Hello Mr Morgan Just looking at your entries and exits and then comparing them to your charts I can see some mistakes in your trading and psychology. The good thing is that your are starting with stocks so your losses will be minimal as long as your position is not too large. Now I have never been one to criticize without offering a solution. 1. One solution is to slow down. Slow your trading down with maybe some swing trading which in turn will slow down your mind. This will also minimize your commissions as well. With 12.95 each way you will need to make 26.00 on each trade before you start winning whether you are right about the trade or not. That is hard to do trading small lots in a day trading setting but not so much with a 2-5 day swing trade. 2. Study some more: I am attaching a link that has some free videos with good sound strategies that are easy to set up. Using his main strategy (the bow tie) and looking at your chart you will notice very quickly where your mistakes have been in your entry / exit. The videos are made from Dave Landry and he offers a free newsletter service with his morning Market in a Minute video. Every day for free. I would also suggest reading any of his books. Here is the link: http://www.tigersharktrading.com/ar...-Trends-with-the-Bow-Ties-Strategy/Page1.html I wish you all the best and hope that you will continue studying. And in case it comes up I am not involved with Dave Landry in any way. I just think his simple strategies might help. I also like Larry Connors, Kevin Haggerty and Charles Kirk, to name a few other great swing traders. Take care and good trading, Gary
Hi Went Fishing, Thanks for the link. What I've done since I did not know how to put the charts on, was to have it attached. The advantage with that is that I can post my figures and then have my explanation on the chart itself, so it avoids the toggle issue. However, I will have a look at the link as it may be a better method. Thank you for the input. SM
I had to read more than one way to do it to figure it out... and then I started a thread down on one of the just talking/time filling parts of the forums and had to practice a few times before it worked! Best of luck!
Credibility and respect elevated to level 10. Appreciate it. Re4, I am looking to day trade within this profession. i understand what you are saying in regards to swing trading and in complete agreement. However, what I am not comfortable with is the gapping up/down from one day to the next. However, I will look into the link that you have sent as this may help. I'm with Fidelity, so end up paying $7.99 each way. Despite it not being $12.99, I know it can add up. However, this should not be an issue, as I want to trade bigger sizes (and I will not, till I think I am educated enough, as I have some scars to show for that ). All in all, I thank you for your input, esp. since it was so kindly & genuinely put. SM
Excuse the absence of charts for the last 2 days. I was hit with the flu and am recovering. I could also kick myself in the process as I could've gotten the flu shot for FREE at Walgreens, but declined, as I didn't have "faith" in those shots. Maybe next flu season, i'll get one and pay for it!
Two nice and easy positive trades for the morning. I was catching up on reading so only decided to trade till 11am. A longer day may have brought some excitement with FAS, as it trod happily towards $27.03.
Pic. 2: Trade 2: LONG: Entry: $28.44 Exit: $28.54 $0.10 Total (+/-): $198.04; [$230-$31.96(commission)] All Time (+/-): $48.14
Hi Sam, just a quick note on this trade, maybe giving you something to research more. Something I might suggest is to focus on 1 setup for awhile, then move onto another setup and keep building more and more plays, so maybe start with flag patterns, then add support/resistance ect... I like how you got long on the opening range breakout, if you look at that chart it put in a really nice bullflag after you got in, so you could have added to your position and kept your first buy as a core. You could have bought on the flag break more, set your stop for just below the flag for those lots and used a measured move calculation for the target, just rounding number it would have been about $26.50, then could have used your other lot to hold as long as it was up trending the rest of the day. Just something to think about in the future, good luck on your trading.
Agreed KingDong. Just went back to the chart and it's a good thing that I hadn't posted the chart for the whole day, or we would be marking bull flags all day long!!!