Well I was staying on track with my entries up until Friday. My entry rules are pretty simple...Wait for a pullback, wait for the volume to show itself, and wait for the ask to look thin and get in. There were a few slow days this week and I was being really selective about entering anything. That worked out well the past few weeks but Friday was another slow day. I saw a few things and waited for the pullback. The Level 2 was thinning on the ask which was telling me that those prices would get hit pretty quick and price would at least start ticking up after those fills. However, the volume was thin on my entries or I entered on the second volume upswing.

Mistake #1: I did not enter on strong volume.

Mistake #2: I entered on the second dip.

The first dip/rally then return to the initial trend direction is usually the best move to get in on and I was late for two of those entries. The other entry had thin volume so that's 3 bad decisions to get in. $NUGT gave me a few $ but got out too quick which I usually do at the first sign of weakness but still had a winning trade that I am ok with.

$SGMS flat-lined a few minutes after my entry so just decided to dump it..then it runs..like what has happened to so many of us so many times before.

The good part about this is that I have been cutting all my losses quick like I should. I've been done with holding and hoping for a long time.

I did take a good month or so off to rehash everything and do some very instensive 'studying' of previuosly traded tickers along with some money management thoughts. Even though I have the account size to buy 5000 shares of that $5.00+ stock the most I am going in with at any one time is 500 shares. There are a few reasons for this. For now my main course of action is to be CONSISTENT with my entries. This past Friday ended almost 10 days of consisten trading results. I told myself that I need to make mysefl be consistent for 2 months before I enter a position with more than 500 shares. Being consistent means sticking to my plan...didn't do that Friday so Monday I'm starting from zero again.

500 shares with at least a .05 cent move will cover commissions and still be positive even though that is considered a scratch by most. I usually look for more than that but when the Level 2 looks weak I tend to exit. I've left profit on the table but didn't lose either. Anyway, once those two months are over I'll up my share amount and more than likely exit 1/2 the position at the first sign of weakness and adjust the second half to break even and let that ride. We'll see how that goes.

I know you can be right only 50% of the time and still make money but I'd rather have a proven track record of consistency if I, or pretty much anyone, wants to consider trading as their main source of income one day. I'll take bunt singles over singles up the middle if that's what it comes down to.

CONSISTENCY CONSISTENCY CONSISTENCY...That's the key.

You have to assume that our boy Tim has a considerably larger account size than any of us here. Look at his last few losses and if your losses are a half or even a third the size of his then you are going in to heavy dude or dudette. Or, holding on to hope while in a trade. Ya gotta stop doing that if you don't want to become a 90%'er.

Consistent singles up the middle is really all you need....