It's been a few months since I've actively traded and posted in profit.ly. To be honest, it has been eye-opening, enlightening, educational, and helpful to my bank account. I've been away from the market from late february until late may (3 months). During that time away, it has allowed me to re-examine my strategy, view the marketplace from a non-biased perspective, and to analyze whats been successful for me and what hasn't. Profit.ly has been extremely helpful in that area because all trades are documented which provides transparency for me as a trader which can only help me become better. With my sports and corporate background, using analytics to increase and improve performance is not foreign to me and I see how with having that visibility it can be very useful in improving trade results.

 

Below are the main strategies that I trade: 

- Shorting pump-and-dump stocks

- Options trading

-Scalping futures trading (mainly in oil, US Dollar, and the S&P)

 

What I've learned in my time off is that working on too many different strategies at one time may yield sub-par or average results. It also can cause overtrading which can be catastrophic to your account by the accumulation of unnecessary commission fees and trade losses. So instead, my strategy will be one (maybe two) of the above mentioned strategies moving forward for the remainder of the year. I will select the strategy that at has the highest percentage of successful trades and that has yielded me the most money. 

Secondly, being able to see the market from an unbiased perspective is paramount. When you have trades in the market, you are hoping and wishing for the market to go in the favor of your position without really seeing the market sentiment for what it truly is. When you do not know or have a clue which way your position (or market) should go is a serious cause to sit back and observe from the sidelines until the market gives you indication.

 

Lastly, do not feel complacent by thinking that by not being in the market you are losing out on making money. Trust me, you can lose a lot of money if you are over-trading, not clear on your strategy, not studying and perfecting your trading, or understanding market sentiment. This can dry up your account quicker than you can imagine. Instead, regroup, examine your previous trades, re-tool your strategy, study, and paper trade until you are back confident in what you are doing. I hope that this helps you all as it has helped me. Good luck trading.

 

CEWallstreet

IG:CEWallstreet

Twitter:CEWallstreet