Tim's lessons were very good. My first trade was today. I went long on CDXS, but used a range to cover losses. The opening bid was 4.12. I set the range and low of 4.00 and a high of 4.50. If the stock did spike, I was positioned fairly well to make a small profit for my first trade. It did not spike any to speak of and instead went low. My exit trigger was executed at 4.00 and sold at 3.95. I used a very small position for my first trade even though it was risking half of my $900. I lost 4.99. Tim's lesson of cutting losses quickly paid off and I want to thank him for that!! I am sure that I will have better luck as long as I keep on top of the watchlist and keep reviewing the lessons. Thanks Tim!
Posted Aug 05, 15 12:02 PMbyckrouse
Tickers
CDXS
Good Job! You might want to study level 2 so you can more easily identify when a stock fails to do a morning spike. Tim Grattani has a few awesome videos about this on his website http://tradetheticker.blogspot.mx/p/level-2-videos.html
Yes,level 2 would help. I was using Suretrader Web app which is deficient for day trading in my opinion because it does not have the montage. So, to protect my account I used a range trade so I could exit quickly when it went the wrong direction. That worked, but you are right to steer me towards level 2. Thanks.
great game plan! If it zig you did this and if zag you did that. You did good following the rules
Make sure you have level-2 and live charts before you start trading! I usually trade with a paper account for 6 months until i felt i was ready with real $$$$ You can go to thinkorswim and get free level-2 i think still..
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