A company that missed earnings big etc. / huge gap down) I’m from Toronto by the way!
Cheers,
Kevin