No trader has all green days and my IDCC is getting close to requiring "risk management". We all know what that means, nudge nudge, wink wink :eek: :eek: (My husband's take on IDCC is to hold it for at least a year and it will become profitable.)
Hmmm...what would 1reason do? Double down! Short it so hard that it only need to move $0.01 to make $2k lol j/k Seriously, It's nice to watch you blossom into a pro trader. I'm a little bit (a lot) behind in the learning curve, but you are giving me and others a glimmer of hope. Thanks.
I heard he was walking around Disneyland with a computer and six monitors strapped to his person. What's up 1R?
ROTFLMAO (and something about the cat)! Hermit, 1R is my mentor and I haven't got permission to trade that hard yet
Its four hermit, four !! I only have four monitors in florida. Not doing to bad for a guy only trading about three hours a day with three monitors tied to a laptop with a sprint card for internet. Come join us again in chat Bob
- $1832 â Day +$1169 â Week +$8015 â Month Today was my risk management day for IDCC, which opened strong and held strength around 33.25, so I placed a stop @ 33.35 just above the HOD. I had a brief convo with Banjo about simply leaving that stop in place since that level of loss was acceptable to me and patiently waiting to see what transpired. The stock fell pretty hard off that high, and established very strong support around 32.80, rallied hard, fell back to 32.80, established a slightly higher low twice and I decided to exit there for better or for worse, and a loss of $2018. My original idea of keeping the max stop and waiting it out turned out to indeed be the better choice, but thereâs no way of knowing that âwhen the bullets are flyingâ as Hog would say. My major criticism of this trade was not setting a tighter stop from the start. I assumed the stock would do something and when it didnât do that something, I needed to get out and re-enter later. My second criticism was not doubling the position on the first volatility run up and taking profits that same day. This happens again and again; itâs a common pattern that I have yet to see fail in my 7 months of day trading, but it takes great confidence, something Iâm still working on, something my mentor, 1R, has a ton of and needs to send me in capsule form that I can take each morning with my smoothie. Another criticism was not re-shorting on the run up from my exit; damn thing hit the low ticker after that! Once I master these trading nuances (thatâs the âskillâ part of it), I will be rockin! Looking to get some scalping practice in the doldrums: Shorted small position DRIV @ 24.39 overbought, covered @ 24.29 strictly on Level II action for a $50 gain. Started a HOTT short early morning, then late day added to the position, scaling in to 4000 shares for an average price of 8.59, cover limit @ 8.53. NoD the bottom picker chose the exact bottom of the move at dayâs end and only 3330 of 4000 shares filled. Tried to cover the rest in after hours and only 100 shares filled so far. Nice profit for a small move, though, netting $177. I was watching V this morning, analyzing it from a scalper/short term point-of view. I decided to observe and âpaper tradeâ based on patterns Iâve seen again and gain in my past couple months of screen time. It broke the previous minor resistance level and the buying picked up. Iâve seen this happen enough times to know that it HAD to test the HOD at that point. The pro day traders/scalpers were on it and I jumped on (mentally), too, @ 48.50. It rallied hard past 48.70, and stochastics were hugely overbought. I wouldâve exited there at market, probably ending up with a .25 cent gain amidst the volatility because it continued up to 48.83. As soon as I exited, I wouldâve shorted on a) overbought, and b) the fact that massive maribosu bar runups pull back quickly and sharply. Sure enough it fell hard to 48.30, but mentally I covered @ 48.50. It fell to 48.20, where it found support right on the 20-period SMA on the 3-min chart and bounced. A trader couldâve put in a stop, or simply taken profits when the stochastic pivoted halfway to overbought @ 48.55, as that was a good exit signal. Then as soon as it exhibited that failure to break previous resistance and dipped below the 8-period SMA (or both 8- and 20-period, if you prefer extra confirmation), the short signal was on and it played out beautifully. I have to wonder how TraderZones, with whom Iâve been having a rousing debate about the value vs. worthlessness of technical indicators, can possibly say they are worthless. Look at the charts Iâve posted in this journal and then tell me technical indicators are worthless. I really see my growth as a trader in the past couple months and am very glad to have kept this journal. Iâm never tense or nervous at all any more. I go in with a plan and exit with a plan. I donât mess around with my plans anymore based on my thinking, only based on what the market shows me. I still have a long, long way to go. My biggest shortcomings right now: Failure to take my setups immediately without hesitation. Iâm simply not aggressive enough on strong opportunities. I would prefer to be more aggressive, have more losses (small), but also more, and larger, winners. Another shortcoming is my impatience, both on entries and exits. My goal for February is to go in strong on my high probability setups, and place a tight stop (trades shouldnât run too far against you; you can always re-enter), and let profits ride by scaling out half and half (unless Iâm simply going for a small move).
+ $207 Added to my remainder shares of HOTT so Iâd have an even lot after last weekâs partial fill. Target @ 8.45 filled for a $135 gain. Short IDCC @ 33.16 when it pulled back from failure to make a new 52-week high. Added for average price of 33.30. Of course it rallied from there. Finally it drifts down pennies from my target and sits there, so I cover @ 33.20 for a $100 gain. Short IDCC @ 33.16, drifting beneath the periodic SMAs. Thought about covering for a small profit, but it looked weak. That wouldâve been the better choice, then a re-short. Holding small position overnight. Sold some APOL Mar $95 calls.
You go No-D.....Is that an Option play I see in there as well?? Do you use the same broker for both equities and option plays and if so do you actually trade them both out of the same account?