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Showing content with the highest reputation on 11/14/2019 in all areas

  1. 2 points
    Hi everyone, Want to share my thoughts on creating a trading system. We all have goals. I think it is great. The problem is that we focus on goals without having a clear plan how to get to them. Goals are just directions. I think it is very important to focus on creating a trading system with clear steps and directions. Focus on improving that system and improving your identity as a trader. I would love to share my system, and I hope it will be helpful for some of you. Let me say a few words about myself. I started to trade a few years ago. Like many of us joined Sykes and traded penny stocks. Then I tried five more big and famous chat rooms. I was on a rollercoaster. One of my friends mentioned to check Andrew's room back in January. After watching a few videos I decided to join them. Got a life membership, and now I am here making money, but whats most important I am growing with this community. So let go back to my system... Here is a step by step what I do on a daily basis. 1. Business plan - with out a plan you just a swimmer in the ocean. It's scary and crazy. Be a captain of your own ship. But you gotta build that ship first! 2. Preparation checklist - no matter if you are a scalper or a swing trader, you can not trade a stock without knowing a float, RVOL, reading a catalyst, knowing ATR and more. 3. Having a playbook - have your setups with data collected on them. I am constantly adding charts of stocks in play to my playbook journal. Track your setups. 4. Risk management - is a KING or QUEEN not sure, always trade based of a risk. 5. Trade management - in order to know how to scale in and scale out you need to collect data. Are you good at one and done, or getting out by 10%. 4. Daily report card - track your performance. Trading is a performance job. You gotta know your mistakes, weakness and strengths. 5. Journaling - #1 thing for improvement and tracking all data. Reflect and review. Repeat day in and day out. So on every topic you have to create a detailed system, and put everything together in a way that it will be easy for your brain to navigate. You brain does not like complicated things and always trying to find an easy way. Make it easy and fun. Create good habits since the day one. Building yourself as a trader will help you to improve your personal life and the other way around. I suggest to read "Atomic Habits" by James Clear on this topic. This is a long journey, and I suggest you to take it seriously. Be a professional. Ask your self a question, "What would a professional trader do?" There is only one way to success, compound of a hard and smart work. Thanks!
  2. 1 point
    14.Nov.19 +3r. Another good day. Watchlist. $WMT, $CGC, $CSCO, $QGEN, $KHC. I liked $CGC (Harmonious and ATL) and $WMT (Harmonious and ATH). $KHC was downgraded, downgraded stocks always tend to go down (defintive move). Trade1: $CGC. Poor earnings and at ATL. At the open it couldn't touch VWAP, very weak. I took short on the Rising devil setup. suddenly there was spike on the upside and so I got out most of my position. partialed at 5min low. last part was 20% that I kept to exit at $15.1, but got stopped out breakeven. Trade 2: $KHC. I was watching to get short on $KHC, at the open it struggled for the move, later at 10AM, it made the move. I felt FOMO, but didn't chase it. Later in the day, noted the stock trying to break the level $31.6 mutliple times, when it broke and offered a pullback I took short and partialed at daily level. This is my favorite trade of the day. Trade3: $CGC. was selling off most of the day, finally reversed and broke VWAP. I waited for the bounce off VWAP before taking long. All or Nothing trade at 2R. worked out fine. Good: I felt FOMO in the morning after missing couple of good moves. But didn't chase them. Improvement: $CGC at the open could have been my one and done. I messed it up a bit somehow. Overall OK day.
  3. 1 point
    11-14-19 AIS 0825, 4 hours, 6/10.... normal morning except a little less time before open.... PAT: No chasing..... very small size again.... Notes: No chasing and no trading in the first half hour unless it slaps me in the face.... Take the trades when I know I am supposed to..... Get out on my intuition and save myself money.... I lowered my share size a couple days ago and forgot to reflect it in my Goal for the day..... It is now $8/$24 DIS Reason2Trade 2nd day play .... RVOL 6.8 at time of trade..... PB#2.... A setup..... small share size.... I barely missed the first move and almost chased it but I did not...... I waited for another opp and got it when it came back up above VWAP and Red to Green... used just under VWAP for stop and PMH for target...... Took two partials and all out at BE...... Room for improvement .... When I have a play in mind I should not let myself wander to other stocks as I have missed many moves like this.... +7.00
  4. 1 point
    11-13-19 AIS 0810. 4hours, 6/10.... normal morning routine... I did forget to read my weekly notes till now at 1022.... PAT: Wait for setup and do not anticipate...... Go with my gut during the trade..... Notes: I am done with ORBs for the week and if I break this rule I must go back to SIM...... Be more specific on my setups..... LK Reason2Trade +Q results, surge in Rev. rises above with soaring growth.... RVOL 27.32 with a 50% short float making this a great short squeeze..... PB#2..... A setups.... terrible entries.... First one I should have not been in at all at this price, I am still hesitating too much and waiting for too much confirmation which is just a bad entry and chasing.... hit hard stop on all three.... all three were chasing .... luckily I took small size on each one..... the third trade I had a hard stop set for just under VWAP and when I looked up while trading it blasted past it and it did not trigger for some reason costing me about 40% more loss...... Every one of these trades I held on to for too long and waited for the hard stop to hit even though I knew the hard stop was coming..... Get out when I feel it..... I have to figure if I just get back to what I was doing in SIM I would be doing much better..... Room for Improvement.... Take the trades when I see them and stop waiting on too much confirm. which is just chasing.... -32.24 Walked away and worked on our other business to clear my head.... came back to my yesterday buddy... AMRN Reason2Trade: 2nd day play... RVOL 3.7 ..... PB#3..... A setup.... small size..... trending the 9ema on the 2 and 5min with ABCD on both using C as a stop and my daily level and HOPM for target... took partials on the way up... I had micro shares left and was going to lunch, so I added on and brought my stop to BE with a high target.... ended up stopped out when I got back.... +23.22 also took some DIS scalps on news for micro shares +37.50 Cons: Chasing..... Pros: respected my daily goal and daily stop Favorite Trade: AMRN Notes: Take the trades when I know I am supposed to..... Get out on my intuition and save myself money.... If I can not trade like I was in SIM I will go back by the END of the Week.... P&L Goal $50: +28.48
  5. 1 point
    Hey guys, Below is the script I use for 2:1 range orders on both long and short positions. Sorry for the delayed response. I have been away for a few weeks, 2:1 Range order on Long position ROUTE=STOP;StopType=Range;LowPrice=Price;HighPrice=AvgCost-Price*2+AvgCost;Share=Pos;TIF=DAY+;SELL=Send 2:1 Range Order on Short Position ROUTE=STOP;StopType=Range;HighPrice=Price;LowPrice=AvgCost*2-Price-Price;Share=Pos;TIF=DAY+;BUY=Send
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