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Showing content with the highest reputation on 01/31/2020 in all areas
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2 points1-30-20 Alright, still out of state working on this new job prospect. Had to leave early in the morning to take care of some things for the new employer. I was able to trade for about an hour. I was able to take a trade on NNVC. NNVC I took a trade on the 5 minute ORB. Got in on the trade short, went to take a partial at the first technical level where I saw it was meeting some support however, when I did this the price literally shot back up around .10 to my break-even as I hit my hotkey. I continued to watch the 1 minute chart and saw it bounced off VWAP twice on a reverse ABCD pattern, so I added to my short position for a target of low of the day, around a 3R. Stop loss for the trade was set slightly above VWAP. I Watched it break and then covered my position right above my target. I really like when multiple strategies come together. More people are apt to see the trade from their respective trading strategies, which makes for a promising trade. I unfortunately had to leave my Airbnb shortly after for the rest of the day. Hopefully, I'll be able to trade tomorrow morning for the first hour or so. I'll be flying back home on Sunday, so i'll be back on my regular schedule next Monday thankfully.
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1 pointI wanted to post this experience I had as a word of caution to all traders in the BBT community. I come from a background of successfully managing a sizeable IRA account as the result of 40 years as a medical imaging engineer. I guess I've been a swing trader since before that was a thing, and have always been very happy with my results, and I enjoy it very much. Early in my career, I helped write code for some of the earliest CT scanners, and later MRI machines. When we started installing these machines, there were some extreme high pressure situations. These machines were not on every corner like they are now, and if I didn't keep mine running, there might not be another one available for several hundred miles. I loved it, and still do. This past September, I found Andrew's book, read it right away, then got his second book and read it, and then I did the same with Bryan's book. I became a lifetime member to BBT, and proceeded to paper trade with a 3 month subscription to the BBT DAS software. I probably opened my CMEG account sooner than I should have, and went live too early because hey, I'm different, right? I have years of "experience" with trading the market, right? Then in the beginning of December, I opened my IB account, with enough to make sure I didn't have to worry about the PDT rule. I've been struggling, good days, bad days, but had not yet lost anywhere near what I have been able to make in my IRA account. Not as well as I would have liked or expected, but considered the losses the cost of opening a new business, and education. Looking at it like that, it has been a bargain, and if I hadn't done it, I would always have wondered "what if". Enough background. Fast forward to December 23. ITSC was in play. I had decided that it was time to take it up a notch, increase my shares, but I had been struggling with it a bit. ITCI had beaten earnings, and had several analysts upgrades. It started with an opening range breakup, and I got in with more shares than what I had been doing. Not a lot more, and still probably would be considered small by more experienced traders. The stock then shot down like a rock, and I saw my unrealized drop to negative $800, which was way more than I was willing to lose. I did the classic, psychological reaction that we have all been told about. First I completely locked up, panicked, and sold everything, even as it was starting to reverse. It then took off, and hardly even did as much as a pullback, all the way up to what I remember as something like a $6 climb. Because of my intervention, I turned what should have been a $4000 plus gain into an $800 loss. I felt like someone had hit me in the face with a 2 by 4. In the words of that great American philosopher, Mike Tyson, "Everyone has a plan, until you get hit in the face". I then watched it drop back nearly to where I had gotten out, and then run back up to a double top. But I was still in no condition to get back in. I was petrified. Until..... By the afternoon, I had gathered my senses, and followed the price action of this stock that had beaten me so badly. So the next time it dropped and started to reverse, I had decided that it was time to get my money back. Most of you probably know where this is going. I decided to get in with smaller size, and as it went in my favor, I would add size. Sounds like a plan, but ITSC still had other ideas. Then it took another leg down. Hey, no problem, just add, and you've got a better entry. Then came a big dump down. I can't even explain what had taken me over, but I added again. After watching it continue to grind down, I was eventually forced to come to terms with the fact that I had just managed to double my losses, and by the time I got out of the nightmare that I had created, I was down $1600 for the day, December 23, 2 days before Christmas, ITCI. I will never forget it. The "Hulk day" that could never happen to me, had happened, and I honestly had no idea what happened. I'm fortunate that I was able to absorb the loss without having to give up trading altogether. My strong belief is that no matter how many times you get knocked down, the only thing that matters is how you get back up. I was surprised how quickly I was able to recover, and a month later, things are actually starting to "click". I actually feel like I am developing a process that I can execute, and one day, have the consistency that I need, and I'm working very hard with dealing with the fear. Also, please know that during every moment, I was completely aware of the fact that I had done this to myself. I was to blame. Not ITSC, or the market. But, as some time has passed, I now know that I did learn a very valuable lesson that day, and I now follow my rules without question. Mechanical stops 100%. I decided to share this in the hope that it will help others. I had thrown out all my rules. I was sick of seeing trades hit my stop, and then turn and burn. I was going to force the market to act how I wanted it to act, and it cost me more than just money. If it can happen to me, it just might happen to you. If nothing else, if you should happen to take a bigger loss than you might have been prepared to take, is that you will keep this in mind when you think about what happens next.
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1 pointhi Jordan, im Tristan from Shirley :)i used to work at southampton that would be nice :) il see you then..
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1 pointHi everyone! My name is Jordan Foster and I am a college student hoping some of you can come to a meetup in the Hamptons, East Hampton New York specifically, on March 7th 2020. It will be at a bar (that also has food) called the Clubhouse starting at 7:00 PM. Very fun spot that has great drinks, great food, nice staff, games like pool bowling and cornhole, big TVs with sports playing, and an entire gameroom. I hope you can make it! -Jordan
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1 point1-31-20 AIS 0815, 8 hours, 6/10 PAT: Over-trading ...... Take the adds and partials when they make sense .... I will need to leave today at noon for family stuff.... XOM PB#1 ..... 10min ORB, looked like it was setting up for an ABCD on the 2min but I jumped the gun.... also my DAS froze for a couple seconds and cost me about 6 cents slip..... all out at full stop from entry that I wanted.... I called out the short at 1000 for .96 but did not take it, the other trader in my group took it and was very happy, LOL..... need to trust my call outs as this was not the only one..... -1.5R 1 CL PB#3 ...... pull back to the 20ema on the 5min and bouncing off 73.90 level.... 50% partial, added back in and took it back off after I was not happy with the price action.... added in again and took a 50% and all out at new BE +2R ADNT PB#3 .... entered after a pullback and 25.09 looked like the new support..... took three partials and added in twice .... all out on time constraint ..... I am very upset with myself as I called out PM that if it holds 23.70 (this PM Level along with a strong 23.75 Daily Level was my signal) that it was a good long, there is no reason I did not take this on the break of VWAP as this was my PM plan...... +2.5R . Cons: Jumped the Gun ... did not pull the trigger on a PM plan and a call out to my trading partners Pros: No over trading.... Happy wioth my partials and adds..... PB Trade: ADNT Rs: +3R
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1 pointYour boy has to hook you up with a standing desk 😉 Dope looking green Sauron eye rig btw. Nice dual monitors too but I know you will get 4 very soon.
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1 pointFigured that since I created this thread, I might as well post the finished product. Since I was coming from the Mac world and was functionally illiterate when it came to building my own rig, I ended up just buying a pre-built. Here's what I ended up with: HP Pavilion Gaming Desktop Tower 690-0073w Processor: 9th Gen Intel Core i5-9400F Graphics Card: NVIDIA GeForce GTX 1660Ti 8GB RAM 256GB SSD People were raving about this system on the r/buildapcsales subreddit. Walmart sells it for $599 which is already a good deal, but for a limited time select locations were selling it for $499 or $399 in-store. I was able to score the last one at my local Walmart for $399. The graphics card itself is worth $300, so I was pretty psyched to get it. I plan to upgrade the RAM to 16GB, and the SSD as needed. I will also likely switch out the GFX card for a Quaddro once I decide to go to 4 monitors, but for now I'm running 2 just fine with the pre-installed one. The monitors are AOC 24E1Q 24" IPS LCDs, 1080P, VESA compatible. I got them on sale at Staples for $69 each. They look and perform great. Overall I'm pretty satisfied with this as my "starter" PC. I feel like I accomplished my goal of getting something solid that I can build upon. Now I'm ready to start SIM. Thanks again to everyone who chipped in with their advice!
