I saw a post on Instagram about someone saying that you should ask yourself what are three things you could do better tomorrow before you go to sleep. Write it down on a piece of paper. Then the next day make sure you do those things. So that's what I'm going to do every day to improve how I trade.
Below is a list of things I can do better next week.
1. Don't hesitate on plays. When you get a signal to buy or short, enter the trade without hesitation. Trust your plan and write down your entry, risk and profit target. I find when I see the numbers on paper it forces me to be disciplined and have more confidence. Not sure why but it's a mental thing.
2. Let winners ride by watching slower time frames. Sometimes when I enter a trade on the 1 min chart I exit too quickly when I see a few red candles. I need to look at the 3, 5, and 15 min charts so that I don't get scared out as the slower time frames could show that it's still uptrending with green candles.
3. Watch uptrending stocks in the afternoon for afternoon runs. Don't dismiss stocks that dip, so long as it's uptrending it could ramp up in the afternoon.
4. For slower moving stocks, wait for the dip before getting in at the open as sometimes you'll get faked out if you buy the first candle at 9:30am.
5. No stock is too expensive if you have a set risk. I hesitated on a few plays above $10 this week because I thought it was too expensive but if I have a thesis and keep my dollar risk constant and exit where I'm supposed to I shouldn't be afraid of buying higher-priced stocks.
6. Always watch the pre-market action on stocks on your watchlist. $REN was on my watchlist yesterday and had I watched it pre-mkt I would've seen that it was uptrending and bought it right at the open above the pm high at 17.98.
7. Always watch recent low-float runners even if they've come down as they can re-spike especially on a Friday. eg. $REN, $SPU, $KONE, $TOPS
8. Remember to always look at multi-day/week/month/year support and resistance not just intraday support and resistance. The longer a key level exists, the more important it is.
@ashonyia You're welcome!
Great self-analyzing and what to concentrate on going forward. Constant self-improvement. Awesome job!
@DaveTKD7 Thanks :)
@Chongette32 You're very Welcome!
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