I'm just starting this adventure.
I'm figuring out that there is so much more to learn before I should start to trade heavily. I have been playing about six stocks a day between my accounts. I usually hold overnight, but a couple weeks ago, I tried cutting losses on too many within the five day period. and ended up with PDT restrictions. Now I have no choice but to hold them overnight.
First lesson learned; is to not try to being trading so many stocks at a time. Three, really six because of two accounts, a day is too many.
Second lesson learned; Be more selective of which ticker I'm choosing. I need to research them better, and really examine the charts to figure out the best times to enter and exit. So many of them seem to have a repeat time frame where they are either up or down.
Third lesson learned; Pay closer attention to the position and time before click that darn buy button. Along the same line, proof read the limit order before pushing buy to make sure you don't have a fat finger mistake like I had. I was buying RIBT, coming down off a spike. It started to level out around 1.05, so I was trying to set my limit order to 1.03. What I actually entered was 1.33. Yep, I got it alright, at 1.32.
I have since been watching the webinars and Challenge videos more to help myself understand where I'm going wrong. The issue isn't with the tickers, or the trades, it's a problem with the trader, AKA ME! I need to slow down, research, and take my time. also I have started to make a written plan for each ticker. This does seem to give me a little more balance and focus. It makes me think it all through, research, choose more carefully, and stick to my set entries and exits. I'm basically forcing myself to be more disciplined. I have to remember that it's a marathon not a sprint.
I'm an over the road truck driver, and have to plan out each and every day. Why shouldn't I have to plan out each and every trade. There is a similarity. I have to choose my load, follow my specified or planed route, and above all be safely on time. There are rules I have to follow in my job, so I should have no problem following a few more for my "free time". I usually do my trades during my morning 30 minute break. Of course it usually ends up being a 45 minute to hour and a half break. I have my trades figured out the night before, or very early in the morning. Since I'm only allowed to drive for eight hours without taking a 30 minute break, might as well use it. I drive a total of about 10.75 hours a day then have to shut down for 10 hours, and can only drive or be on duty for 70 hours within a 7 day time frame. After that I have to do a 34 hour reset to get my full 70 ours back before I can drive again. Also once I have "started my clock" in the morning , I have only 14 hours to get all that driving done. Convoluted set of rules and regulations, I know.
I park, usually at a truck stop all night, and do my Challenge training then, if they have WYFI, or I have to use my Mobil Hotspot. I have plenty of "stagnant" time to do my training. It does make for a hectic week, between the training, and I run an average of 3,500 miles a week.
Spend time studying, every chance you get.
Posted Feb 14, 21 4:27 PMbyTrading_trucker
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