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Showing content with the highest reputation on 07/26/2019 in all areas
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1 pointMy Wife has been telling me that I have the head for Day Trading for Many years. In the past we have worked hard on a small business in Key West and since have always had Jobs along with some kind of retail business weather it was the Art store in KW, a Donut business, an online retail business that we still operate and recently an Amazon PL business. This last adventure cost us a few bucks but fortunately I was able to get ride of most of the product and not fall too far in the red. I have recouped enough for a small Day Trading Account. I talked to a few people at work about this and they all had the same thing to say "Its tough and no one makes money doing it" after talking with them a bit more I realized that they were willing to put the money in but not put the time in to educate themselves and of course they lost money. Most of them are still holding on to Bitcoin for the long haul. I decided to start reading some books on this and I started with Stock Trading for Dummies and realized that was not the right book for me. I then found Andrews first book and was hooked. I should have listened to my Wife a long time ago. It just so happens that I work nights Sunday - Wednesday as a Poker Manager from about 3:30pm to 3:30am (home to home) eastern time, so I am able to get a few hours sleep before I wake at 7:30am to get ready for my Classes I joined BBT as a Lifetime Member on the 4th of July. I was almost done with Andrews first book. I woke up in the AM to watch the premarket show and at the time I would follow along on Think or Swim. I did this till the 15th of July. From the first day of practice I did keep a journal on paper until now (I think I will still write it as I feel like doing it twice cant hurt help me remember). I showered last night right before bed. I woke today nice and fresh, brushed my teeth, made myself an espresso and ate a protein bar. I had plenty time to do some of my own research before Carlos came on at 8:30. The last 2 days I have been very happy with my premarket analysis as most of what I have is either on Carlos watch list or is a low float (which I can not seem to get the info from the Das Sim platform). 9:34 +MGM at 30.99 (should have been 30.90 but I was slow on the hot key) I partialed out at 31.13, 31.25 and 31.34 and got all out at 31.60. My stop was previous candle 30.89 and Target 31.61 from the daily charts Realized +25.63 I took this Slower moving stock in play as I felt more comfortable with it. 10:02 +INTC 52.62 P - 52.69 and out at 52.56 (again I was slow on the trigger on both) My stop was prev. candle 52.55 and Target 53.00 on 5min VWAP Realized +.50 My total day +26.13 This is at 100 shares of each. If starting with $5000 my 1% rule would have been 500 shares of each for a realized profit of +130.65 The last two days after I have decide I was done for the day I went back to just play around and try to learn more midday strategies I took -TWTR misread what I thought was a drop and lost out along with a reentry +TWTR and this time it fell, LOL my mini Hulk.... I know myself and If I was in for real money I would have never even come back to the market for the day. but I will add this ticker also so maybe I can figure out what I misread.
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1 pointHello, I'm Mark from Minnesota. At my last job I was a security engineer for a bank where I made more money than I really needed. I keep my living expenses very low, so that wasn't difficult. All of it went to savings and I figured I should probably do something with it rather than let it sit there. I started swing trading, though I had no idea that it had a name and wasn't very successful at it (truly an understatement), though I definitely saw the potential in it. When I was laid off last month, I started researching and studying and realized that the rules of day trading fit my personality to an absolute 'T'. I had never actually enjoyed swing trading. I hated having positions sit open while I was at work, or after the market closed, or while I slept, but didn't realize it was an option to open and close them only for very particular periods of risk or reward. So, when I stumbled upon day trading, it felt like coming home. My first week day trading was green and I was surprisingly good at it with very little knowledge or experience yet, but I was using Robinhood to trade on my phone and a demo tradezero account to watch stock tickers on a really janky laptop. Despite being green and quickly identifying profitable patterns, my setup was less than ideal, so I quit trading and started educating myself while I researched good day trading office setups, which is when I joined BBT. My collection is nearly complete and I'll begin trading sim next week in a fully loaded home office to test out how well I do. I'm excited to work with everyone here, and for the future ahead.
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1 pointFriday 7/25/2019 I had a well-being score of 6/10 this morning. My nerves were fine. I took one SIM trade with FB. I was looking at TSLA as well at the open. I honestly wasn’t looking at much else since I really like FB’s premarket. The scenario I was most hoping for is FB drop down to the $200 level and bounce back and I would go long when it broke the PDC. FB did just that but 6 seconds after the open. At 5 seconds before the open it dropped and bounced off of $200 and at 6sec after the open it broke the PDC. This is too early for even me to take a trade. I waited another 10 seconds for the fluctuations to die down and then I went long with a large stop. My stop was all the way down to the $200 level since it is still so close to the open. My target the 203.43 daily level. But, I knew in my gut that target was too far away and more likely the high of PM was all I would get. Again, like yesterday, even though I knew that it was a SIM trade my heart beat like it was real. Now my objective was to take decent partials. WOW! I pushed my patience to the extreme. This was tough for me even in SIM. I took only two small partials on the way to the PM high. This was a $1 move. I usually take 5 partials by then. Then I waited two minutes and a nice ABCD was setting up. But the wait was killing me since if I exit then I have a one and done, but if it reverses, since I took small partials, this is a small win only. So I took another partial. The market was nice enough to teach me a lesson and 1 second after I took another partial the price popped. I thought this was about all the move I would get from FB and partialed out. But, over all I thought it was an improvement on my partialling patience. Oddly, even though it was SIM, it was a big enough trade to call one and done, so I couldn’t get myself to take another SIM trade. The chart when I took the trade. The entire trade: What I did good today: Created a workable trading scenario so I can react fast at the open. I don’t have to think, just follow the plan. How did I challenge myself today? Tried to be more patient with the partialing. What I did bad today: I really like this trade. I am going to give the complaining a rest today. What can I do better: Keep working on the partialing. But, it was a good start today.
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1 pointJuly 25, 2019 - $AMD (Partial) Today was all about execution. The goal today was to execute each step of my trade plan with violating any rules. Identify Profit Targets - Accomplished Place Stop Loss - Accomplished Analyze the Risk - Accomplished Entry Execution - Accomplished Profit Taking - Accomplished The only rule I violated today was trading a stock not in play. I had $BMY and $TAL on my watch list. The entry I look for did not form on $BMY and $TAL went on SSR. (I do not trade SSR stocks). So, I went to my favorite list and to see if I could get an entry to work my profit taking as that is my focus right now. Proper execution of my profit taking plan. I found an entry and executed the profit taking to a tee. Took a partial at 1R and left the rest to either hit the profit target or stop out at the break even. I will say I met my plan today and advance my understanding of controlling my emotions when the stock moves in my direction. Sample Set Results, S E P 14 15 16 17 18 19 20
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1 point25.Jul.19 Red day. I was very tired today and almost skiped the session. But I traded with too much distraction anyway. I was 2R up before hitting 4R loss. Watchlist: $FB, $TWTR, $T, $SNAP, $PYPL, $MU & $AMD. Watched $SNAP and $MU at the open. Trades 1&2: $SNAP. This was similar to my $FB trade yesterday, Took reversal at the open near the MA/PCL/Daily level (expecting a Double top on the daily). Price moved a little bit, but was too strong at the open. Small profits. Trades 3-5: $FB. Once again, looking for MA bounce reversal. Trusted this as it was 200MA on 15min. Took it long, got stopped out. Took it long again, after the bounce, got stoppe dout again. It was knife catching. $FB was very bearish today, although my bias was Long and that affected my trades today. I did take 2 more Long trades and made some small profits. Trades 6&7: $SNAP. Stock pulled back to 20MA and made a hammer. Took it long for HOD, BE stopout. Took another long after VWAP bounce. Partial and BE stop. $SNAP just couldn't break the $18 level today. Also creating a shooting star on Daily. tomorrow will be very interesting for $SNAP. Trade 8. $PTC. $PTC was bearish at the open. Pulled back to VWAP, created a VWAP false breakout setup. I took it short, very confident as there were MAs as resistence too. But price chopped and stopped me out. Very volatile after the Open. Trade 9: $MU. This was not a smart trade. Saw the doji hammer on 5min and went long, looking for ABCD pattern, realized I am caught in Double top setup on 1min. Got out for a loss. I should not have taken this setup. Good: I think I traded setups, but today, I think the MAs/VWAPs were not respected (including 200MA/15min). I had good setups on $PTC and $SNAP, but they just didn't work out. Improvement: Could have avoided trading today, being tired, or reduced the share size. Knife catching at the open on $FB, it was a 50;50 setup, could have avoided. $SNAP was exactly like $FB yesterday, din't give all the move. I could have waited for a confirmation, $SNAP also created the 3c setup on 5min, I just didn't notice it.
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1 pointThursday 7/25/2019 I had a well-being score of 6/10 this morning, a bit of a headache. My nerves were fine. I received my results of Van Tharp Institute psychological inventory test (176 question test). Wow, my results were really bad. Bottom 13%. I can’t imagine how bad it would have been if I took the trade last year before I improved with my discipline. It’s essentially telling me I shouldn’t trade. But too late I’m hooked. Plus I see personality improvement in other areas of my life so I am going to keep at it. See link for gory details: https://forums.bearbulltraders.com/topic/1286-van-tharp-institute-peak-performance-course-for-traders-my-journey-through-the-course/ I took three SIM trades with FB, TSLA and AAPL. I decided this morning to trade SIM the rest of the week. I was concerned about it, since the first 3 days of next week I will be in hotels and was planning trading SIM due to using just a laptop and uncertain WIFI. So trading SIM today and tomorrow means a week without live trades. The reason for trading SIM is as follows. I am usually positive profits going into the last few days of each month. Then my self-sabotage behavior kicks in and I give all the profits back and ending up flat for the last 5 months. Last month I was up big enough that even if I stop out every trade my last few days I will still be positive. But, my self-sabotage behavior was too strong and it found a way to give all the profits back. I REALLY didn’t want the same ending this month. So the simple solution, don’t trade. Call it a month and say yes after 9 months of trading live I have a positive P/L at the end of the month. Since I knew I would be trading SIM most of next week it was planned that the end of the month of July would be tomorrow (Friday). Today I thought I would like to trade TSLA at the open, since it has been in play lately but I want some SIM time on it before trading live. My other focus was FB since it was definitely in play. FB setup first with a nice hammer in the first minute, but it was still a red candle. Waited until the 2nd 1min candle was firmly white and went long. I gave it a large stop since the price movements were large this morning. My stop was the bottom of the candle. I would essentially bail on the trade if the candle goes red. I had a target of the high of premarket which gave a R/R~3 but there was the 200MA-1min standing in the way at 1R. But, the volume was so large I thought it was worth the risk. What’s odd about this trade and the next two is the moment I entered the trade I forgot I was in SIM. You can probably tell by my usual poor partialing L. But, that made today’s trading more useful than the usual SIM day. I took partials at the 50MA then 200MA. It never quite made it to my target and I exited when the price broke back through the 200MA. What it looked like when I took the trade: The entire trade: The next trade was a 5min ORB with AAPL. I like that it bounced from the PDC so it made a good stop level and shorted soon after the bounce. But within a minute I got out at B/E. Actually, if I would have held on, the price never broke my stop and would have been a good trade. My final trade was an ABCD on TSLA. The price was holding onto the 231.39 daily level that it respected (bounced from) multiple times. After it completed a red candle I shorted. My stop was the daily level (231.39) and my target was the 227.09 daily level. The R/R ~4 which is remarkable for the setups I usually take. The price action is much more volatile than I am use to causing me to partial even worse than usual. The price actually reached my target where I exited due to lack of shares. What I did good today: Took 3 good trades. How did I challenge myself today? Once in the trade it felt real so got some good training. What I did bad today: I feel a little wimpy trading in SIM. What can I do better: Since I will be on SIM the next 4 trading days I will work on experimenting with my partialing and trading TSLA at the open. I wish I thought of working on my partialing today. It would have been a really good day for it. It’s possible I may not get any trades that run in the next 4 days that I can practice on.
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1 pointMy trade setup. Simple and effective. JK