3 trades ( 0 winners / 3 losers) shares traded: 900 Stocks traded: JCP, NUE, AMZN average winner: 0.0 average loser: 91.66 commission: 18 todays P/L - 293 --- as of today: down 848.34 on 30,000 starting capital. Another typical day for me, just throwing money away.
todays charts for 9/12 JCP reason for entry: Saw a symmetrical triangle forming on my charts, then the following breakout. The first break failed, then it tried again and made new highs from the previous one, and on rising volume. But for some reason the stocks momentum didnt hold up.
NUE reason for entry: Again, here's a breakout where I bought the top (unfortunately), but the reason I lost on this trade was because I moved my original stop of 53.00 to 53.15. As soon as I got stopped, the stock ran up with few pullbacks. I felt like a jack ass on this one.
AMZN reason for entry: Like on JCP, I saw a symmectrical triangle form, and breakout, and as usual, I bought at the very top at 88.86..the rest is history.
11 trades ( 6 winners / 5 losers) shares traded: 2,200 Stocks traded: AAPL, FSLR, GS, RIMM, SNDK, WYNN average winner: 51.5 average loser: 29.8 commission: 66 todays P/L 94.00
Cash... some friendly advice. Stop playing breakouts out of patterns and try to concentrate more immediately on price. In fact, stop trying to trade breakouts period. I have never once met a trader who advocated playing breakouts over pullbacks. Pullbacks are easier and give you better r/w. (well ok, breakouts do WORK and some traders do prefer them, but they are definetely for more advanced traders) Calculate your r/w before the trade using actual targets of support/resistance and define your minimum r/w levels. I see so many juicy pullback setups in your charts and somehow you keep managing to buy the tops. There is a pattern to this. Stop repeating bad habits, you are throwing away money.
Just as an example.... I only trade interday but you get the jist... IFLO for a short today. Multiple convergences with break of trend line/approach of broken support and 20/50 DMA crossover (a signal that i use but not really necessary). Very weak candlesticks to the upside and strong to the downside. Today on the break of the low, volume picked up and I entered. Stop is 10 cents above the bar, first target is around 2-3 x my initial risk near the support depending on how fast the stock is moving. Gl.
Cashmoney said " "I cant even make a consistent 200.00 a day... wtF!?" Who ever said day Trading was easy . By happy if you are still doing this a year from now and actually making money. I have been trading for 8 years, wonder why I am still in the game?? Because I have a real job :-] Actually I run a business from my home.
In all seriousness, do you think you deserve to be paid $200 a day to draw straight lines on a chart and notice when they've been broken? :eek: