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1 pointHi 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!
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1 pointAIS 0820, 4 hours, 5/10 Pat: Trade setup Grade..... Stick to a plan.... No wandering from my choice stocks.... Notes: Mute Vol. in Chat for first 30min...... do not open DAS after a decision to stop trading..... Not much time here today.... CRON PB#1.... A setup... 1/4 share size..... 5min ORB with ABCD on 1min.... took profits and added in on second ABCD that failed and out at BE....... +.2 R TGT Took a few trades here with a total loss.... more went against me than with me..... -2 R Off to other business as this is my break time..... Think I will call it a day and be happy with a Med. size loss and get some rest.... not feeling very good from the week.... Cons: Should have stopped trading when I was at +1R and feeling groggy..... I over traded a bit today.... Pros: Respected all stops and am able to walk away.... I will not open DAS or Chat Room anymore today..... Favorite Trade: The Reversal on TGT Notes: Take less trades.... think I will add a challenge... Take max of two trades before my 1100 break.... Rs: -2
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1 pointGood morning everybody! Good day today! It's amazing what a good and positive psychology can do to your trading. Traded TGT and MU today. TGT I think I did well, but not amazing with TGT. Went short after the 2 min orb with stop loss at VWAP. I used both the 1 and 2 min charts for confirmation. I watched it go back towards the VWAp but wanted more confirmation. So when I saw the candle going below the previous low, I went short. Scaled out at the moving average and stopped out at the BE. I know some people went long (falling angel) after that but I just did not feel comfortable with all the moving average on the long side. I know there were tons of higher highs/lows, even after the VWAP. But after the last 2 weeks I needed to get past those MAs. Once that happened, I went long with my stop loss at the 100 MA. I did however, notice that bull flag and told myself to go long, but lacked the confidence. I had, at this point, made well over my daily goal. In the 2 min chart, you see me take another trade due to FOMO. You don't see it here, but I used the 1 min chart for information. I went long but was immediately stopped out. Lesson learned (again), do NOT overtrade!! MU The 2nd trade I took was MU. Took a 5 min ORB. Didn't go my way and got stopped out. I think it was an average day. Yes I'm in the green today but I lacked confidence. There were opportunities where I could've had much better entries. But like I said, after the last 2 weeks, I have been very hesitant. What I have learned is to be patient, look at the charts and analyze. I think that one thing that has helped me a lot is listening to Robert's Rants on psychology. I also purchased The Daily Trading Coach by Dr. Brett N. Steenbarger - looking forward to reading this book! Thanks for looking and any feedback would be greatly appreciated.
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1 pointHi Glenn. Do you use market limit orders or market orders when you partial out or exit. I use market limit orders (my hotkeys are set that way) and MYOV was moving so fiercely they were not working. I had to switch to market orders to sell. Maybe you saw the same thing.
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1 pointTuesday 11/19/2019 I had a well-being score of 5.5/10 this morning. I took 2 live trades this morning with BABA and MYOV. My watchlist today was: AAPL, BABA, MU, ROKU, MYOV and YNDX. BABA gapped up some in the PM with OK volume. I followed my usual procedure. I waited after the opening bell to see how large was the big print on BABA. I didn’t have to wait too long (~15 seconds) and it was large 260k. So it is likely BABA will move, just need to get some hint of direction. I waited for the next prints, but the were inconclusive. There were some white bids 15c below the large print but there was a big print at the ask an instant after. Thus no help. The price movement was bullish. The price had a bullish 1min candle just before the open and another bullish hammer was forming after the open. Then I saw a L2 signal, though not too big. Then T/S went all green and I went long. The chart when I took the trade: My target was the $187 level. My stop was the $186 level. Unless a got a great fill my R/R would be ~1. So not the best setup. But I really liked the volume, the candles and the L2. The price did move upward and almost made it to my first target (HOPM) but then it retraced and I got stopped out. MYOV gapped up big in PM and was strong at the open. Both the first minute and second minute volume was good. MYOV made a nice hammer with the 2nd 1min candle and I was seeing some bullish prints. But then I thought heard Andrew getting out of MYOV. Uh oh, so I paused for a moment then I saw a L2 signal. Not a big one but enough. Then the spread decreased to 2 cents and I decided to go long. I didn’t really have a good target so I had to use the solid dollar and my stop was the bottom of the current candle which happens to be the bottom of the previous two candles. Soon after I entered the trade the spread increased to 1%. The price quickly dropped to half way to my stop but the L2 kept looking better and better. I was not use to a stock with 2-3% swings so I set a limit order not too far above my entry to decrease my risk. Shortly after my limit order filled the volume increased to levels I have seldom seen before. I was unable to read the T/S anymore. It was too fast. I thought I heard Andrew enter back into the trade. I took two more partials on the way up, then held onto 1/8 of my shares and exited on a new 1min low. Again, I am not use to these huge price movements. Holding onto 1/8 my shares through a 10% pull back is pretty wasteful. What I did good today: Didn’t break any rules today. The prints were correct and BABA did make a nice move after the open, I just happen to guess the wrong direction. I took a trade with a large gap up, I usually shy away from those. What I am grateful from today? Very grateful for a +4R day. Too many days these pass two months I have been stopped out by a couple of pennies and miss huge moves. It was nice to finally catch one. What do I need to improve on: Need to create a plan for the large price moving trades. They don’t happen often, but would like to be ready for next time.
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1 point11-19-19 AIS 0805, 4.5 hours, 6/10 PAT: No Emotions.... No Over trading.... no sub-par trades Notes: Today I am feeling like I need to test my DAS out and if seems to work Ill possibly take some Live Trades So PM I felt like MYOV was a strong long Reason2Trade...... Positive results for prostate cancer.... RVOL was over 10.0 PM Took an ABCD in SIM PM to see if DAS was working ok... it was and I liked my entry so much that when I closed it I went back in Live for only a couple cents more... made $40 on this trade with a $20 risk but for some reason it took me many tries to exit the trade....... The next two pre 5min were back in SIM to find out DAS was working perfectly, did I screw something up?....... the final trade was and ABCD on the 2min and trending the 9ema, I was trying to partial at .50 move and set to BE but again DAS seemed to be not working.... not even my PANIC key...... I finally got out at a .50 loss for a $1 ($60) swing because of DAS..... Im a little upset here.... +1 R I went to AMD and took a bunch of sample trades all different ways in SIM and all seems perfect..... I Reason2Trade... Downgraded this AM .... C Band costing them a Ton..... Yesterdays RVOL 18.0 and PM RVOL 6.0 PB#2..... A setup... Looking for this to go short on news and low (12%) short float..... waiting for a pull back I entered on the pull back to VWAP and a slight conformation.... stop at 9ema on 2min and target LOD.... Took two small partials at 1R as momentum slowed down.... price action and LVL2 started going my way again and my next partials were at 2R, 3R, later 5R and a super small amount back to BE.,.... +2.75 Rs Cons: Still not trusting DAS..... Pros: Took a position PM with serious positive news.... Took the position on I with a plan and executed it exactly how I wanted... Favorite Trade: I Notes: I will take trades with caution tomorrow due to the DAS bugs from today.... Rs: +3.75
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1 pointHi, my name is Grace, won’t mention my age but let’s just say I am retired and a senior, I’ve been reading Andrews books and will re-read again with more focus this time. I’ve been managing my own retirement portfolio for a few years now and am content with my progress. Oh yeah, I am and have been all my life, a Montrealer (Quebec, Canada) and proud of it. The stock market and investing is not new to me. A little funny story I will share with you today just to show you how much we’ve come a long way from the first day I set foot in a stockbrokerage firm as my first job almost 60 years ago. I moved up the ladder and worked in many departments, but get this, once I asked my boss that I wanted to train on the “floor” to be a trader, Ha! I was laughed at and won’t say what his comments were. This never left me. Yes, I probably would have been the only female on the floor, but I was not afraid, or skittish, or shy about it at all and was confident I would be good at it. Those were the times then and I am not bitter. I moved on, but the love of active trading was always there buried deep in my soul since that first job. Fast forward to now, life happened, raised a family and enjoying a couple of grandkids and travelling. I have crossed paths with a lot of brokers and investment analysts and advisors through the years. I love to do my own investment research. Day trading has been sitting in the back of my mind since I retired my good job at a major University a few years back. So here goes... I have yet to get set up, and am working on this now. In the meanwhile re-reading Andrews books, getting in on convos in chat room, checking out the lessons online, and just immersing myself in the community are my next steps. Wish me luck people. Grace