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Day 85 of doing what I want even if I'm scared shitless to do it
Two trades today. That in itself is something to be proud of.
One of the biggest mistakes I've been making is overtrading. Giving away gains that I made.
Good things there.
I didn't prepare for this morning at all. I worked all day yesterday to finish up a sales letter.
And I mean all day. From 10 AM to 10 PM. I got it done but I went straight to bed.
This morning, made me watchlist in a hurry.
One small 15% winner.
One small 6% loser.
In all in all, happy. Kept my discipline. Not worrying about missing out on trades.
So far, the process is coming together. Picking out stocks is getting easier.
Thanks to the notes, support and resistance I've been adding to the graph is helping me trust my entries a ton more. The one trade that I won on could've went for more but the market started tanking and broke key support.
So I said screw it, I'll collect my small gain for now. Tomorrow there will be more opportunities.
Later today, going back to the gym.
Working out from home has been nice but damn it I miss the gym. I miss people!
Also, starting to get back into my diet. Gonna be shredded by the time I move down. See ya!
Day 86 of doing what I want even if I'm scared shitless to do it
New realization today.
I realized that I said outloud today, I like this trade today. I said it multiple times for stocks like Zillow, SE, and Square. However, I did not even look at them throughout the day. Why? Why didn't I trade these?
Well, the problem simply was - I had about 20 stocks on my damn watchlist. This is too many.
Even with the notes, it was way too much to keep track off.
So, I have to do a hard limit on this.
I've experiement with five in the past and I kept focusing on solely one. So maybe, eight. Eight stocks I feel 100% I would trade if it crosses certain thresholds. I'll experiment with this tomorrow.
PS: Another thing for you to remember. You can also reference the 5 minute in order to determine what you're picks are going to be. Sometimes, there's a trade being setup first thing thanks to yesterday's movement.
Day 86 of doing what I want even if I'm scared shitless to do it
Two lessons today.
Picking stocks working out.
Entries working out.
There's a nuance to these entries that I just realized.
First, you want to watch the SP 500. That will determine everything for you on how the day goes.
Second, based on that info, you only want to start trading the free and clears.
[Examples on Jan 6th: Target. Ebay. Expedia. Walmart. Intel.]
Even on days of extreme uncertainty, I notice traders were flocking to these "free and clears"
What does that mean?
What can we extrapolate from this movement?
Well, the first you need to know...
Sometimes, certain stocks get stuck in between multiple different moving averages.
Once this happens, it's like being caught inside an intense game of pong. It just violently bounces back and forth between the moving averages. It's a real pain in the ass to try to read it because you're just completely uncertain.
In other words, this is "no-mans land."
This is where you CAN make big money on a trade but shit is it hard.
The odds of you doing it right, there's just too many variables. Too many resistance levels.
However, "free and clear" only has one main resistance/support point. If it breaks through or holds...
You're sitting on something strong.
So with that said...
This is how trading targets will be prioritized for the foreseeable future.
Uncertain days are my favorite because man are there tons of insight to be gained.
Mark stocks based on past criteria. [trending + holding near a support level whether MA, bollinger or close]
Look at pre-market data and sort by eight potential "free and clear" targets. [if there are eight.]
Watch the SP 500 upon open to see direction.
Go through stocks and get in.
PS: Holy shit. Just got off a call with a current hedge fund manager. Not as important as it sounds. Just someone I've written for in the past. Anyways, it turns out this current set up I got is exactly how he does things minus one change.
He buys options way differently which when he explained it made a ton of sense. He buys ATM. Not out the money.
He's not speculating as I've been. He's just trying to make money off the trend. And if it reverses, no harm no foul.
Sure the profits aren't huge but over time, it adds up. Let's see how it goes tomorrow.
Day 93 of doing what I want even if I'm scared shitless to do it.
Two trades today.
Couldn't get a read on the market.
Made two trades. Lost $24 dollars today. No bigs.
Followed my stop loss accordingly.
One trade I got out just at the right time as the market just shat itself. Proud of that.
There was one stock today on my "free and clear" list that was absolutely freaking retarded. ETSY. At the time of writing this, the stock itself has gone up 12% in just 30 minutes. Freaking crazy. This was one that the bar was just ripping.
Note for self: whenever you see shit like this...
Give a close look at the 1 minute because there's no other way to read something like that. Ballastic!
PS: Made one more trade. I saw the market shifting again because of the 5 MA crossover and the MA's getting back to their correct positions. Rode a nice 17% win on CHWY to make back what I lost and some extra on top. I'm climbing my way back. Third profitable day in a row. Free and clear's baby.
Day 94 of doing what I want even if I'm scared shitless to do it.
My 3 day win streak is over.
But not to the fault of the system. This one was user error.
I had the right trade. I just bailed out for no reason at all. I wasn't even in the red. It was just 0. Then the trade moved! Would've been easy 50% gain. Instead, went into another trade in the same panic and lost $10. Dang.
But this is still encouraging. Next time, before I panic out of a trade, I need to ask myself, "why am I getting out of this?"
And if I have no good reason other than hysteria, because the chart was completely fine
Then there was no reason to panic.
PS: Fuck this stock went nuts today. Free and clears man. It would've been almost a triple!
Day 95 of doing what I want even if I'm scared shitless to do it.
Another lesson learned today about Free and Clears.
Today I manage to pick the two free and clears that went nowhere.
How did that happen? Well, when I look at CHWY and PYPL today compared to ETSY and QCOM, the first two didn't hold the breakout compared to the other two. The other two GAPPED UP and held the gap upon retracement.
This is a very important thing to keep in mind moving forward.
And it's also how I should sort stocks out in the morning.
Free and Clear selection along with anything that gaps up. Anything that gaps up is worth watching as we want to see if it's actually through or not. Two losses today. Held my stop loss. Dang. Keep going though.
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