Day Trading Basics
Discuss about day trading basics: price action, orders, candlesticks, indicators.
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April 3rd - Not a bad day to sit out the open. I came back to the computer a half an hour into the trading and saw how choppy it was. I ended up getting into $MU as the Market started to roll over. For some reason today was the day $MU did not want to completely sell off. I got a partial and then had a hotkey error and exited my whole position while inputting my limit order for the profit target. My second trade was on $JD when the market started to bottom out. I took it long got a partial and then decided to manage the trade differently than my plan called for. I was reward for the bad behavior as I would have gotten stopped out at b/e before it made the run up. Overall a good day to finish a rough week.
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By Glenn Budde · Posted
3-30 to 4-3-20 What I did bad this week: Technical Errors: Hotkey error Trade management: Partials too soon and too many times due to fear after loosing trades, Loss focus during the trade from outside, Took too little Risk in A+ setups Over-trading: Chased on two entries, and started to trade in the first 5min Let one trade go past my stop What I did good this week: Respected my in trade and daily stops except the one Took most trades on all of the days that I was calling out Feeling more confidant in my PB#s 3 and 7 Reading the tape well on focused days Kept my losers small on 4 days Changes to be made this upcoming week: Work on playbook trades that I may need to scalp when Tape is slow or not doing what I anticipate Rules to stick by this upcoming Week: 1. After I call it a day by either MAX Loss, Profit Target or what I am comfortable with, only use the rest of the day in SIM unless it is an A+ setup then only give back what is in my plan 2. In-Trade and Daily Stops 3. Do Not chase or revenge trade 4. PB#s 1, 3 and 7 are only to be taken Live unless Rule#1 5. Only A or better setups at time of Live trade Challenges for myself this upcoming Week: On mic trades only with my small group if available Take a planned break at 1100 or 1200 for other Bus. @ 0850 do some exercise and then meditate to calm myself Notes: Rules are not to be broken, these will cost money every time My Challenges are almost as important as my Rules, Pay attention to them Goals and Rewards: +5R or more for the week to increase size. +3.6R for the week +32.4R for the month +4.1R to start April
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