This is a quick one month recap, not so much on actual trades but, a trading strategy being employed. I restarted trading from scratch to include my Brokerage account at end of June and first trade was mid-July. I started with 8000 and my account is currently sitting at 10.500 after 6 trades with no losing trades thus far.
For a quick background of my situation with trading is I work during the entire trading day. I am in Tim's Trading Challenge but, have no access to profit.ly chatroom during market hours due to being at work. Technically I'm not supposed to have my phone on my person either. To remedy this I had a sitdown with my boss and told him I'd be carrying my phone with me or would no longer be working for the company. I promised my work ethic and productivity level would not falter and if possible would attempt to improve. Luckily he agreed to an interim trial and it has been going well. I don't recommend trying this unless you are one of if not the top employees at your company and are able to maintain the level you are at.
The month started off with a trip to Italy to live trade with Tim and was fortunate enough to meet a bunch of great people who I look forward to considering long time friends from here on out.
My trading strategy I have been working on to minimize my impact of trading effecting my work is to research on Stockstotrade and finviz an hour or so before having to drive to work. I'll pick 1 or 2 stocks that were a little less volatile then the couple first highest movers the day before. so, hopefully it won't move too crazy the day I'm looking to trade them. I'll figure out what I'd consider to be their support and resistance level for those couple stocks and set alerts a couple cents off the levels. Then my phone buzzes me if they hit and i'll check the price action to see if I'm comfortable to trade the stock while my phone is in my pocket and unable to check every tick like I used to. Once the trade is on I again set alerts for the support and resistance levels a couple cents off of them and when my phone buzzes check where they are at, how they are acting around the levels and then decide whether I should close the trade or adjust my alerts to a different support level. I say support level because I'm 90+% f the time shortselling.
If you made it this far through the drawn out post thanks,
Joe
@HiloTheGreat I did see your other comment but, didn't get to it in time. Yes I am living in Germany but, am a US citizen and have an American address I use for trading. My current broker is Etrade but, am looking at IB at a later date
Great work man. Thanks for sharing. It's always inspirational to hear about the evolution of people who are getting it.
Since you're in the challenge is there something you can point to where you thought you started to get it? Whether it be a strategy, one of the video lessons, or a mind set switch. What do you think happened that made it start to click for you?
@thefaction sorry it took so long to respond. havent been on here much. I still don't feel like I've "gotten it" I just take it day by day and continue to learn and study. The best prepration is to always be researching and learning. A mindset switch was the biggest for me. The second I started thinking more postively about my trading and studying is when I really started to make a monumental improvement.
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