Andrew from Jersey - Day Trading Journey

[Andrew from Jersey 18]

 In the name of transparency and integrity, I have decided to share my journey into day trading from what is essentially the beginning. I have read the books, and dabbled in some simulated trading on my phone's thinkorswim app, but recently took the next step and opened up and account with CMEG, and finally received my platform activation link for DAS on Tuesday, June 16th. 

It is my hope that this journal will help me to develop into a top tier trader, and will also be used by anybody else in their own education and journey into day trading. I apologize to all of the seasoned vets in this community if I make a fool of myself by making stupid or uninformed trades. 

Here's a run down of where I'm at after downloading DAS on Tuesday...

Tuesday - dowloaded DAS, and went about watching the "DAS Resource" videos on the BBT site. Got myself somewhat familiar with the software. I'm not a "computer guy" by any means, but I am capable enough of understanding the basic fundamentas of the software. I also spent the evening establishing most of the potential hotkeys I'd like to use. 

Wednesday - traded on SIM in the morning on NCLH, and tested out the hotkeys, and began addressing any issues I had with them. 

Thursday, today - traded on SIM, with multiple tickers to try and expose myself even further to the markets. Didn't realize that the software switched me out of my SIM account, and into my live account, any time I switched tickers. Took stupid trades on my live account while continuing to work through hotkeys without realizing. Lost like 200 bucks. Super bummed. But asked about the issue in the chat, and got a response right away. Issue resolved, and I'lll check twice before taking on trade in the future. Can't afford those stupid mistakes. 

I'll make two more posts after this with some screen shots of some practice trades....

[Andrew from Jersey 18]

Wednesday SIM trade on NCLH 

Most just messing around with the software, and trying out hotkeys/buttons. Was more focused on the software than the strategy. 

[Andrew from Jersey 18]

Thursday June 18th

SIM trade with RCL

Again, most messing around with the software, and ironing out whatever I needed to with the hotkeys/buttons. I'm liking the buttons more, for some reason, not like it matters. Tried to catch some small waves up and down. Unfortunately, I didn't realize that I switched out of the SIM account, and into my live account, anytime I switched tickers. So, some of those early ins and outs are real, and I'm super pissed at myself for not paying attention. Obviously lost money. Whatever. Issue was resolved, and I'm damn sure I won't make that mistake again. 

[Christopher 129]

20 minutes ago, Andrew from Jersey said:

It is my hope that this journal will help me to develop into a top tier trader, and will also be used by anybody else in their own education and journey into day trading. I apologize to all of the seasoned vets in this community if I make a fool of myself by making stupid or uninformed trades. 

If you ain't taking stupid uniformed trades you ain't learnin' bro! The market will humble you, no matter who you are! Everyone is still trying to improve, even if it's their first week in SIM or their 5th year trading live.

Red or green day, if you learned and are a better trader because of it, then it was a good day.

 

 

[Andrew from Jersey 18]

@Christopher Patterson

Thanks for the support bro! 

[Andrew from Jersey 18]

Friday, June 19th 2020

Traded SIM and some live.

Experimented with low float stocks, and scalping (see the pair of 5 min candles around 9:50). I continue to want to use very tight stops on this "scalping" method. I'm finding out that I need to let the opening breathe a little more before making a verdict on which direction I think a market will go. I'm gravitating to these scalping strategies, opening range breaks. I'm trying to set some levels, namely previous day high/low, pre-market high/low, and previous day close. 

[Andrew from Jersey 18]

June 22nd 2020

SIM trade with MGM. (Find myself eyeing a couple sectors I'm familiar with, namely weed and gambling.) 

 

[Andrew from Jersey 18]

June 23rd 2020

SIM Trading with DKNG, AAL, and ACB. 

Minimized my watchlist for the morning, and it served me well. Noted to myself yesterday that I am taking too many positions off the open to try and catch a breakout. Decided to be more patient today, and it paid off. First true green day in SIM, even with all the CMEG commissions and fees. Feels good. 

[Andrew from Jersey 18]

June 24th, 2020

SIM Trading DKNG, INO, MGM. 

Trying to practice the VPA strategies I've learned. Basing my positions off of volume, and the breaking/holding of levels or moving averages. 

 

[Andrew from Jersey 18]

June 25th 2020

SIM Trading

Decided to try some scalping again, since I enjoy quick moves in and out. Broke my daily net goal of $50, so that's cool. I could have used a little more patience with OXY, because it ran for a while based on a news catalyst. Still favoring the casino/gambling sector. Is there an ETF for this? 

 

[Andrew from Jersey 18]

June 29th 2020

SIM trading

This was not a good morning. I continue to struggle with having patience. Tomorrow, I am staying off the 1-min and 2-min charts (except to verify entry/stop/target), and am resolved to try and trade off of the 5-min chart and allow things to open up before I enter/exit. Here's a trade a took on Gilead this morning. 

 

[tntp45 53]

8 hours ago, Andrew from Jersey said:

am resolved to try and trade off of the 5-min chart

I like this rule !

[Christopher 129]

What up Andrew! So I'm not sure if you noticed or not but $GILD made a sick descending triangle in to the open. Taking a short for the breakout with morning volatility! So cool! 

Nice trade 🙂

[Andrew from Jersey 18]

@Christopher Patterson Can you explain what a "descending triangle" is? I took this trade based on "feeling". I knew the overnight and pre-market long positions were going to take their profit at the open, and it would drop at the open. But I'd much rather back up my "gut" feelings about a market with more sound technical analysis. Thanks for the support! 

[Christopher 129]

Here's my take on this trade and why it was so cool! 

A descending triangle is when the bulls are remaining firm at some level, in this case it was right around $76.45 but the bears are growing in strength, so each time it bounced off of $76.45 it wasn't able to break a previous high, i.e each bounce is (roughly) lower than the previous, price can only trend this way so long until it becomes wedged in to a super tight range, when that happens price will always break out, how strong it breaks largely depends on volume. 

So a couple things happen when this level gets breached 

1. The buyers that went long with their stops just below this level are forced to sell (+ selling pressure)

2. The bears short anticipating stop orders being triggered to catch the downward move (+selling pressure) 

Also, a few things happen when the market opens..

1. The swing traders that took a position on $GILD are largely looking to sell at the open, especially if they're holding large positions because that's typically when they'll get the best fill (+ selling pressure)

Gild had a very significant gap in the premarket ...

So, it's reasonable to assume some of those traders who bought in the premarket dumped there shares at the open ( + selling pressure) 

And ALSO, It is highly likely that there were sniper short sellers anticipating this trade about 30 minutes prior to the open thinking "probably over extended and making a descending triangle, possible momentum short opening play" ( + selling pressure) 

Keep it up my man!

-Chris