PocketPAT

Decided to take yesterday and today off. I've been stumbling upon many pieces but still needed to put the entire strategy together. I resubscribed to Tim Alerts (over PSSilver), but just for a month; to see what Tim and the chat were doing. I needed ideas, because I didn't have any real direction. With no premarket gap-downs, I started forcing trades. After reading a few recent watchlists from Tim and perusing the chat, I reconsidered speculative longs on sector hype and premarket breakouts on news; but the best breakthrough came after remembering how powerful StocksToTrade's scanner is at finding ideal setups. I've tried using WeBull for this over the past week and it's not even close. I had my mind made up to cancel StocksToTrade after this last billing cycle, but I'll keep it without their Level 2. There ARE many hype plays right now and the potential is crazy, but even after getting a glimpse of the profits everyone seems to be making, I'm even more excited to stay away from it. My problem this week was not having ideal setups, based on my shorting strategy; but that was because I was looking in the wrong places. My watchlist is only 50 tickers deep and WeBull's scanner wasn't cutting it. Firing up StocksToTrade's screener and setting up a scan for both First Red Days and Premarket Gap-Downs, I see now that 1) there were plenty of plays this week (over 45 last night) and 2) StocksToTrade is what I need to be using to find them. I've expanded my setups to 2nd/3rd Red Day Shorts, Premarket Gap-Down Shorts and Flip & Dip Longs. A great Flip & Dip is PBF this morning. After shorting the dump to clear support, I'll flip my bias and dip buy it for a single to immediate resistance above. I'll save this setup for after PDT though, since I only have so many day trades and would rather save them for high probability shorts (over speculative longs). I've been back and forth moving funds around this week, as my strategy has been all over the place; but this is one I can stick to. I'm back to focusing on ETrade and WeBull. #NoFOMO #ShortsOnly

Join now or log in to leave a comment
PocketPAT

Since discovering Heiken Ashi candles, I've decided to try out a new equity split. I'll ONLY trade Support Dip Buys with $3,000 (one entry, no sizing in) for three individual trades at both ETrade and TDAmeritrade. This effectively gives me SIX $3,000 trades per week. Since WeBull allows unlimited sizing into each day trade, I'll size-in over there from $3,000 to $9,000 for three Premarket Gap-Down Shorts each week. Even though ETrade has the most easy-to-borrow shorts of the three, I'll just take what I can find at WeBull, since this equity split gives me the best weekly profit potential. Heiken Ashi candles make these two setups so much clearer than ever before and there aren't perfect short setups every day; so I'll stick to small singles on Dip Buys at support and wait for the perfect short setups to size into full positions. #StrategyandExecution

Join now or log in to leave a comment
PocketPAT

Raising my price-target to $50 after seeing Jack profit $20k this past week. One of his trades was on a stock near $30. My primary goal now is to add as many good charts to my watchlist as possible. The more options I have each day, the more potential plays I can take advantage of. With WeBull having much less shorts than ETrade, especially easy-to-borrow, I need quick access to as many alternatives as I can find. Tickers I can't short at WeBull may have related stocks that have shares to short in a pinch. I've stumbled upon many tickers like CMS during my scans early this morning. Higher priced tickers with CLEANER charts and easy-to-borrow shares available, that I otherwise wouldn't even have been watching. I could have managed $675 in profits had I shorted on the initial crack and held all day til the close. LEAVE NO STONE UNTURNED!!!! Now more than ever, people will challenge your focus on stocks; but stay the path and never deviate from the three rules: wide stop, never chase, take profits. Only the best setups. #KillMeFirst

Join now or log in to leave a comment
PocketPAT

Just discovered that I can view my watchlist in mini-charts on WeBull, instead of lists that I'd have to process through numbers, having to click-through for chart-by-chart..... *sigh* WeBull is sooo awesome in EVERY way--- except for when it matters! I'm bouncing ideas around to see if I can avoid doing the three-broker split...... lol I'm gonna really try to make it make sense. Smh. ----- 9:06AM: I've decided to just suck it up and stick with ETrade and WeBull (still sizing in 1/3 on each from $2,500 to $7,500). It's just gonna have to be part of the process. Keeping one watchlist, where I'll just look for the best plays and see if they're easy to borrow on WeBull. If I do it early enough (like at 9am now, as I'm wasting time), I can still plan ahead. It only takes a minute to determine the shortability of a ticker once I've decided that it's a contender. Perhaps I was just upset that I was so close, but yet, there was even more to learn; as there always will be.

Join now or log in to leave a comment
PocketPAT

I've decided to change my trading format, as I'm still working out the technical kinks of both shorting and using multiple platforms. WeBull doesn't seem to have consistent or definitive rules on which stocks are shortable or which ones are hard-to-borrow, so I'll only be using them once per week. When building watchlists, WeBull showed CZR as "easy to borrow" until I got a "hard-to-borrow" pop-up on a test order. It wasn't until I restarted the program that it updated to now show CZR as "hard-to-borrow". That's unreliable when I'm trying to plan trades, but the software isn't giving accurate and real-time information on what shares are available to short and the terms enforced. The other four days of the week will now be split between ETrade and TDAmeritrade. Both have far more easy-to-borrow shorts available over WeBull and so I'll see how things work with using two trades on Monday, one on Tuesday (at ETrade); two trades on Wednesday, one on Thursday (at TDA); followed by just one at WeBull on Friday. I currently have $16,000 in equity; so I'll leave $3,000 at WeBull, splitting the other $13,000 between ETrade and TDA. I'll size in half/half on Monday/Wednesday with $3,000 to $6,000 and just use $3,000 on Tuesday/Thursday/Friday. Every time you face an obstacle, chances are there's a way around it.

Join now or log in to leave a comment
PocketPAT

Small stop out on an FTI short this morning. Very excited to have shorted for the first time at ETrade =) . My main focus is building a set of rules. I know that it's not an exact science, but it can typically be pretty close. Though the market was red all day, it was predictably bouncing from support. Understanding that almost all stocks follow the market, it could have signaled a long direction to me. But it's complicated, because there have been market opens at SPY support just like today; where stocks like FTI bounced and then fell further. Perfect example is the dump on 03/09, where the SPY rallied from support at market open, but FTI dumped all day after the failed bounce. Perhaps the FED injecting 1.5 trillion this morning made the difference? I'd also considered that, if a ticker is down 20% at premarket, how much further can you expect it to fall? This was overridden by the fact that FTI among others still had the best setups for further downside. I could have easily reversed my direction after the resistance break and taken the full run til 12pm, but...... I decided to observe for the future. Best to only take trades that you've planned ahead of time. This brings me to another thought that I'd considered: maybe I shouldn't enter my first short order at the failed bounce, but instead wait for the failed bounce's support break; where I would normally be entering my 2nd of three size-in orders. I'd be sacrificing maybe 5-10 cents of potential profit, but it would essentially put me in a better position to confirm that the setup is going in my direction. I'll test this method and see how it turns out. Had I went long on the FTI, I coulda woulda shoulda made $405 today. The key to me is figuring out and reinforcing the WHY on price-action. If you can figure out the why, you can see it all coming =)

Join now or log in to leave a comment
PocketPAT

LOL StocksToTrade AND WeBull both locked up!!!!!! Amazing. Bloomberg's "expert" sounds desperate on the phone, saying "DON'T BUY THESE DIPS". Sheeeesh. TDA is still alerting, so I can tell that the world is still alive. ---- Short alerts now flooding in as levels are broken, literally 10-15 alerts per minute LOL. STT crashed. ----- WHAT!!! SPXU HALTED BOOOOOOOOOOO #UnAmerican ----- 9:41AM: Oooooooooh, I'm a noob. So everything locked up because of the first circuit breaker trading halt at 7% (Thanks THINKORSWIM for the pop-up smh STT ETrade WeBull :::hiss:::). Wish I was still in the chatroom for the pandemonium. This is remarkable =) #History

Join now or log in to leave a comment
PocketPAT

Top Short Watchers: CPG, HBAN, NAT, PK, NBR. All have recently broken key support and have room to fall. Think I'll just watch today, instead of paper-trading (still using TOSOD this afternoon). I feel most comfortable shorting on ETrade, while ThinkorSwim would be my second choice and WeBull the third. WeBull doesn't seem to have many ETB stocks on hand and I'll ONLY be trading easy-to-borrow on all three platforms. This is why I've been focused on building a short watchlist with tickers that are ETB on ETrade (my primary platform after reaching PDT). Currently, I have..... 46 short tickers, all with solid charts and easy to borrow. My main watcher criteria (outside of fundamentals like price, float and market cap) are that it must have clean chart history, just closing on a solid first red day and it MUST have broken a key support level either on the first red day or IDEALLY during a premarket gap down on the second day, for maximum panic and a solid resistance level to risk off of. Let's go baby!!!!!!!! #AdaptorDie ----- 3:44PM: After today's observations, I've critiqued my short watchlist from 46 tickers down to 18.

Join now or log in to leave a comment
PocketPAT

Always be ready for every situation =) ... I stayed out of the market to load up ETrade's day trades for tomorrow. My new strategy is set (3x size-ins each day/position). Tomorrow, I will have all three day trades at ETrade to start it up fresh. Then WeBull Tuesday-Thursday and three day trades at TD on Friday. BUT!!! I saw CNN reporting the market tank from the gym this morning. I was so excited!!! Perfect time to buy into TZA, but SPXU (currently up 10% on the day) is better since it's cheaper. You could EASILY use full-size since it moves VERY slowly (also being expensive). I've just counted the potential gains on each dip bounce over the 5-period SMA on SPXU from market open til 2pm (right now) and the total for a $12k account (using full-size on every dip) would be $500-600 on the day. Also, nearly every stock on my watchlist is red. Some are over-extended, so it would make sense to short those all day. The worst ones are down 10-15% on the day!!! All slow-movers, too; so safe to size into for max risk/reward and huge profits. If the recession hit, I would switch gears immediately to shorting these slow-movers and dip-buying SPXU every day. Wonderful opportunities abound =) #ReadyForAnything

Join now or log in to leave a comment
PocketPAT

Just had THEE GREATEST epiphanies this morning. I've reconsidered sizing in three times, mainly because I LOOOOVE the low-risk factor that it provides. I basically have to be TERRIBLY wrong on a play to get stopped out for a small loss, because my loss-limit for the 1/3 initial entry is often far down the chart. Last night, I was listening to the "Chat With Traders" podcast on YouTube and going through the "Risk Management" compilation video. FuturesTrader71 was talking about getting the most out of the market while losing, to understand the market flow. Make the market work to take your money. My only issue with sizing in at WeBull is that I don't want to accidentally lock up my ETrade or TDA accounts, getting their "one-size" day trading rules mixed up with WeBull's "unlimited size-in" day trading rule. This morning, it dawned on me that I could technically size-in THREE times at WeBull on a single day trade. THEN! It dawned on me that I could actually size-in three times EVERY day, using all three day trades at ETrade and TDA on single positions. I could size in 3x at ETrade on Monday (all three trades), 3x at TDA on Tuesday(all three trades), and 3x at WeBull Wednesday, Thursday and Friday (each day using a single trade). I could still trade every day, but with the lowest risk-level and with my stop being so wide (from the 1/3 entry) I could just get out early once the trend is broken and save the other two trades for another play! On this other play, I would only size in twice though (two trades left) and I could continue to keep losses extremely small. I've also decided to add TZA to my daily watchers as I can simply get in with full-size (because it's so expensive and slow-moving) and make back those potential losses on the third trade (if stopped out on the second) or collect small gains in the event that the markets are down. This was a FANTASTIC day for progressing the strategy =)

Join now or log in to leave a comment
PocketPAT

Was looking to re-fund my Interactive Brokers account for three additional day trades (to make nine total per week = two per day Mon-Thu and one on Friday) but was disappointed to see that IB closed my account a week prior. They did this apparently because not only did I withdraw all funds to stick with just two accounts, but I also unsubscribed from their Level 1/Level 2 data plans. I could have "requested" that they reinstate my account (only after resubscribing, of course), but I was put off by the fact that they went so far as to CLOSE the account........ I've been looking into WeBull, given that many traders that I follow on YouTube love and speak highly of it. I decided that this was a grand opportunity to finally check it out for myself. After all, I really only need a third broker until I get over PDT (which should be the next 6-8 months). After that, I would stick to ETrade for day trading and later on TDAmeritrade for swings as well. I'm fully invested in their platforms. Today was my first experience trading with WeBull, using the $1,000 that they give you while your deposited funds clear. At first, I was going to only use one day trade. This way, I would still have two trades left to use with my full equity in that account when funds clear tomorrow. But with FCEL running so nicely, it occurred to me that only using $500-1000 per trade was enough given it's volatility during huge run-ups. Yesterday, I'd only felt comfortable using $500-1000 on FCEL and it turned out to be the right choice. FCEL is the only fast-moving slow-mover that I'd be willing to trade. Long story short, WeBull is fantastic, but the slow P/L updates during trades was definitely not my cup of tea. Executions were.... pretty quick, especially for fast-moving FCEL; and I've decided to keep WeBull as the temporary third broker. Even after I stop using them for trades, I'll continue using the free tools to watch up to six tickers in the background. BUT--- one critical thing that I'd noticed today was that after sizing in on FCEL (and exiting the trade) I still apparently had two day trades remaining. With the sketchy P/L lag, I chaulked this up to them needing more time to account for the second day trade. On both ETrade and TDA, two entries (even into one position) sold on the same day count as TWO day trades. I've previously heard from Kyle Williams directly that Interactive Brokers allows sizing into trades to still count as one day trade, though I'd never gotten the opportunity to test it out for myself. Apparently, this varies from broker to broker and I suppose that WeBull is one of those that count multiple entries into one position as a single trade. This changes the game for me, as it sunk in about ten minutes ago that I could now size-in twice all five days of the week on the same account. Previously, the plan was to use two trades for ETrade and TDA on Monday and Tuesday, two trades from the third broker on Wednesday, one of two SEPARATE brokers on Thursday (not sizing in, just different trades) and just one left on Friday. The limitations in this strategy were that for the 4th and 5th days, I would not be able to size-in on trades. As a result, I would simply trade with either half or full-size on those days; but if WeBull is counting multiple entries as one trade, then this means that I could size-in with them for the last three days of each cycle. This takes my low risk/huge reward strategy to an everyday level. In the end, I only typically trade 2-3x per week anyhow, but with this new ease of entry, I may be willing to speculatively enter more trades; not to mention the fact that my new 1/3 to 3/3 sizing method makes achieving 5 to 1 or better risk/reward much easier than ever. Trading FCEL today, my small-loss stop-out for the 1/3 initial entry was 20 CENTS down. For FCEL, that was so low that it wasn't even visible on the chart--- for a SMALL loss. #StrategyandExecution #BrickByBrick #Ninja

Join now or log in to leave a comment
PocketPAT

After a few hours of tinkering, I've figured out a way to have all my order drafts accessible without saving them on both ThinkorSwim and ETrade. There is almost always a solution, if you have the patience and MacGyverism to figure it out =) ... It's crucial for me to have my finger on the trigger of ALL potential plays at ANY GIVEN TIME... TOS is still better, but ETrade will live on, for now... Now, I can see exactly what I want to see on ThinkorSwim, without 75% of the unnecessary clutter... Fantastic!!! Tomorrow is another day =) #DoItRight #DoItYourself

Join now or log in to leave a comment
PocketPAT

Got in NIO on the double-bottom with extra small size due to the choppiness, but got shaken out after seeing huge sellers on the Ask with low buying pressure. Turns out I could have held as it's bouncing a bit, but the bigger lesson is to continue considering speculative dip buys using extra small size; instead of taking them off the table completely. I'm also sadly giving up on ETrade Pro (likely), because ThinkorSwim is just way better when it comes to saving orders; and it's just not feasible to have 5+ potential plays, constantly changing the order entry trying to decide which one is the right one to get into. ETrade Pro's process for accessing/editing/submitting saved orders takes like 3-5 clicks where TOS is 1-2. I'm seriously considering moving all funds from ETrade to TDAmeritrade under a second cash account and using it for T+3 as needed. Sad, because I love ETrade Pro's setup and HATE how cluttered TOS is (not to mention the lack of customization), but I've made it "tight" and made the font smaller in the settings; so TOS feels MUCH easier to navigate. With my now deciding to jump in on smaller panics with smaller size, more potential plays are opening up. Excited =) #PanicsOnly #TilPDT

Join now or log in to leave a comment
PocketPAT

Best practice for me seems to have become skipping alerts altogether and instead having all tabs of my watchlist open on StocksToTrade. Before, I was uncomfortable watching more than 2-3 tickers at once. Now, for some reason, I feel extremely comfortable scrolling calmly between 10-15. I build the watchlist the night before, with in's, out's, position sizes and profit potentials; keeping all tabs open so that all I have to do the next morning is mark the chart-levels (since STT wont save them when I close it). I've been building a trading process for about nine months and the flow is pretty seamless now. During the market open, I simply click between the tabs, looking to see which tickers are fulfilling my prophecy by entering the ideal entry region; with ETrade open at the ready for order entry. It's like I have 10 tabs open on Amazon, trying to decide on a product. Once a prophecy is fulfilled, bang. Enter the order and focus on the price-action =)

Received 1 Karma
Join now or log in to leave a comment
PocketPAT

This morning, I used my penny-by-penny "stalking method" that I'd begun to practice recently, where I have my chart markers set, but stalk the panic on the way down in ETrade's "Order Entry" box 1-3 pennies above the current price. This way, when the panic finally turns around for the bounce: BANG!!! LMAO Instant execution (like I'm following it down a dark alley). Setting my buy a couple of pennies above the panic in motion and following it penny-by-penny as it panics to the bottom ensures that my order gets executed when the panic turns around for the bounce. BANG!!! Don't greedily attempt to get in at or within the wall of buyers, execute your order price just ABOVE the wall (1-3 pennies). Don't worry about getting that extra penny or two for the exact bottom, take the MEAT OF THE MOVE. If your order is set just above the wall or just below (when it's time to sell), your order will be fulfilled before the 90% of greedy losers who become bagholders. This is key, because many of these bounces tend to move a bit fast and trying to secure an order within the wall of buyers/sellers will lessen your chances of getting executed at all. Just ensure that it's close to the ideal entry level and not far above it on a fake bounce.

Join now or log in to leave a comment
Page
of 13