In my paper trading, I am cycling in and out of this stock (what I post here is just part of a test on picking breakouts). I'm doing pretty well with most trades, but making some MAJOR mistakes with others (ex. OVTI). Because I am still learning, I'm very glad I am using paper money at this point. However, I am getting ready to take my trading live. Does anyone have an opinion on ThinkorSwim.com?
One other thing, if this was an actual log of my specific dates & times of my Ins & Outs, I would have still gotten out of these two. But, I would/am looking for an entry point to get back in sometime next week (probably Monday afternoon). On another note: The guy I share an office with (a real trader, not paper trader) had a 7% day yesterday (14% if you count his margin), trading ALY. I totally missed seeing the opportunity. This is another example showing I have a HUGE amount left to learn. BTW, thanks for your post. Posts like your's helps me review what I am doing, and helps me learn. I appreciate it. -TraderEO
Out of OVTI @ 13.62 A 22.92% loss. In my paper trading account, I used a stop and reduced my loss some, but that is not part of this test. I know a lot of people look down on paper trading, but I have to say that after 4 months of it, it has been VERY educational. I have made and lost a lot of paper money (I am about even overall on my trading), gotten my ego bruised a few times, and I believe that I have about 50% of my trading system worked out. Plus, I am seeing more clearly that the psychology of trading is a HUGE issue. So, I still have lots of work left to do.
au contraire mon frere!!! a quick look at implied vol vs historic vol is all you would need if you believe the above is true.. (or a simple breakout system with mm rules)