But I did have a tough week and ended it with my first red day this year. Friday felt like Tuesday where I just felt loss in the market. I was late on entries, not seeing the setups until its practically too late to trade them. I would like to say that it is because I am at work and I have to split my attention at times, but I feel on these trades I should have known better than to jump in. Even my only green trade on Friday wasn't as good as it could have been because of the late entry. I am determined to learn this and do this for a living the rest of my life. I always wanted to be in the market but was always told I couldn't succeed and I need a steady secure job, but I believe in me.
I mentioned last week that I found a guru who's trading strategy was just like what I was trying to build. I enjoyed it so much on the free chat Thursday that I signed up for the 7 day free trial. If you missed it last week his name is Ross Cameron, aka Day Trade Warrior. He is long biased but will short given the setup like me. He has a momentum gap strategy like I was trading but he has different elements to it. I figured I could learn a lot from him and improve my trading. So the first part of my recap will be about my week with Ross. Just click on the links in red and it will give you more specific information about Ross and what he does.
Well you know how my Tuesday started and Friday ended. I think I ranted about it enough. But I want to point out that it wasn't a reflection of the Day Trade Warrior chat room. I made those stupid mistakes before I really got into what was going on that morning and things I did on my own. I did see that his gapper scan was identical to mine. I can't remember if he hit the one on Tuesday out of the gate or not but for some reason I got disoriented when I entered the trade. I had my stop order typed in but forgot to hit enter. I hate I can't use my DAS Pro at work because I have everything set up for just 1 click. As soon as I got in the stock started jumping around and I just wasn't ready for that. I just wasn't mentally prepared to trade.
I took the rest of the morning off to start looking at everything Ross does. This is the first time I have truly been in a "live" chatroom where the moderator talks through what he is seeing and what he's thinking during a trade. You can learn a lot that way. You are not just following him in a trade blind. You know the plan. The entry, the stop, the exit strategy if the trade works the way he wants it to. If you are a beginner, or a relatively new trader like me that is long biased, this is where you need to learn.
I like the screen share that he does as well. His different screeners and charts are up all day. After the morning gappers I used his scans to find stocks to trade the rest of the day. Everything I normally find on Equityfeed I saw on his different scanner screens. I had a price cap of $20 in my screeners so I moved it to $100 to see how my scans compared to his. They were pretty much identical. If you do not have a live real-time stock screener then being in this chat helps you get great trade ideas intraday. I also like the fact that nothing he does is hidden. He also discusses his plan if a stock hits his radar. If a trade doesn't go his way, he will discuss it and you can be right there during that process. It helps you to be ok with your losses and teaches you how to correctly reflect on them. This is a great way to learn.
I wish I could have kept the headset on all day but work got in the way. I am looking into getting wireless headphones so I can keep chat in my ear all morning because that is when all of the action is. Needless to say I believe I will be staying for a while. I encourage you to watch his videos on his YouTube channel and his webinars. You will get a lot out of them. I can't expound on his classes but I would expect them to be just as awesome. I will continue to keep you posted on how things go but I would recommend at least trying it out for the free trial. If you like the style of trading I have been working on, you will find the rest of the story there.
Goals of Day Traders:
- Find volatility in the market
- Find tickers that are moving
- Minimize risk and maximize profit
Struggles of New Traders
- Finding stocks that are worth trading
- Finding the setups in real time
- Managing risks on open trades
This is what you will learn by being in the Day Trade Warrior chat room. His screen share that's up all day with his custom scans that are specifically designed to find the volatility and tickers that are moving. He gives you his plan and describes the setups as he sees them in real time and it's right before your eyes. Finally, because he shares his plan you will know his risk/reward and that will help you manage your risk. You learn by listening, seeing, and doing. Being a technology teacher myself, I feel that is the best and most complete way to learn.
Needless to say I will be staying in the Day Trade Warrior chat room for a while!
Well here is my week. Like I said earlier I was out of sink this week. I will take a break and relax this weekend. I'm taking Friday night and all day Saturday off. Wish the weather was good enough to go to the island and sail a bit but too windy with these fronts pushing in and 20 degree weather doesn't make the beach much fun. I am an island wart and a beach bum.
Total Profit for the Week - $2019 before commissions
Total Profit for the Month - $6235 before commissions
Total Profit for the Year - $13,430 before commissions
Sorry for the daily charts being off. I forgot to take screenshots but I will have it straight for next week!
Tuesday, February 17
($161) loss KNDI Long Stock by AverageJoeTradr
This trade is how my week started out. Studied all weekend and felt ready for a good week. I wasn't fully prepared, probably a result of trying to work and trade, and didn't hit enter for my stop. I use those just in case I have to walk away from my computer and the stock tanks. I could have re-entered if things didn't get crazy but it was a lesson learned. I need to figure out how to use my DAS Pro at work. I will need it especially if I start trading the gappers the way Ross does. I will need to be quick and typing in orders in Active Web does not work.
I'm sorry but I just realized I sent myself the wrong charts from work. These do not have my entry and exits on them. If I trade at work I email the charts to myself so I will have them at home.
$100 profit SDRL Long Stock by AverageJoeTradr
$160 profi SDRL Long Stock by AverageJoeTradr
Went back to one of my favorite stocks to day trade. This ticker will usually give me a couple hundred dollars if I catch the moves right. I always have this and RIG on watch. These are off shore oil drilling companies and tend to react to more than just oil prices.
$65 profit RIG Long Stock by AverageJoeTradr
RIG did not move much after I entered. It did have a nice initial move but it looked like it was gearing up for a decent push toward HOD
Wednesday, February 18
$480 profit ANGI Long Stock by AverageJoeTradr
$240 profit ANGI Long Stock by AverageJoeTradr
$230 profit ANGI Long Stock by AverageJoeTradr
$110 profit ANGI Long Stock by AverageJoeTradr
Nailed ANGI from gapper scan. Every other time ANGI gapped up it didn't run so I almost took it off. It had too much volume premarket to ignore. Love days like today.
$115 profit SDRL Long Stock by AverageJoeTradr
$80 profit SDRL Short Stock by AverageJoeTradr
Made a trade on old faithful but did not use much size. I was expecting a bigger move but I'll take whatever it gives me. When I saw it breaking down I went ahead and shorted it. I saw on level 2 that the bids dried up and it began a small sell-off. I'm practicing recognizing these reversals and taking advantage of it.
Thursday, February 19
$75 profit JBLU Long Stock by AverageJoeTradr
Traded this ticker because it was gaining momentum during premarket. Got scared out with the big red candle. Could have held for another minute and doubled my profit. Still not comfortable in trades in the first 15 minutes of market open. I think it is mainly because I'm not home and can't use my DAS pro. My first few practice trades I wasn't quick enough with Active Web so I'm still a little nervous.
$100 profit EXEL Short Stock by AverageJoeTradr
This was a ticker that hit my gapper scan early. It set a small .13 channel in the 1st 15 minutes of market open so for me it was in play. If it prints a large channel in the first 15 minutes I usually put it on my afternoon watch. I saw it opening weak and start to sell off and rebound. I was ready to enter early on this one if it broke 2.98 but it didn't so I waited my 15 minutes to set up. Once I felt it was weak enough to break through the 15 minute low I shorted it. I didn't get the move I was looking for but when I saw bidders coming in on Level 2 I knew a change in trend was coming. I exited on the 2nd green candle that made a new high. The first green candle to make a new high was my trigger and the second was my confirmation that there is a good chance the trend was changing. Never mad at $100 profit. Profit will increase when my position size increases.
$200 profit ANTH Long Stock by AverageJoeTradr
This wasn't a gapper but it was surging up and it hit my screener on it's 1st push to 5. It wasn't much happening so I put in on watch. It bounced on a higher low and when I saw bidders come in and heavy buying volume I entered. My risk on this was .10 for at least a .20 gain. On each of the previous 2 red candles I noticed the selling volume bar increased so I said I would exit when I got my .20. Could have made at least .5 more if I would have waited. There was big buying on the previous candle but I can't be too mad. .20 was my original plan going in.
$115 profit RIG Long Stock by AverageJoeTradr
Always have these this ticker on radar with SDRL since they move with more than just the oil sector. It was making a higher low and my risk was set on the red trend line I was looking for at least a .30 move. Didn't quite get the .30 but still a decent trade. sdrl
Since this stock is priced so high I only traded with 500 shares to keep my capital available for other trades.
$150 profit SDRL Long Stock by AverageJoeTradr
This was a trade similar to RIG where it looked like it was gearing up to make a bigger move but it stalled out. Still made a solid trade on what it gave me. Usually this ticker gives me a larger move than RIG but today seemed slow all the way around.
Friday, February 20
($170) loss CRC Long Stock by AverageJoeTradr
($70) loss CRC Short Stock by AverageJoeTradr
Bad trades. Really, no explanation needed. I entered too late for the early entry gapper strategy and held too long. The fast drop rattled me and for the life of me can't figure out why I went short. There was no indication that the stock was changing trend. I was really out of sink this morning.
$200 profit AXN Short Stock by AverageJoeTradr
Saw this ticker earlier and felt it would be a good short. Overextended on the daily chart and this was it's 4th day running. I missed the ideal entry but felt it would retrace the parabolic from earlier and I could cover in the 1.40's or so. I felt it would at least get to the 1.60's by close if it didn't tank. I just kept it on and had moved my stop from 2.23 down to my entry at 2.03 for the last hour but covered in the last dip towards 1.85. Support just kept building at that level back since 1:00. My initial risk was .20 for a potential .40 to .60 gain.