The last method in the document that I attached above is something I'm still working on as far as trading goes... and im not sure how often it occurs. These are my trading setups for tomorrow.
ATR = "Average True Range" which is a trading-specific measure of volatility. What tool are you using to screen stock candidtates?
O ok, thanks. I gotta fiddle around with the software and I'm sure I can find that. I am using TC2000.
Stopped out of APOG. I don't mean to sound paranoid, but had I just bought the stocks off the list I created I don't think this would have happened. This was a lower criteria fundy stock... O well, I've got plenty of better choices on my list. Time to wait for a few pullbacks... got some really strong charts I'm looking at w/great fundamentals.
I did what you're doing for a long time and failed. best thing you can do is get into a daytrading(or swingtrading) ($45 month say) online room. there's 20 - 30 other traders in there and lot of them are seasoned and you can ask them questions like is now the best time to short aapl or any question plus you have guy who runs the room who is already successful and knows the trades. Best thing that will ever happen to you. From 9:30 open to 4 p.m. you can ask any question you want and watch other traders and see how they trade. PM me if you want to.
The best thing that will ever happen to me is to give some guy $45 dollars? Not that $45 bucks is a lot of money, I've payed that market tuition many times, but what makes you think I'm going to fail? I'm not a chump and I won't fail. You quit, you failed. Good luck on your trading... if you ever have constructive criticism I'll be here to listen.
I haven't quit. I succeeded mr. so defensive and once you lose all your money, you'll see what I am talking about. But you do it your way Mr. Idiot.
Nice witty retort. Care to explain what I am doing wrong and why my system won't work rather than coming in to my journal and declaring that I will fail as a trader, so I might as well do what you are doing now. I must have missed your kind introduction and willingness to help... Also, FYI, I am not being defensive. I take criticism quite well. I do not know you, I have no idea of your intentions. Look at it from my POV, if someone told you your system sucks and says, you should stop X and do Y... arn't you going to be at least a bit curious? Also, here on out it's my entries or no entries. I am thinking about dumping my breakout entries because I am not as versed in it; however, I do in fact feel I know how to exploit pullbacks using my methods. (well not really mine, but they are something i feel comfortable with and beleive its my style) I don't feel this is the only way to trade, but I feel comfortable doing this and I do believe I will make a consistent profit, especially since I have been more consistent lately in following my rules.
Been thinking more along the lines of R:W ratios and found some more possible trades... Trying a new method out... using less confirmation(less probability) in order to improve my R:W. First trade I am taking like my standard breakout... waiting for the price to cross the threshold and then initiating the order w/ SRCL @ 87.67. Second trade I am going to try to get some shares of AKS near 34.05-34.15. Stops and reasoning are listed in attached word file. In a stock such SRCL, where I feel the direction is up, I believe it will be of use to me to re-teach my mind that I can play stocks before they hit a certain price and there is more confirmation. In this fictional scenario, I would buy at around 85 dollars, use a 20 cent stop loss and aim at dumping half of my position around 87.5 resulting in a pretty great over 10:1 W:R. For now though I will be dabbling a little in each method...
Brokerages won't provide margin to minors. At 19, you would have to trade a cash account. Is that what you are doing? Or is your account actually in your parent's name? Steve