Wow, looks like I still need to work on not cutting winners. Basically everything I sold in the last couple days is still going up. UCO still going up so holding. RCMT got limp right quick, but still in an up trend. *edit- UCO looking mushy, sold for $116.69 profit. Total closed profit for October: 723.36
RCMT wilting quick, sold for 19.30 loss. Total profit for October: 704.06 No positions on. Going to wrench on a plane.
Weekly report for October (we call this a debrief in the world of flying, and some of them can be harsh). Monthly return 3.8% vs. Nasdaq -0.2% A Entry discipline A Risk management A Letting winners run D Position Sizing B Summary: I keep cutting winnerz I might need to hire a life coach. Position size way too small. Everything else working great. Entry accuracy and risk management make everything easier, and all those scars from penny stocks, long options and junk small cap stocks over the years is going to be hard to get over. Pure trend following might not be the correct strategy for me since it's not natural. I just love the sound of my cash register!
Have you tried using some kind of moving average ? I’ve found that it helps using the 10, 20 or whatever your taste moving average crossover. Many times I’ve sold above the 10SMA while if I’ve waited for the price to break below it then I’d have catched a bigger trade.
The 5 SMA or a 5-20 cross is a good exit signal on daily charts and would have kept me in DE and CMI, which are still going up after I sold, but I'm like a little kid before Christmas seeing all the gifts under the tree when I see money fluctuating on the screen. It's my intense fear of loss that drives the reflex to put it away for safekeeping before it blows away in the wind! Losing open gainz feels way worse than missing the move in the first place or taking a loss, at least for me. 'When asked how he’d made his fortune, Nathan Rothschild, one of history’s most famous investors said; “I never invest at the bottom, and I always sell too soon.” His modest reply could have meant that he was less likely to focus time on the market highs and lows, and more inclined to watch the general trends.' And doesn't that family own like half the world by now? Seems to work. Another angle is my fear of selling a losing position to a bag holder. It's immoral to sell lemon used cars to suckers, meme stocks to momo chasing monkeys, and stocks at the top of a parabola to moms and pops who finally break down and enter the market because everyone around them is leaving them in the dust. I'd rather sell half way up and let the next holder have some of it too. No joke. PTJ may have been similar, based on his interview (long ago) in market wizards. Even said he used elliot wave to find high reward / risk situations. Back to business, will be watching UCO carefully because the second buy point is coming up. Price will sometimes bounce on the previous pivot and if you have the guts to get in on the spike, the profit velocity is among the fastest I've found in 12 years of losing at this.
Waited all morning for the flag to appear. Five wave up on the hourly, five three down on the 1 minute. It's all I need to see. Kicking it off with 100 SQQQ.
Sold 100 SQQQ after the gap fill while I wait this one out. Still moving up after I got out, of course! Total profit for November: $61.00 Total profit since inception: $765.06 *edit- for the record, nasty horrible gap down and panic fill, dd almost to my risk stop, pattern failed, abort!
Pattern resolved, back in $1.37 higher, long 100 SQQQ in anticipation of the break of this flag. Yesterday's action was classic C wave destruction, and the entry that lured me in was the little B wave before it. These are notorious fakes, but you won't know it in advance, or at least I can't tell them apart from genuine third waves. Trading is like boxing, and our greatest strength as small retail traderz is the freedom to exit and re enter without moving the price. How many times did Mike Tyson just stand there before punishing his opponent? Never! He was always bobbing around.
Sold SQQQ for 155.50 profit. Cutting my winners feels so good! Will be looking to re-enter, if possible, on the first bounce on the pivot. Total profit for November: 216.50 Total profit since inception: 920.56