Excited with the close of this week…I think giving myself a solid “talking to” needs to happen more often. Since I started trading bitcoin in addition to the market, I find myself daily writing out one of my favorite John Wooden quotes as I journal pre market:
One of today’s trades was NKE, in sympathy to FL. My retail dashboard was complete red today, just a bloodbath on nearly every ticker. FL reported with a huge miss, so I again turned to my old faithful NKE for a trade. NKE gave up the gains it had in the past two months in this week alone, happy to say I captured nearly all of that in my trades. I started this one in pre-market, which I generally don’t like to do but considering how bad FL news was, I knew it was a solid risk to dive into NKE early. I am glad that I did, as most of its move occurred in pre market and the first part of the morning.
One of the rules I have for late Friday trades (post 3 pm) is pretty simple: NO SHORTS. Particularly late in the day, it seems shorts are closing out positions and bounces seem to happen more often than not. NVDA, in particular, is one ticker that forced me to write this rule, as I have been shorting it in vain only to see it rip into close on Friday’s. Because of this, when I saw the overall markets beginning to stabilize a bit and the support that NVDA was coming into at a decent reversal time, I felt it was a valid trade. While it didn’t end up ripping as I had hoped, I still eeked out a profit and felt like I managed the trade well. One of the moderators in the IU chatroom (a fierce trader-I pay attention to every note he writes) called out hesitation on eod flow due to the market volatility today, which is why I swiped the profit when I did. I have been working hard at starting in small with trades such as this so I can get my average to where it needs to be, which is one of the biggest “make or breaks” in trading. You can be right in a trade but have a horrible average and get forced out due to current loss amount, only to see it move in your direction. My experience has taught me one huge lesson…starting small can provide some monster gains and will keep you in trades much longer. Size is relative to your experience level and I have no doubt that I will look back at my starter size a year from now and see that much larger as I continue to build as a trader.
One play a day keeps the day job away is the theme today….Not feeling 100%, I slept in a bit and started scanning to find a trade that had a solid r/r for the afternoon.
CCL was in the IU scan yesterday looking for failure and a solid fade, so when it pulled up with a failed follow through at its highs and the market pulling back with decent volume, I felt it was an opportunity worth taking. My stop was over the high of the day, with an initial goal of VWAP and then potential add if it failed. What a beauty…I am happy about holding largely down to the whole number for 1/2 of my shares profits. This market has been tricky about dropping solidly only to rip back up. It makes it critical to take profits on any solid rips or cracks lest you see it diminish in a bounce.
One play with such a tight r/r produced an awesome profit, so I closed the computer and called it a day! Hope your trading day was solid!
So, this weekend I went to my favorite quiet beach and had a serious talk with myself. You know the kind of talk that I mean? I have had an incredible first 5 months as an independent trader, it has far exceeded what I had expected or hoped for but last week I seriously felt like a maniac trading. I feel blessed I ended solidly green but felt so trashed and beat up as if I had ended red. The opportunities and ranges this market is giving is incredible, however at the end of the day what has gotten me to where I am is trading less quantity and more quality. Continue reading “Day One”
What an unreal last week and first month as a full time trader:
Continue reading “March Recap and looking ahead”
While in the IU chat room today, a biotech stock started going wild. Nate’s comment to the action made me shove away from my computer and just watch the action. The stock ripped up a buck and promptly stuffed for $2. Nate’s simple comment was “..yikes. No edge there”.
Continue reading “What’s your edge?”
Closed out the week with an incredible 25% gain, largely due to the following plays:
Continue reading “Weekly recap and this week’s plan”
It is always intriguing to me when I read about lifestyles of successful people and the power of habits in their life. One of my favorites right now is Melissa Hartwig, co-founder of Whole30. She will occasionally speak to her daily routine and just simply explains in her always unabashed, unapologetic manner “because routine”.
Continue reading “No hurry no pause”