This is the first thing that I heard this morning as I mounted my bicycle for the daily 10 mile wake up ride. I have revisited my audio recording of The Master Key System by Charles Haanel. I will continue to live with this every morning as it seems to focus me on my day.
Today, I will spend a little more time on my sit.
When stocks gap up or down huge after a market close…opening move is in the direction of the gap. I made 3 bad decisions this morning. I never really recovered. This is concerning when I plan to trade live on Monday. Just the same…it was another learning experience. I also think that I need to learn a little more “seriously”. So this will be my last blog entry on this old WordPress site.
I will be starting with my live trading platform and a trade journaling platform on Monday. I am excited and a little scared. I also think that I will learn a lot more this way. I won’t completely abandon you…
Bye for now.
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.
Note to self, do not trade after the president has decided to make war threats against Iran. After a while everything went sideways but it was confusing and I couldn’t get price direction and all my choices were wrong and I was approaching a $2000 loss
Tomorrow will be another day