Yes, day 2 proved fairly profitable. I got cold feet when I saw the price wavering. I could’ve stayed in longer for a much higher profit. I think that I will adjust my partial hotkeys so that I can stay in with a bigger share for the potential move. Also, Andrew said that I need to remember to bring my stop loss to break even. I have a hotkey for that. I should do it.
I am going to study what happened tonight and do this again tomorrow and plan for better entries…and maybe…grow a pair. Still fighting with the broker…but things are looking up.
I have four stocks to watch on my screens at one time. I had planned to put in orders at the open for possible ORBs. this is the first time that I planned for a possibility. One triggered. It then ran up quickly. Since I had mutliple orders in, I had a limited share size. I hit my profit target for the day in the first minute and a half. I gave some back…I got some back and had 16 tickets. Good day. Just watching now.
They tell me my account will be open today. I hope so. I will repeat this strategy tomorrow.
The first day of the week where I am looking to get the IB account finally open, I almost went nuts. I had 25 tickets and was up $250 when I quit for the day. I have to remember that it was 1/2 hour of work for $250. Good hourly wage…if it was a wage. Small shares only and only after five minutes. Wee you all tomorrow.
My two monitor setup ran into a snag with my bad wifi, no desk, and a poor setup for my DAS. The interruption kept me from trading in the first five minutes. I got in on Snapchat for a short and then followed up with a long and made money on both for a $200 profit.
Today. I got setup and made money on Pinterest and AMD and lost about $75 on Tesla. I ended my day at 7AM up over$100. Let’s hear it for discipline.
Today, I traded in the first 30 seconds. Way too risky and the price action was not defined. This affects every trade later in the day. So here are the rules.
- No trading in the first five minutes.
- Use limited loss
- Only make 3 trades maximum.
- End trading in 1/2 hour.
Tomorrow morning, I will be in a Ramada Hotel. We will see what connectivity is like and trading from a laptop. You don’t even want to know how badly I am behind today. Let’s just say that it is safely in 4 figures.
Today, I tested a new Hot Key. It is the Stop and Reverse position. Essentially, this means that I get to a point and know or think I know that the stock will stop moving in a particular direction and catch the reversal. I wanted to go both ways on a rising devil. This means that I start with a short. I took it and made $198 then I reversed it and it continued down and I stopped out at break even. If I had waited a little longer, it would have reversed. I will examine later.
I took one 2000 share trade on a lower float and made $500+. This was successful but bad behavior. I ended the day with 31 tickets and up about $700. Glad I stopped. Still no word on my live account approval. Waiting is the hardest part.
Crappy days will happen in trading. Today was one of them. I took some early trades and I have decided to focus on a short scalp to start the day on Monday. It will be quick and I will also be looking for the rising devil. I believe that understanding the psychology of traders is the one thing that I am missing so far.
I lost money again, but again, I was focusing on execution of hotkeys and looking for setups. The P&L doesn’t mean as much, but I am in the process of opening my real account. It is a process and it is not quite finished yet.
When the account is open, it will get real…real fast.