After my first week ever of trading (lost $40 and have yet to make a profit), I'm using this weekend to go back and watch some of Timothy Sykes YouTube videos. Especially those pertaining to growing a small (very small in fact) account like mine of only $500 dollars. $40 doesn't seem like much but when you add in commissions in tastes sour. But I'm not going to panic. It's a learning experience. By watching his videos, I found that my approach was all wrong. In order to grow my account, I need to focus on getting in on morning spikes, possibly going long o/n if a stock holds its gains on the day and selling into a spike, and dip buying failed morning spikes. But also at the same time paying attention to the OVERALL MARKET and KEY LEVELS OF SUPPORT AND RESISTANCE. I have to be very picky with my trading and only trade the best setups and when things don't go as planned, I need to cut losses quickly. Friday, I got up early, logged into the chatroom, pulled my eTrade Pro, and just observed everything. And to be honest that was very helpful to me in just watching stocks move and how they react to certain things. I just have to focus, plan my trades, and pay attention to detail. It's only a matter of time before I begin to profit! :)
Research is also important...
Very much so! :)
Join now or log in to leave a comment