This is like my 4th journal i think. Here is the quick recap. I've daytraded a few times, always lost. I play poker full time and really want to get a 2nd income going. I recently funded an account to daytrade the russell and after 1 week realized I don't want to daytrade because I already spend a lot of time on a computer. So I am going to trade longer term off of daily charts. I willl post my plan next.
Here is how I plan to trade. I am going to scan to find stocks making 1yr highs or lows. I will then wait for a pullback to enter. I am still trying to decide how far I want it to pull back. I am leaning towards a pullback to a trendline. Entry will be taken when the price begins to resume trend. I may measure this with cci or just eyeball it. Stops will be set below the recent pivot. Since I am trading stocks moving to new extremes I plan to trail stops on profitable trades rather than using fixed targets. Thats all for now I will post charts later.
OK so I am funding my IB account right now. I'm going to start with 10k and risk no more than 1% of equity. I'm leaning towards the more conservative side here. My long term plan is that if that if this goes well I will open an account with bright to trades lots of positions at once, but still keep em nice and small. I won't be able to trade too terribly often or I may run into trouble with the PDT rule. Up next, a couple charts with my set up.
I have written a scan that finds potential trades for me. They are pullbacks after breakouts. My programming skills aren't stellar so it is a rough scan. Once I find potential trades they must trigger on a shorter time frame. I'm going to keep this trigger to myself because I think it is really really clever, but I'm sure if anyone really tries they will figure it out. So anyways if you look on the chart the red lines on the bottom would be potential shorts and the green ones potential longs. Once again there is a trigger and it eliminates the vast majority of bad trades. Gaps would obviously be ignored.
Oh yeah I said above i was scanning for year highs, but after more looking that seemed too stringent. The real value in my method is in the trigger anyways.
I was about to wish you good luck but after a quick check thru some of your recent post; seem like you haven't even decide on which instrument, which method to trade yet. I think you need more than just some good wish.