This post is mainly for my purposes so I can look back on it later in my trading career. If someone else finds value in it that is wonderful, but that is not my intent.

It is 8/4/20 and I haven't made a trade since 7/24/20. This is mainly due to the fact that I found myself trading extremely sloppy on that Friday and I realized that I didn't know what the hell I was doing. I still need to document the last 2 trades I made that day, but I'm still so mad at myself that I have yet to do it. I'm also a bit irritated because I am unable to verify my trades because it keeps telling me I am using the wrong email/password but I know for sure I'm putting it in right. I emailed profitly about it and they said I have to get with ETrade. I have tried to get help from ETrade in the past and have had no luck with it, so I have been putting it off as it's not a major problem right now.

I decided on 7/24 that I am going to digest at least every video lesson on Buying dips/panics before I attempt to make another trade. I had already started to review those lessons by starting on the last page and working my way toward the first page, but I had only reviewed roughly 25 or 30 of the 610 lessons at that point. I felt like I was starting to get a grasp on the strategy, but I was humbled that day. 11 days and 344 dip/panic buy video lessons later, I want to document some thoughts about what I have learned.

One of the main things I have noticed is although Tim's win rate is 70-75%, that doesn't mean that he is dead on that whole time. The main reason his win rate is that good is his entries are extremely well thought out! He states over and over, "If I'm wrong, what really am I risking?" He almost always enters 5-15 cents above possible resistance after a small bounce and if that resistance is taken out, he immediately exits the trade. These times are accounted for in his 30-25% loss rate. However, there are numerous times that the stock doesn't do exactly what he expects and he gets out with a small 5-15 cent gain over his entry, those trades are considered "wins" and accounted for in the 70-75% win rate, but he doesn't really view those as wins, they are scratches. I have been beating myself up trying to figure out how the hell I could get to a 70-75% win rate, and honestly is seemed impossible to me. I have now changed my mindset about that win rate. If I am more meticulous in picking my entry points, close to possible resistance but ideally after a small 5-15 cent bounce, I believe that my dip buy trades will have much better odds to not necessarily be big winners, but be considered winners if I cut my win quickly if the stock is not doing exactly what I expect it to do. I believe that I have been trying to get in too close to the bottom and have gave the stock too much time when it's not spiking convincingly. I need to be better with my entries.

Another problem I was having is handling the utter chaos of the insane market right now and the huge amount of plays that everyone seems to be in and out of every second. I noticed that the main dip buy plays Tim focuses on is multiday/multiweek earnings/contract winners. Sometimes he plays the same instrument multiple times if they enter into another dip buy stage of his framework, but his expectations adjust with each successful bounce as the pattern plays out like a bouncing ball with each bounce typically being smaller than the last. I am going to focus on only earnings/contract winners for now until my experience level raises, or until the market deems these plays ineffective at which time I will adapt and develop my experience in the strategy that is working. I feel like if I only focus on these plays it might slow everything down for me and I might be able to make better decisions. I also want to focus on these plays for afternoon dips into the close for my overnight trades. I need to focus on more good overnight setups until I am able to get past the PDT rule. I have also decided to create a separate watchlist for these stocks after the initial trade and keep them to the side of my current watchlist to monitor when they may be entering into a new dip buy stage of the framework. 

I know I had some other thoughts I wanted to document, but I didn't write them down and I am blanking at the moment. I will expand on this going forward and try to document my thoughts about what I am learning.