Hello again

 

6 weeks into the challenge 

As some of you read my first 4 weeks i had 332 trades (OVERTRADED ABIT to say the least) - total loss of 3396,64 dollars

Trying to learn from my mistakes i have started to trade in a whole different way - theres two reasons for that and first is that my account (started with 5000 $ were now down to 1600 and that I have learned alot from all of my stupid mistakes 

So status for my 2 latest weeks are abit better than my first 4 weeks

First - I have gotten alot better on not overtrading - my first week I avg 19,76 ! trades per day as for the last 14 days I have an average of 5,84 trades per day - not great - But cutted down alot

Losses - I've learned to cut losses alot faster so im down 1082 $ last 2 weeks (680,79 on the trading and the rest on commisions - compared to February that is still a great improvement. Dont get me wrong - it's still crappy as a shitload of horseshit but atleast im getting better. Ive lost the majority on this chasing the stocks hoping for a spike - GOD i have to stop this - CUT LOSSES QUICKLY! - Seems like I can't repeat this enough. 

I've continued on my DVD watching and im done with half of TIMTACTICS dvds. I also watch all the webinars and daily videos and try to learn from them. 

Unfortunatly I havn't had so much time the last 2 weeks of studying because of a huge work load - been helding courses for other companies etc that has taken up alot of my time and managing 11 employees isn't always easy and has to be my priority nr 1 as this is what I make my money from. Im travelling now also - 1 week vacation with my wife in New York - good with some time of regular work but this makes it hard to study but I use all the time I can - I also feel it can be good for me not studying so much as I have used alot of time the first 4 weeks. 

Ive also learned that trading with a very small account - under 1000$ is almost hopeless - atleast with Alliance Trader - the account doesn't get auto updated that makes me send an email to support after every trade making the funds avaliable again - this has really made my entrees alot worse then they should have been - it's so frustrating to watch the stock move 5-6-7-8 cents a share before my funds are free to trading. With so small postitions its also hard with the commisions to earn from the trades.

I did alot of swing trading on $AUPH these 14 days - I bought the stock on my low float scan earnings winner in STT on the initial spike from 3.7 and up - I was so proud that i spotted this and bought it AM and holding over night selling into strenght on the morning spike. This turned out to be wrong - i should offcourse held the stock longer.

Learned alot from the $AUPH stock - I ended up loosing 400 $ in total on AUPH because I had some extremely bad entries - panic selling into the dips - but still I learned so much from it that it has completely changed my trading for the better. 

I added 1800 $ to my broker account that was avaliable for trading on Friday - I just can't see how its possible to make money when the account isnt auto updated etc - this will make it easier for me.

Totally failed the $PULM alert from Tim on Friday - I saw the alert - opened the stock in STT and saw that it has held the support well and figured that it was a decent trade. Bought it AM and fell asleep (due to the time difference Norway - USA i was so tired) - wake up when it had a big dip and quickly cut my losses (little over 100 $) - so stupid of me falling asleep and stupid to follow the alert - can't blame anybody but myself!

Im still gonna keep my positions small as im only 6 weeks total into my stocktrading so theres just so much I dont know but i feel that I have to trade with real money because its the psycology in the money that makes it difficult. 

I try to use alot of time in the chat room and reading on the forum also wich I think is helpful 

SUMMARY:

Try to buy morning dips and selling into strenght and be happy with small profits. I have to be better to not chase the stocks and using too much time monitering the stock throughout the day making my avg working day over 15 hours long. 

STOP completely following alerts - I always end up with a bad entry and selling into dip for a bad loss - Ive done this so many times not that i simply have to learn not to do it.

I feel I've learned alot of good lessons the last 14 days and Im understanding support levels alot better. 

I've also stopped buying multiple stocks at a time - I now have 1 maximum 2 stocks at a time wich makes it so much easier to monitor them properbly.

Im hoping for a good closing of Mars but I feel the market is a little choppy and more difficult to trade in than in February - but this is how the market is and I have to adjust to that !

 

If anyone of you have any suggestions or feedback - feel free to comment! 

Good luck to all