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Showing content with the highest reputation on 02/20/2019 in Posts
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2 pointsFebruary 15, 2019 - Traded in Simulator February 19, 2019 - $JD did not meet a 15 min ORB, but it had a great setup for a 5 min ORB. Sample Set Results P G S G S 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
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2 pointsFeb 19th (Sim) P&L After Commissions: ~ $65 Trades: 14 Overtraded quite a bit today, but overall I am much happier with how I've been trading. Its one of the earliest lessons, but watching the stocks in play have been a game changer for me. The strategies are working more often now and my win% has increased. I went 6 for 14 (42%) but was significantly green. I kept my losses small. I made quite a few mistakes, but overall quite happy with the day. I want to keep building off of what I am doing here. $WMT - Went short on WMT after it broke under the 200SMA on the 1min. This was a bad trade. I put a limit in at the 200 hoping it would just bounce off of it and continue downward. It didn't do that and I exited for a loss. I'm fortunate to have loss only $18 at one point it was a $42 loss. I would have stopped it if broke above the PDC. It then did break above the PDC and looked like a long to me. I was saw the pullback and decided to enter there. It popped and I sold most of my shares. Got rid of the rest when it was coming down. $CGC - Got messed up on CGC. Luckily today was one of the days where CGC wasn't moving super fast. I went long on the break of the 200sma and it seemed to hold that level. I exited when it broke under VWAP. I then swapped my position because I thought it was a short. I didn't like the price action so I exited for a small loss. I could have waited for a better exit, but I was ok getting out of the trade that I wasn't comfortable with for the loss. $MU Took MU short when the price action looked weak and it broke the 200SMA and VWAP. I meant to sell partial shares on the first exit, but I made a hotkey error and sold all plus bought some. Immediately got out of the shares I bought. Looked for a reentry but couldn't find one. $ROKU - Went a little early on the reversal for ROKU, not really a great setup or a great entry. It was risky and wasn't the perfect setup that I was looking for. I gambled on the first entry. I decided to exit when it broke down immediately. The second trade is what I consider a perfect entry for the reversal. Breaking the 50SMA and retesting and holding. I'm very happy with that entry. My issue was the trade is that I took too many shares. I wasn't 100% sure if I was just confident or if I took more shares because it was sim. I decided to exit partially at B/E to get to a more realistic share size. That was the first cover. I wouldn't have covered if I had the right share size. Covered the rest on the way down to VWAP and got all out when it couldn't get to VWAP for the 3rd time. $XPO - Seems to be the pattern of the day. I take a bad first trade on a stock and take a small loss. Then I take the real trade correctly. I took this one when it pushed off VWAP and broke above the 50SMA. I could have waited for a slightly better entry, but when it comes to just a few pennies, I decided to market order where I did. At this point the market was moving super slow and volume really dried up on this stock. Took partials and finally decided to exit fully just to be out of this slow moving trade. Overall not the worst day not the best. Made a few hotkey errors and overtraded slightly. Again, I'm doing better with win% and how I feel just by watching the stocks in play.
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1 pointFebruary 20, 2019 - $BHC (Stopped Out) & $BHC (Stooped Out) Very interesting learning day today. The stock met my trade plan and entry criteria 3 times. I took the the trade the first 2 times and got stopped out both times. I packed it in for the day and the third entry and move in my direction right to the profit target happened even before I took take a screen shot. Although it moved in my direction, I had to remind myself that I traded well, executed my risk management well, and up until I saw the move on the chart, I controlled my emotions well. Additionally, I had to remember that this time it moved in my direction; however, it was just as plausible that the stock would have broken all the moving averages and gone to the long side for the same big movement resulting in my account being blown up. No matter how painful the past 2 weeks has been, facing these back to back to back losing trades is exactly why I wanted to do this sample set. I pretty sure I heard somebody say Day Trading is not easy, I am finding out that might just be an understatement. See ya tomorrow. Sample Set Results P G S G S 6 7 8 S S 11 12 13 14 15 16 17 18 19 20
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1 pointFeb 20th (Sim) P&L After Commissions: ~25 Trades: 18 Sloppy day today. I took too many trades and jumped into things too quickly. Patience still needs work. 42% win rate and a green day overall, but I am not happy with how I traded. I went 8 for 18 with the majority of the losses coming from trading DVN. I went a little crazy and revenge traded it after it got me for a big loss. Its night and day how I traded DVN vs everything else. $CVS - Broke under the 200 and I went short on the retest of the 200. I probably should have sold more when it dropped down, I held about 40% that I sold near break even. $DVN - This one faked me out and I made a lot of mistakes afterwards with this stock. I thought it was a VWAP break long. My biggest mistake was taking too large of a share size. This stock moved more quickly than I expected it to. I took some profits when it hit $32ish, but I went very small with the profit taking. I need to reevaluate my R/R and profit taking. It dropped on me and I made the mistake of letting it drop on me for multiple minutes before I got out. I should have gotten out at B/E then it made another big drop so I waited to see what it would do there and I'm lucky to get out before it made the 3rd big drop. In about 3 minutes it moved from $32 to touching $31.10. Not a move I felt comfortable with. I do realize that when something makes a huge move against me, if I don't stop out quickly enough, then I hold too long. I can stop out usually just fine when something is a reasonable move that hits my stop. Its when the stock really goes against me that I won't accept the bigger loss right away and I will take the wait and see approach, that is something that needs to be fixed. From there I went short and long and got chopped up 4 more times. Taking $111 loss on the stock on 5 trades. I knew when I was in it that I was revenge trading it, but I just didn't stop. $CVS - Went back long on CVS after it bounced off VWAP and broke above the 50sma. That was my cue to enter and I took it with no hesitations. It looked strong in addition to giving me the right setup. I did try to add on to my position in a pullback, but it didn't really work out and I exited shortly after. I went with 1/3 of my normal size on the pullback. No regrets with the move. $GRMN - This was a very sloppy trade. Everyday I keep a spot open in my notebook for reversals, I had GRMN on there so I guess I was looking for a reversal. I felt it was coming and took a small share size at $82. I added when it broke the 50 even though all the indicators were not there. I wanted the moving averages to cross as well, that is the setup I am looking for. I took it anyway. I was bad here because it clearly went against me and I should have stopped out, but I held. I think it was because it was sim and it wasn't real money and partially because it was not a full size. It started to come back down and I shorted again. Finally giving myself a full size. Sold all at break even. For the second trade I immediately went back in, hoping to catch the reversal. It was premature. I took a full size right away. I knew it wasn't ready, but I didn't want to miss the move. FOMO kicked in. I got in at $82.10, I held through a small pullback and when it broke down the second time, that is when I knew it was the right time and thats when I should have entered. I took a symbolic 1 share to signify that I would have and should have entered here. It was the same price at $82.10 but the setup was what I was looking for in addition to the weak price action. It broke down immediately with no problems. I covered along the way, I saved the majority of my shares for VWAP which was my final target but had to stop out when it was looking stronger. I tried multiple times on GRMN to catch a reversal, but it was the final time where it was just so obvious to me. That is where I should be entering this stock and in all my trades I need to just take what is obvious. Don't reach for anything. If you miss it, you miss it. Often times my best trades are the most obvious ones. I need to have the patience to wait for those. $LUV - This trade was similiar to GRMN for the reason being that the second time I entered, it was just so obvious that this was the trade to take. The first time, I wasn't confident, but I figured it could reverse to VWAP and I didn't want to miss it. It was also on my reversal list. It dropped down right away and I did a terrible job stopping out and took a partial stop out. Very bad first trade. The second trade was the obvious reversal that I was waiting for. I saw it and had no hesitation that this was the right move to take. Went in and sold on the way to VWAP. $AAPL - Again went for the reversal 50SMA break on AAPL. AAPL wasn't on my original watchlist, I replaced DVN with APPL. I decided on AAPL because it was fairly strong in the morning and I thought it would be a good reversal candidate. I was watching solely for the reversal. I took it when it broke the 50SMA instead of waiting for it to retest because it looked extra weak and it was. I didn't take any profits because the goal was VWAP. It cameback to the 50 and bounced off of it. I then decided to take profits since it wasn't going to be as easy of a move as I wanted it to. Tested the 50SMA one more time and I decided that it was time to get rid of the shares and I sold on the way down and when it came back up to the 50 for the 4th time which it broke. Could have been a little more aggressive with the profit taking, but I'm trying to find the balance between quick profit taking and longer term holding. A couple of key takeaways for me today. I need to keep working on my patience. A stock may be looking like its going to make a certain move and maybe it eventually will, but I need to wait for the right entry and the right confirmation. When everything is right, I will see it and it will be obvious. I should only be taking trades when I have the feeling that a certain move is obvious. That means I see it and so does everyone else. A few times today, I entered too early, because I wanted to maximize the entry, when it increased the risk more than I wanted. Second major takeaway, I have to know when I am breaking my rules and stop it. I knew I was revenge trading today. I knew it, I told myself to stop trading. I even deleted DVN off my watchlist. I did end up typing it back into the montage and trading it one more time for my 5th loss. My emotions are hard to control at times, so its best to do everything I can to help mitigate them. I need to walk away when I am revenge trading or if i I lose control emotionally in any way. One other thing that I did not do well today, was I was in 4 trades at the same time at the end of the day. I entered them at different times and I held them for a while, but I shouldn't be in 4 trades at the same time. That is just way to much. It all worked out and I was profitable on all of them, but it isn't the trading style that I want to create. And one more, I went long 7 of 18 trades today. This is much higher than I have been doing before. I attribute this to trading the watchlist and taking what the market is giving vs constantly clicking around and trying to look for and force trades.
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1 pointWednesday February 20th, 2019 Sleep: 7 hours. Mood: busy didn't get in to the market until 9:45 but i didn't rush in, i marked levels and read my rules. first trade was a MA trend trade in LUV. the trade was going really well until it got close to the LOTD. then it made a doji on the 5min chart and then a hammer at 10:15 and it looked like it was going to round and go the other way so i got out on a new 5min high or at least i thought i did, i hit the wrong hot key and doubled my position then panicked and got out higher, turned a pretty decent trade in to a breakeven. GOOD: setup, good R/R RFI: not taking partials, hot key error MOOD: mad at myself for screwing up a prefectly good trade. CONSISTENT: no. After that screw up of a prefectly good day i just kept chasing the stock emotionally both directions until i hit max loss. they're not even worth journaling because they're not setups, i was just going with whichever side looked good in the moment. Just really bad trading. i've decided to add back in my DAS autostop for the day on my SIM. i took it out so i could practice trades without auto stops which sounds good in theory but what i end up doing is not taking the sim seriously enough and i'm reinforcing bad habits by just taking any trade on a whim. Could have been a good day but ended up max loss. get my head back in the game for tomorrow. What i did good today: Didn't rush in to trading when i was late. My first trade was a good setup. What i did bad today: Let a hotkey mistake screw up my whole day of trading and i took a ton of emotional trades to try and make back what i "lost" What can i do better tomorrow: Always be dilligent of your hotkeys. don't let one mistake ruin the rest of your trading day. Other comments for tomorrow: focus on executing good setups.
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1 pointWednesday 2/20/2019 So my Garmin would not update this morning, so I was unsure of my well being score. Funny that Garmin also made the watch list this morning. So as a precaution I traded half size. An hour after I was finished trading my Garmin updated and I actually had a well being score of 3.5/10 and should have been on simulator today. Do’h! My one allowable trade was with FCX. The setup was a very bullish 2min candle forming powered by both volume and new high. But neither power was strong enough to take the trade by itself. I was a little nervous that the risk reward ratio was too large (6 to 1) and the trade was almost vetoed. I usually do not do well with R/R above 5. With more data I may reduce the veto limit. I was trying not to take any trades before 9:31:45, since I want to stop taking 1min ORB. I was watching the clock on this one and took the trade long when it made a new high a few seconds before 9:31:45. But, I was conscious of it and did respect new rule some. But no, I did not follow the new rule to the letter. I didn’t have any levels except the final target, so I took my first partial at 1R, which was also at the Bolinger band (4 sig). Then exited at B/E. What I did good today: Took my first partial at the correct spot. Exited trade correctly. Took correct share size. Kept to my 1 trade/day max rule. Also I traded something besides AMD/MU/AAPL. Traded OK, even with a low well being score. How did I challenge myself today? I turned off my P/L window again for the second day. Also, I kept to my 1 trade/day rule. Tried a 1min 45sec no trade rule. What I did bad today: Failed to keep the 1min 45sec no trade rule. What can I do better tomorrow: Will enforce a trade start time tomorrow of 9:31:45 as a rule. Thanks for reading. Trade safe. Rob
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1 pointTuesday 2/19/2019 Well being score of 4.5/10. Thus, I will trade at half share size. My one allowable trade was with WMT Lots of emotions to work through today. I guess that is a good thing. Changing my review a bit. I will use a checklist like Mike B and Mark D and end with questions like Mark D (Thanks guys!). WMT formed a nice “step” 2min ORB. I was surprised after the trade (when I watched my video) how early I took the trade. So essentially it was a 1min ORB. Not happy with that, because I want to stop doing that. But it formed a full 2min ORB candle setup so I just assumed I was close to 9:32am and took the trade. Now by bad luck the price spiked (25 cents) the instant I took the trade causing a bad fill. 1/10 of a second earlier and it would have been a successful trade, but this is common so close to the open, so I am use to it. Not an issue. The issue happens when the price reaches my 1st partial (line in yellow on chart below – which I drew in premarket) and I don’t want to take it because profit is too small due to the bad fill. But I was able to take the partial today at the right location. Then price dropped to B/E, which of course was easy to reach due to the bad fill. FOMO was bad because the other 3 stocks on my watch-list all had a very good ORBs. The checklist: “the Step” setup and powered by the “Engl PM” (explained in my last post), which is the weakest of the momentum powers I use. No veto rule was broken. What I did good today: Took my first partial at the correct spot. When I get a bad fill its tough for me to take the 1st partial at the correct tech level since it is now very little profit. Kept FOMO in check. AMD was setting up for really nice 5min ORBU with a mini ABCD/Bull flag. But I controlled myself and kept to my 1 trade/day max rule. Also I traded something besides AMD/MU/AAPL, which I think I have become too comfortable with. How did I challenge myself today? I turned off my P/L window. First time since I started (10 months ago – 6m SIM, 4m Live). I was getting way too attached to it last week. It was time to stop it. Also I kept to my 1 trade/day rule. What I did bad today: Took a 1min ORB in reality. Still no improvement in patience What can I do better tomorrow: Will enforce a trade start time tomorrow of 9:31:45 as a rule. Plan for tomorrow: Will still turn off my P/L window. 1 trade/day max. First trade must be after 9:31:45 EST.
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1 pointTuesday February 19th, 2019 Sleep: 7.5 hours. Mood: feeling like i haven't traded in a long time. first trade of the day was an ORBU in WMT. i FOMO'd the entry hard and got stopped out. i actually let it run past my stop and i was lucky to get out at it when it came back up. GOOD: got out at my stop. RFI: let my emotions get the better of me on my entry and then let it run past my stop. MOOD: disappointed in myself for rushing the trade. CONSISTENT: no did not respect my stop. Last trade of the day was in CGC. no setup, just hoping for a bounce off all the moving averages. i did not at all and i refused to sell at my stop so i took a way bigger loss than expected and hit max loss for the day. GOOD: finally got out on my own RFI: no setup and not respecting stop. bad trading MOOD: bad trading man just in a haze this morning. just feeling like garbage. CONSISTENT: not at all. I took a bunch of other trades but i don't count them towards my day since i already hit max loss and would have been locked out of my real account. i felt like i hadn't ever traded in my life before the market opened and my trades reflected that. it was not a good day. What I did good today: got out at my planned stop in WMT when given the chance What i did bad today: FOMO entries and not respecting stops. Worst trade of the day and why: CGC for refusing to take a loss and taking a much bigger one. What can i do better tomorrow: always respect your stop loss. If I don't respect my stop losses, i'll never be a successful trader. Other comments for tomorrow: just keep working on respecting stops and only taking setups. it's days like these that make me wonder if i'll ever succeed at trading. i don't know.
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1 pointThanks for sharing your experience, Mike! I will adjust my trading as from today (at least, that is my plan. You never know with us traders hahaha). I don't have a straight plan yet, as you have, but I think I will at least look for a setup (ORB, ABCD, VWAPreversal) that meets all the criteria. And I will also downgrade my size and risk, thanks to a post from Kurt. And yes, I am now also on the point that I am trading just to trade. And it starts to get bored. No pleasure when I make profit, more by luck than by a good setup!! Trade well and safe today!
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1 pointHi All, my name is Carlos M. I am 32 and live in Northern Jersey, few minutes from the NYC. After 12 years of working as a Senior Operations Manager, I was laid off this past December. My company purchased GE Appliances and moved to their headquarters in Louisville, Kentucky. I thought I would be more upset about the layoff but I had 12 amazing years, and I was ready to move on and try something new. The company gave us almost a year and a half notice, that was more than enough time to prepare. (Plus a nice $$$ for years of service and sticking around until the end :) ) As my work started to transition to the new company, I found myself having a lot of free time during the day. I always had an interest in trading stocks and this was the perfect time to start practicing and getting ready. I did another online course and trading that did not work out (that’s a story for another time), and then I found Andrew’s Book and Chatroom community. Signed up for the Platinum package, I did the simulator for about 4 months and when live this month (January 2018). Looking forward to possibly meeting up in the near future with others traders and continuing being part of this amazing trading community. Carlos M.
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1 pointHi Everybody! My name is Ryan (Ryan W in the chatroom). I live on Long Island, NY and I'm an IT consultant with my own business. I have been in IT for about 15 years now (I'm 32 and got started when I was 15). I have Bachelor's Degree in Business Management with a concentration in Information Systems. I have always been interested in trading. One of my best friends is Jesse Colombo (look him up). He introduced me to trading and finance in general while we were in high school, but of course I was only concerned with girls at that time lol. As I got older, I realized how interesting the markets are. I love staring at charts and trying to understand the underlying sentiment and what is happening on the screen. I started swing trading more actively in 2010 and was basically just treading water. I wasn't a fan of the overnight risk and after having awoken to several of my positions being down due to news or earnings, I realized swing trading wasn't great for me. I started to look into day trading. I got involved with Trading Education company here in NY and provided IT services for them. I was exposed to day trading more and was really enthralled by what was happening. Of course, this particular company wasn't known for the most honest and realizable trading education, so I took what I saw with a grain of salt. I received some exposure to some really great traders and mentors though, but their strategies and styles never really worked for me. After almost 4 years of day trading and having whipsaw emotions and losses, I am happy I found Andrew. I bought his book and was literally on the verge of giving up, but seeing how he trades and understanding his style and strategy has helped me immensely! The IT field has changed dramatically from when I first got started, even when I was in school (seems like a million years ago) and I am just sick and tired of it. I have been wanting to switch over to full time trading for years now, but the strategy I was trying to make work never worked. The person that taught me doesn't trade this style (even though he teaches it) and it just ended up costing me a lot of time and money. Now that I am on the right track with Andrew, I really hope to move over to full time trading sooner than later. Since I work for myself, I am able to balance trading and my clients. Of course, some days that's not always the case, but it does give me the opportunity to have the exposure I need. I look forward to working with everybody both here in the forum and in the chat!