Sunday, February 22, 2015

Weekly Recap 2/17-2/20 / Review of Day Trade Warrior Chat

Well, this week did not start off well for me.  I think I was having a case of the "Mondays" on Tuesday.  Made some mental mistakes that I normally do not make.  Maybe I spent too much time studying over the long weekend that my brain was just tired.  What is interesting is that up to this week I haven't had a red day this year.  I have made trades for losses, but I have traded well enough to stay green every day this year.  But, that either tells me I playing too conservative, or I just have excellent risk management.  I believe I am trading scared.  I think I have been getting better but in order for me to get to the next level, I will need to ramp up my position size some and dig in and trade like a real trader.  Maybe I'll do that next month.  Right now I like the color green too much!

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.



Saturday, February 14, 2015

Weekly Recap 2/9 - 2/13

Here is my weekly recap.  You can click on the green numbers, or red,  for a direct link to the trade summary on Profit.ly.

I know several of you are waiting on my blog on how I use Level 2 and I am trying my best to get some good screen shots. It has proven to be a challenge to get what I need during the trading day.  I haven't done a video before and I do not have any software that I could create one but a video would have been easier.  I will have something very soon though.

This week I have been continuing to work on my gapper strategy.  I believe this will help me trade better and more efficiently while at work. If I can take advantage of some of the quick moves within the first 30 to 45 minutes of the trading day I would not be so stressed about making it back to catch the secondary setups.  I would already be profitable and would have more patience with letting the trades come to me.

Also, I am still working on shorting those stocks that break down. Although most of the gappers I have on watch make moves to the up side, There are some that go back down and I'm working on learning how to trade those more effectively.  I guess when I started shorting I expected to see more of an increase in profits but I haven't.  I believe that will just come in time as I become a more proficient trader.

I was introduced to Ross Cameron this week, aka Day Trade Warrior.  He has a momentum gapper strategy very similar to the one I have been trying to perfect.  I caught his webinar this week on his strategy and I believe I have learned the rest of the story.  I believe If I adapt to his strategy I will have more opportunities to profit with morning gappers.  I took advantage of his free chat Thursday and I have to say I was very impressed.  For one, he is long biased and his approach to trading is similar to mine.  Even though he is long biased, he will take a short if that's what the market gives him.  That was the first time I have been in a chatroom where the moderator is talking to you and sharing his screen with you at the same time.  I signed up for the 7 day free trial because I want to learn more about him since we have such similar approaches to trading.

My eyes were further opened when I caught a replay of one of his previous webinars and I realize that I have enough capital that I need to start focusing on my risk/reward ratio.  I believe this is where a lot of traders who start finding a level of success an begin growing their accounts mess up.  When you start with very little capital it is hard to try and focus on risk/reward and grow your account.  On a $1500 account you have to take more risk with using margin and higher risk/reward ratio's, or it will take you a year to get to 5k.  At least that's my opinion.  I was aggressive once I found a successful pattern of trading and stuck to it.  Now it's time to scale it back and grow my account more responsibly.

No, I'm not throwing away my Textbook Trading and Tandem Trader.  Those are still invaluable to me.  Everything I am is because of those tools and those strategies have brought me to where I am today.  I will continue to search for ABCD breakouts and learning Nate's shorting strategies.  I still believe in not following too many guru's, but when you find someone that thinks so much like you, you just have to let him in your circle.  So I figured I'd take these 7 days and get to know Ross better as a trader.

Now on to my trades this week.  I totally missed Friday and I was hurt.  My plan was to jump on GENE out of the gate and ride it until it threw me off!  I get to work and the network is down.  I do not like trading on my phone so I sat the morning out.  Should have been another big day.  However, I had an awesome week even though I had a slow day and a day off.  What also stuck out was that I didn't have a loss over $100.  I didn't even realize that until I started reflecting on my trades.  I am not trying to think about it so much but if I can consistently trade profitable through July, I will not be going back to teaching in August.  I feel like I am on the verge.  I just need a little more seasoning and a big kick in the balls from the market once or twice before I can cross over.  


Total Profit for the Week - $2180 before commissions
Total Profit for the Month - $4216 before commissions
Total Profit for the Year - $11,411 before commissions



$165 profit ACHN Long Stock by AverageJoeTradr
$250 profit ACHN Short Stock by AverageJoeTradr
$290 profit ACHN Short Stock by AverageJoeTradr


This is a perfect example of how I would like to trade morning gappers that pull back.  Catch the quick upside move, then short it on the pullback.  I missed the first pullback for obvious reasons, but caught it later.  I was disciplined and didn't chase it down. I waited for the move to come to me.  Even though this could have easily been a $1000+ trade, I am very happy because I caught all of the moves I was present for.


$85 profit STO Long Stock by AverageJoeTradr


This ticker didn't make the move I anticipated.  I didn't get in on the initial run up because I was focused on ACHN, but got a good entry after the pullback. It set up for a short just like ACHN but I had tunnel vision on ACHN so I missed it.  Have to work on that.  I think if I were home I could have seen it.



$70 profit ACHN Long Stock by AverageJoeTradr
$160 profit ACHN Short Stock by AverageJoeTradr
$190 profit ACHN Short Stock by AverageJoeTradr


2'nd day on ACHN.  Tried the long at open but it didn't move much.  It looked very weak so I took it short almost immediately and it turned into a pretty good trade.  Going in 1000 shares allowed me to scale out both days which worked out pretty good.  I will look at doing this on longs as well.  I sometimes leave some on the table.  I know I can't be perfect all of the time but I want to be as efficient as possible with the stocks I'm actually trading.





$30 profit CLNE Long Stock by AverageJoeTradr
$90 profit CLNE Short Stock by AverageJoeTradr



I saw the ABCD pattern setting up.  I also saw a key resistance point on the daily chart and on the intraday chart it was moving up towards that key point so I anticipated the breakout.  I felt if it broke out I would get a nice move.  My entry was late but I wasn't chasing so I felt good about it.  It hit the resistance once and failed but I totally expected it to test again.  I already had in my mind that if it failed the second tie I would look to go short.  It actually started getting weak and started selling off before the second test so I exited my long and started planning the short.  Had a good entry on the short and exited my position when I saw it consolidating.




($20) loss BLDP Short Stock by AverageJoeTradr
$180 profit BLDP Short Stock by AverageJoeTradr
$0 loss BLDP Long Stock by AverageJoeTradr


I traded this like a brand new trader in the market for the 1st day.  I was just off on everything.  Just couldn't get a feel for the market. It's a wonder I made any money this day.  I can't even explain what I was doing.  That's how bad this is.





$420 profit GENE Long Stock by AverageJoeTradr


Tried the new gapper entry strategy for the first time and hit a homerun. Work prevented me from entering again but in this case it would have been profitable to chase.  If I could make this kind of $ consistently in the first 30 minutes of the day it will work perfectly with my schedule at work.  I wouldn't be so stressed to make more trades.  I would be more inclined to let the setups come to me.  I shared a link to the webinar above and I would encourage you to watch it because it explains what I did perfectly.


$330 profit SDRL Short Stock by AverageJoeTradr
($60) loss SDRL Long Stock by AverageJoeTradr


I messed up on the long trade.  I took it off prematurely.  I had my stop set at 13.25 and it touched it but never closed below it.  Should have kept it on.  Great short entry.  Anticipated the breakdown because the ticker was still being battled over and could have easily gone back up.  This was more of an intuitive entry.

Sunday, February 8, 2015

Momentum Gapper Strategy Update

I  love the momentum gapper strategy I use.  But like everything else in the market, you have to adapt to changing conditions sometimes.  I still think waiting the 15 minutes and letting the first three 5 minute candles print helps keep me from making a lot of losing trades, but I have noticed that sometimes the high/low price spread in the first 15 minutes is very large.  I have been stopped out of a couple of trades that should have been winners because I did not want to risk .30 or .40 so I brought my stop up to a risk I could live with.  Here is an example


:
In the above chart I established my buy line, (high in the first 15 minutes), and my short, (low in the first 15 minutes).  Theoretically if it pushes and crosses the green line, it's a long trade and the red line would be the stop out point.  Conversely, if the ticker fades below the red line, the trade would be a short and the green line would become the stop out point.  the problem as you can see, there is a .36 spread between the two, which is not a good risk reward as far as I'm concerned, so with these instances, I wanted to find a better entry point so that my risk/reward would be acceptable to me.




As you can see in this example, I waited to right before the break of my buy line to enter.  I anticipated the push above.  Or to be sure it's a trade I could wait until it pushed past to enter. Either way I was only willing to risk around .20 so I placed a market stop order at 8.95 instead of using the 15 minute low of 8.80.  If you look at the 5 minute chart above that dhows the whole day you will see that it never crossed the red trend line and actually ended up pushing back up above it.  I could have only made about .15 on the trade but I would not have lost a penny if I had been able to risk on 8.80.

So here is my problem with this.  A .30 risk to a .15 reward is not acceptable.  I know I did not know how far the stock would push up, but I know the average gain on a stock that does not have a strong push after it's broken my buy line is .10 to .15.  I wanted a strategy that allowed me to enter a trade like this a little early to get the meat of the initial move.  I know most of the morning gappers will have a significant pullback by 10:30 or so which would allow me to take early profits and look for the second entry, which is usually the one that pays.

Alright, my new plan is this; I know there is usually a little profit taking at the open, so I'm looking for it to print a couple of red candles at some point within the first couple of minutes before it starts to wind back up so I will have a 5 minute and a 1 minute chart open. (I'm experimenting whether 1 or 2 minute candles work the best).  The 5 minute I'm still looking for my original setup, but the 1 minute chart I'm looking for those consecutive red candles

Now if you look at the 1 minute chart on ODP, you will see that 2 consecutive red candles printed, then a green one, then a longer red one, then a green candle.  Notice that none of the green candles closed above the high of the red candles.  To me, that just cancels the green candles out and I consider them red. Then you see the 6th green candle closes above the previous red ones.  Most of the time this indicates a ticker gaining strength and a change in direction.  Could it be a fake out? Yes, but when you wait for the green candle to close above the red candle, you have about a 70% chance of a positive trade by entering a position then and those are good odds in the market.

So if I had used the first green candle that closed above the red candle as my entry point, I would have cut my risk by more than 1/2 and increased my reward potential by more than 1/2.  A risk/reward that I can live with.  

So now, lets look at one the I traded with my new entry strategy;


As you can see all this ticker did in the first 15 minutes was to go down.  Usually when a ticker does this I immediately take it off because it is a short opportunity and up until this week I wasn't interested in shorts.  But since I was looking at shorting these gappers as well, I kept it on.



As you can see on the 1 minute chart, It printer some green 1 minute candles but none actually closed above the previous red candle. Once I saw one I looked to enter.  To this point the ticker never broke the 15 minute low, so I was incline to try it long. I entered this trade with an excellent risk reward if the trade worked out.  In the first hour I always like to book profits and have more patience with my later trades.  I should have taken profits when I had over .30 gains but I wanted to see if it would at least cross the green line before it pulled back.  It didn't but I believe I got .26 profit which was about $260.

If you look at the 5 minute chart which shows the whole day, I could have anticipated the short and potentially picked up another $260.





OCN is another good example.  There was a .51 spread between the high and low.  Of course I don't know this when I'm looking to get in but I know it has the potential to do this so I'm looking for my early entry setup. It faded at the open with some rookie profit taking and once it printed a green candle that closed higher than the previous red candle, I took a position.  I almost took profits around 7.20 but I felt good about the price action so I gave it some room.  Once I got .50 I got so excited I did a market sell order and ended up with a .49 profit.  I missed the late entry because I was working but the point is this strategy change is working and I'm getting more profits early which puts you in a better mindset later in the day.

GLUU is another example but if you want to see that chart just look at my weekly recap and check the chart out.  I think I've added enough charts in this one.

This entry strategy is working for the gappers that pull back slightly at open.  I'm able to get some decent profits early.  I never liked trading before the first 15 minutes have past because I didn't have a good strategy that would give me a decent risk/reward.  It was almost a gamble as to whether a ticker would go up or down.  I know you have to adapt strategies to the changing market but I will continue to ride this wave until the market tells me otherwise.  Now to be clear, I only use this strategy on the tickers that have gapped up relative to their previous close.

Another thing that I've noticed is that there is usually a nice pullback once the ticker breaks my buy line, then it rebounds and runs the rest of the day.  If I wasn't working and missing these entries I could really bank.  

Saturday, February 7, 2015

Weekly Recap 2/2 - 2/6

Here is my weekly recap.  You can click on the green numbers, or red,  for a direct link to the trade summary on Profit.ly.

Didn't end the week off as strong as I would have liked but I'm still seeing green and at this point that's all that matters. I did start shorting a little this week and I have learned a lot.  I think once I get comfortable with these I'll think I'll be in good shape.  I'm also trying to find better entries for my morning gappers that will give me a better risk/reward on those that set a wide high/low range in the 1st 15 minutes of the market open.  I'll do a separate blog on what I am looking at.

Also, I decided to give Suretrader (DAS) Pro a chance and I loved it.  Lightning fast executions and eliminates all of the slow typing I had to do on Active Web.  I missed so many entries typing in my orders till it isn't even funny.  I gave myself time to learn Pro and watch videos on setting it up before I went live so I believe that helped me out a lot.  It is worth the extra money.

Well, here was my week.

Total Profit for the Week - $2036 before commissions
Total Profit for the Month - $2036 before commissions
Total Profit for the Year - $9231 before commissions


$290 profit SDRL Short Stock by AverageJoeTradr


I accidentally shorted this ticker anticipating the move above my buy line.  Turned out to be a blessing in disguise as the ticker had a nice pullback.  Instead of just looking at what was happening I limited how much I could have made buy just blindly covering because I made a mistake and got scared.  I am working on getting more comfortable shorting though.  I'll know next time.




$100 profit SDRL Long Stock by AverageJoeTradr


Caught the second move above my buy line. Traded it scared because I didn't let the trade work.  I just took a quick $100 when if I just would have let the trade work I would have made a lot more on this. It moved back above HOD after this pullback.




($55) loss STO Long Stock by AverageJoeTradr
$65 profit STO Long Stock by AverageJoeTradr


Got stopped out on my first trade. anticipated the push through my buy line but the move was stuffed.  I was in class so I put it on autopilot or else I would have gotten out when it failed to move above the previous HOD on second attempt. Waited for the setup to come back and it did a little later.  The chart says I went in 1000, which was my intention but realized when I downloaded the trade I was in only 500 shares.  Should have been a $130 gain but oh well.




$225 profit NES Long Stock by AverageJoeTradr


Late day HOD breakout.  Ticker was gearing up to push past HOD at that point. I went in once I got a confirmed bounce over intraday support.  Made a decent move but started to slam back down so I exited my position.  This was a potential short squeeze so my plan was to scalp the move anyway.




$220 profit RIG Long Stock by AverageJoeTradr


Great trade. Made predicted move. Small position. Trying not to use much margin since I wired out.  I think next month if I am up I will leave $7500 in so I can take larger positions.  I should be able to double my winners.  Good job on the first move but missed the second one



($150) loss ODP Long Stock by AverageJoeTradr


Got stopped out. The range from my buy trigger to LOD was too wide so I set a stop before it and I got stopped out. The stock recovered late in the day and made my predicted move.  I need to look at my strategy in regards to these long spreads between the high and low of the 1st 15 minutes.  The risk/reward just isn't there when they do this




$260 profit SDRL Long Stock by AverageJoeTradr


Good trade. Small position. Still shook up from earlier trade. Need to control my emotions.  Another trade I could have doubled my profits on if I didn't let an earlier trade effect my mental state.  As I get more experience I believe I will do better with this.




$260 profit NES Long Stock by AverageJoeTradr


Trying a new entry strategy on pre-market gap-ups. I am looking at a way to get better risk /reward on those tickers who have a large spread between high and low in the 1st 15 minutes.  If I could get in earlier then if the trade turns against me my stop wouldn't be so far away.  This is what causes me to set early stops and not use the actual low that was made by the ticker in the first 15 minutes of the open. First time's a charm!



($50) loss GENE Short Stock by AverageJoeTradr


Working on learning how to short stocks.  This was probably not the ticker to learn on as it had too many elements going on.  This was a short squeeze candidate and when I did a little croudsourcing I found everyone talking about shorting it.  Usually that means a squeeze is coming and I look to go long. Will not make this mistake again.  I knew better already!



$490 profit OCN Long Stock by AverageJoeTradr


Should have made a killing on this ticker.  The first move I traded perfectly according to plan.  I was looking for .25 to .35 move on first run-up then look for second entry for the next leg.  This trade was done during my 15 minute break.  Not bad for being on the job trading while on break!  Of course the second move came earlier than I anticipated and I was in class so missed it, but happy with profits from 1st move.



Should have kept this on my watch screen because as you can see it ran all day and would have paid off huge.  Need to keep this in mind for the next time.




$150 profit GLUU Long Stock by AverageJoeTradr


Tried the new entry strategy I'm working on because of the .21 high/low spread in the opening 15 minutes.  Worked out great but took profits when 4.65 topped twice.  Usually a signal to me that the ticker is pulling back.  The plan was to look for another entry later and there were several opportunities to do so but the timing didn't work with my schedule.


($5) loss STO Long Stock by AverageJoeTradr


Missed initial entry which would have netted me some profit.  Went in looking for a secondary move but it never materialized.  I was patient waiting to see if it would set up so proud of my patience.


($20) loss SD Long Stock by AverageJoeTradr


Ticker never gained momentum. Got out when i felt it breaking down.  Failed morning gapper.  This ticker broke my short line and I should have shorted it



$120 profit GDP Long Stock by AverageJoeTradr



Morning gap trade. Expected more out of this ticker but the market seemed slow this morning for my longs.  Exited for a small gain compared to what I was expecting.  Ticker never seemed to get traction all day




$40 profit SDRL Long Stock by AverageJoeTradr



Initial move did not come together like I anticipated so I exited when the stock started a pullback. Missed the secondary moves.  The chart doesn't show it but it eventually made the move I was looking for just wasn't in front of the computer to catch it.




$96 profit OPK Short Stock by AverageJoeTradr


Had a great plan for the short.  I missed the first opportunity because I wasn't in front of my computer but I saw the stock breaking down and I wanted in.  After I took a position I realized by glancing at my tweet deck that a lot of Guru's were shorting this so the potential for a squeeze was there.  My goal was to add on pops and if it pushed past 13.85 I was out and looking to go long .  My first entry was for 500 shares but only 400 got filled before the price started dropping so I just added 400 on the pop.  My mistake on entry was that I shorted into weakness.  I'm lucky I got filled at all. Should have done 600 on the pop because initially I wanted to be in 1000 shares. Followed the plan perfectly otherwise but missed the crack by 10 minutes. Had to leave school so I closed my position.  I will look at using trailing stops on trades like these.  I need to gain some confidence in using stops to maximize my positions while I'm away from my computer.