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Showing content with the highest reputation on 05/13/2019 in Posts
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2 pointsMonday May 13th, 2019 Sleep: 7 hours. Mood: good, ready to trade. first trade of the day was a 2-minute ORBU in MU. it broke the HOTD but wasn't really pushing higher so i got out for a small loss. Should have taken a smaller size and gave it more room but i'm glad i limited my loss. GOOD: setup was good, limiting loss is better RFI: too big a share size for the range of MU at the open MOOD: good. CONSISTENT: yes. Next trade was a 5min ORBD in TEVA. i got in on a pullback on the 5min chart, risking above VWAP. it hit my stop and came back down so i waited a little but it pushed higher and i got stopped out for slightly more than i wanted to lose. GOOD: waited for a pullback and had a good resistance for my stop RFI: should get out at my stop once it hits it and gives me an out. MOOD: fine. CONSISTENT: yes. i was still short biased in TEVA so when i noticed it wasn't breaking the $13.00 level and made a shooting star on the 2min chart, i got in short. put in a range order for $13.01 to $12.65 and let it go. ended up hitting my profit target and went even lower. GOOD: perfect entry and good R/R. RFI: could have held a small amount for it to go lower. MOOD: good CONSISNENT: yes. Next trade i saw MU make an engulfing crack on the 5min chart. i meant to get in for 50 shares and give it some room but i hit the wrong hotkey and took a full size and ended up having to take a loss at a closer stop loss. GOOD: recognized a good setup. RFI: hotkey error. MOOD: ok CONSISTENT: no, can't make hotkey errors. I still liked the trade in MU so i got back in with a better entry and this one hit my profit target. i scaled out too much. one thing i did that i liked on this trade was that i set my range order on the last 20 shares to be at worse 2R from my entry and then at best right above the $37.04 level. i did this because i was tired of getting stopped out at my breakeven on my last piece. glad i used this strategy, i got 2R on the last part instead of break even. GOOD: got right back in a good trade. RFI: scaled too much MOOD: good CONSISTENT: yes. last trade of the day was a quick scalp in INTC. i saw it was making a sort of ABCD pattern and making new 5min highs so i got in at the new 5min high, a little above what i wante, i was hesitating trying to see how many shares to get. took 50 a little bit higher than i wanted and got all out at the daily level. GOOD: saw a trade setup and took it. RFI: hesitating on share size MOOD: good. CONSISTENT: yes, exactly to plan. What i did good today: didn't let my two stop outs effect the rest of my trading. What i did bad today: TEVA ORBD was too early of an entry. What can i do better tomorrow: always wait for a good entry, getting in early is too expensive. Other comments for tomorrow: i watched this youtube video last night about how to help with impulse entries and what this gentleman was saying really resonated with me. i'm too hard on myself when i get stopped out because i take it personally. so today i took the mindset of not worrying about getting stopped out and just moving on to the next trade and it really helped me keep calm and focused on getting the trades that made money. here's the link for anyone watching. i love how this guy is just in the woods giving trading advice:
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1 pointLive trading summary for week ending 5/10/19. Took some poor trades this week, so my score card for the week was low at 74%. But, there were some good trades as well. Even though my win% is only 50% for this month so far (my month started April 29 so this is the second week of the month) I am green so far for the month. Also my nerves are improving. I took 8 trades this week and 3 were quite bad causing my weekly score card to be a low. Two trades I took with a poor setup, which I haven’t really done in weeks. My main issue this week was focusing on one chart too much. I made three trades this week with looking at only one time frame. Since I am no longer on the 3 month no Hulk challenge, I decided I can trust myself more and I adjusted my DAS layout last weekend. It took until Wednesday before I finally had it working well. So now I do have two active Montages on my layout now, so I can watch and enter a trade without switching the stock to my main display. The second change I was going to make if I survived those 3 months was change brokers. Originally CMEG was a good idea. I can have risk controls and a small account in case I blow it up. Since my hulk tendencies are more under control now I was planning to switch to a lower cost structure like Center Point or IB. But I am wondering, since I do have an issue with taking to many partials. Would it make it worse knowing each partial costs less? Should I stay with CMEG until I fix that issue? I know I am only supposedly just focusing on the process now, but it really hurts that most of my profits go to commission and fees. Back testing my setups this weekend had showed that AAPL is still very much in play at the open. AMD is still also in play but not as good as the previous week. MU did not have a good week at the open, though the previous week was amazing. So AAPL and AMD will be my top two focuses at the open. FB is still setting better each week as a play <2min of open. I still have it as my #4 stock, but that could change to #3 by weeks end. Here is my plan for next week:
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1 pointWeek 19 Recap Not a bad week but not that great either. Not thrilled about being back in sim but my trading still isn’t good enough to get back in to real thing just yet. We’ll see how next week goes. I can’t believe I took 19 trades this week. That’s a good bit more than I usually do, I’ve been around 12 trades the last 3 or 4 weeks. Stats are better in every respect this week. · Weekly stats o 2.1 R/R (Goal: above 2.0) [Previous Week: 2.0] o 63/76 83% (Goal: above 80%) [Previous Week: 33%] o -$52.51 (Goal: $250) [Previous Week: -$97.43] o 14/19 74% trades with the trend (Goal: 100%) [Previous Week: 44%] o 6/19 32% Non-optimal Entries (Goal: 0%) [Previous Week: 78%] o 2/19 11% Letting Losers Run (Goal: 0%) [Previous Week: 11%] o 6/19 32% No Setup (Goal: 0%) [Previous Week: 56%] · Highlights o Almost all stats were an improvement from last week. o Great trade in JD on Friday, SQ on Tuesday, MU on Monday. o Better entries this week. o Good one and done days Friday and Tuesday. · Ongoing things to work on o Hotkey error on AMD Monday. o Still holding losers too long, that number needs to be zero. o Too much scaling out on winners. o Need to work on getting all out of trades way before breakeven. Getting in to trades too early is the main reason im consistently losing money. I’m pretty much right on all my trades I just jump on too early with too big of a size for proper stop loss and then get knocked out of the trade before it goes in my direction.
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1 pointFriday May 10th, 2019 Sleep: 8 hours. Mood: good, ready to trade. took and ORBD in JD. got in late but it's better than being early and getting stopped out. I risked the 200 MA on the 1min to 2R. Sold the first half too early and almost all the rest at my profit target. saved 12% of my shares for the $28.27 level that missed by two cents. then i stubbornly held my last shares to break even. i need to stop doing that, it's just not worth it. GOOD: good setup, good R/R, selling for the most part was good. RFI: held my last piece through two new 5min highs instead of just getting out. MOOD: good CONSISTENT: yes. Done for the day. that's a good day for me and i don't want to mess it up with trying to catch more moves on Friday when it can be really choppy What I did good today: took only one trade on a setup. What i did bad today: held my shares through new 5min highs being hopeful instead of logical What can i do better tomorrow: get out of all your shares at 2R or better.
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1 pointHello BBT Community - Brian Connoy from Minneapolis, MN here. I joined the BBT Community as a lifetime member last week and will begin simulating trading next month (January 2019). I work full-time in financial reporting consulting and aiming to day trade equities on the US exchanges for the first hour to hour-and-a-half of the market. While not simulating trades yet, I am simulating my routine for the morning--testing out different aspects such as: can I get home from my morning workout in time to provide myself enough preparation time before the market opens? Can I sufficiently monitor my work email, etc., while preparing for trading and during the market...will I be too distracted? Am I eating enough before I sit down to my computer...am I getting too hungry. Is my workstation sufficient? How can I best utilize the chat in the morning? All of these things sound mundane, but I feel are important. Further, I have a big three-week trip to Southeast Asia upcoming in less than two weeks, so I figured it would be great to start the clock on trade simulating in DAS after I return. I do not have any wild ideas day trading will become a new career and replace my current job, but it is nice to think about from time-to-time. I imagine many of us think about it, and a good number of community members here have likely accomplished this. I am primarily seeking to refine another skill set and add a supplemental income. All of this said, I have not been so genuinely excited about something in a long while, as I have been about learning to day trade. I have seen the statistics that a high number of day traders fail in the first year, but I believe that can be attributed to a lack of determination and preparation. I have completed six marathons and I feel like if I can train for a marathon I can train to day trade. A little background: my first exposure to the stock market was investing in dividend reinvestment plans and direct purchase plans when I was fourteen. I remember my first two stocks were McDonald's and Norwest Bank (now Wells Fargo). I loved receiving those monthly and quarterly statements in the mail and tracking the closing prices daily. Paying attention to the markets has always interested me. I enjoy traveling. I try to make two international trips per year. I also enjoy attending concerts. Spotify just told me in their "2018 Wrapped" annual summary that my most listened to artist was Depeche Mode. May all you trades be green Brian