LibertyBelle

Accountability post 06/10/2020-06/23/2020 I watched all of the live webinars and newest video lessons the last two weeks. I finished watching three more DVD's: Short Stocking, Learn Level 2, and Timdicators. I have also started watching "Trading Tickers." I finished the audiobook, "Trading for a Living" by Alexander Elder. I started listening to the audiobook, "Fooling Some of the People All of the Time" by David Einhorn. Listening to the audiobooks while I workout has been a good learning strategy to save time. I started watching "Trader Checklist Volume 1" in my Tim Sykes VIP education portal. I printed out some checklists to practice with. I started practicing today. I didn't trade, but I watched what the stocks were doing and compared that with my plan. I transferred my trading account from TDAmeritrade to E*Trade. I got hammered with OTC commissions using TDAmeritrade, and I plan on trading them a lot more. When I transferred my account from TDAmeritrade, I didn't realize they were going to close it when I did that. I was planning on still using the ToS platform, so I had to reopen my account. I called E*Trade and asked for access to E*Trade Pro while I was waiting for my funds to settle. I watched Tim Lento's turtorial webinar on E*Trade Pro, and I set up my screens as close as I could get to what I had in ToS. I like the platform, but I like ToS better. I'll keep E*Trade Pro as a back up. I made some money playing options. I've been following Mark Croock's alerts. I also had my biggest loss playing options on $APT over the weekend. I am still in the green, but it really hurt.

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traderkhang22

Put $250 in my TDAmeritrade for the first time. Feel like jumping in a trade when I saw Tim's Alert but then I see the number 3 next to Day Trades left, plus if I get into random trades and build a bad habit, it's gonna make me pay later, so I better wait for the next morning since Dips buy Morning Panic is hot recently. Patience and keep learning.

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LibertyBelle

Accountability post 04/13/2020-04/28/2020 I watched and took notes on all 13 Challenge Orientation Videos in the student portal. I watched and took notes on 3 of the DVD's on profit.ly: "Penny Stocking Part Deux," "Penny Stocking Framework Part Deux," and "Spikability." I signed up for E*Trade, Interactive Brokers, and TDAmeritrade (to get access to Think or Swim paper trading). I already had a brokerage account with Charles Schwab, but I only have used that account for traveling since they don't charge ATM or foreign transaction fees on a high yeild investor checking account. I have never traded before. I will probably use E*Trade, and I have already moved my trading money into that account even though I don't plan on trading for real for at least a month. I signed up for the Stocks to Trade trial a few days ago, and I went through all of Tim Bohen's Getting Started lessons in STT University. I really like this stock scanner, but I am hesitant to subscribe. The fee is daunting to me since my only income at the moment is coming from unemployment. That might be something I can get when I start profiting. Meanwhile I'll have to learn a more affordable platform. I watched all three live webinars last week (Tim Lento, Tim Sykes, and Mark Croock). I watched Tim Lento's live webinar today, and I plan on catching Tim Grittani's webinar later this afternoon. I have reminders set for the webinars scheduled for tomorrow and Thursday as well. This week I have made it a point to open chat at market open, and I have been following the other traders in the room as they discuss their trades. I have been paper trading some of these trades to learn the mechanics. I have been making a lot of mistakes, but I'm learning from them and it's not a disaster since I'm trading with fake money. I've played with E*Trade, Think or Swim, and Stocks to Trade. Stocks to Trade has been the easiest one for me figure out, probably because of the tutorial I watched. I have been living and breathing the material these past two weeks, but I know I am only scratching the surface of things that I need to know to succeed at this endeavor. I understand the basics of trading and the stock market, but there is definitely a lot of room to build on top of that knowledge. I'm looking forward to the journey!

hpac912
hpac912 Jun 22, 1:29 PM

Hello LibertyBelle

hpac912
1
hpac912 Jun 22, 1:30 PM

I'm in the same place you are I haven't really started any accounts yet this is just my second week. I get the concept and my next step is to begin checking out the paper trading.

LibertyBelle
LibertyBelle Jun 22, 2:35 PM

@hpac912 Hi! There's so much to learn. I have the basic concept too, but when I trade it flies out of my head. I think that's why Sykes emphasizes watching the videos over and over. I don't think I will really get it when I'm in the heat of the moment until the patterns become automatic. I have been struggling with the emotional side od trading the most lately. Watching "Trading Tickers" right now. So far it's my favorite DVD. Grittani organized his info very well.

hpac912
hpac912 Jun 22, 2:59 PM

Hi, I do understand what you mean about the emotional side of trading. I'm struggling in that area also. I will check out Trading Tickers. I'm about to check out Candlesticks by Steve Nielson. Grasping the terminology is challenging. It's learning a whole other language.

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PocketPAT

Over the past week, I've been really pulling back on trading to build, refine and confirm my trading strategy; with quite a few changes. I've dumped the 2nd/3rd Red Day Premarket Gap-Down and expanded the Reversal from Support/Resistance to now the Gap & Crap and Support Bounce. The Gap & Crap is (for me) a premarket gap-up that is resting at key resistance just before market open. Once the bell rings, it typically craps out down to key support. I'll short at the open and cover down at support. The Support Bounce is the opposite: premarket gap-down to key support, for a bounce after the opening bell. Buy the dip, sell the rip and move on. I'll also play the reversals for each setup, effectively turning two setups into four. After PDT, I'll still plan to trade two at-a-time, since these slow-movers are so easy to juggle. Over the past week, I've watched time and time again as these two setups provide numerous opportunities every single day. Perhaps that's due to the market consolidating, but my focus is still to master setups that I'll be able to continue using when the market stabilizes. I could keep the PMGD Short for the occasional perfect play, but that seems to have only been a great setup while the market was tanking. When everything stabilizes and we get a consistent pattern of consecutive green days to short after the First Red Day, perhaps I'll reintroduce the PMGD Short as a third solid setup. ----- As a matter of fact, I'll make that official now. Its truly a repeatable and highly profitable setup and so I'll bring it back when the time is right... I've also decided to completely eliminate sizing into plays. Instead, I've expanded on widening my stop-out on small size, to avoid not only being stopped out too early, but being stopped out altogether; as an ultra-wide stop is often far from the point for where a pattern would be broken. This gives mental clarity and focus for the price-action, since I'll never have to worry about being stopped out. I can simply cut the position when the pattern is broken. Using small but respectable size, with the ultra-wide stop, I'll replace sizing in on ideal price-action with DOUBLING my position ONLY IF the stock rips/blows or cracks through my sell/cover target. If it goes beyond my ideal exit point, it's proven itself as more than a single and would then be worthy of higher equity. I can now essentially focus on taking singles with respectable size, while still having the ultra-wide stop and maximum focus for every trade; with two highly effective setups to trade with. This also means that I can reintroduce TDAmeritrade for nine potential trades per week (ETrade, TDA, WeBull), which I very well may use with all the Gap & Craps and Support Bounces taking place nearly every day. I've also removed my Unrealized $ Profit/Loss (Tim Grittani-esque), replacing it with the Unrealized % P/L instead. I'd rather not remove it altogether, as I feel comfortable seeing the position moving (just to know that it's active on the platform). This has already proven to provide much more calmness during trading..... That's about it =) --- oh.... I've also reduced my max equity to just $100 per trade (yes, $100 max) until I confirm two weeks of consistent profits between these two setups. I was using $1000, but for the purposes of testing the strategy; there's no need to lose more equity than needed. My max loss going forward will be 10% (which I'll rarely hit with the ultra-wide stop beyond pattern breakage), so currently I am risking $10 per trade for which I would have to be TERRIBLY wrong to achieve. My typical stop by pattern breakage will be 4-6%, well before my max loss. I'll use the 10% rule forever, as I am COMPLETELY in love with the ultra-wide stop-out.

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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

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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.

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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

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AnakManis

Roller coaster ride on $SRNE today. In at $2.36 added at $2.26 but not enough to average down. Then price dropped to $2.06. Almost lost $800. News was good, and vol was high at 8 Mill, so prayed that it goes up. 30 mins later, it went up to $2.35, made $120 and called it quit. Price went up to $2.50, could've made about $400. I'm just glad that it went back up. Will be verifying trade tomorrow through TDAmeritrade, since it won't let me verify today.

Diegocorona
Diegocorona Dec 25, 19 12:52 AM

I need some help to start to trade plsss with marihuana

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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

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PocketPAT

Sidenote, ThinkorSwim is jumbled as f***. *SIGH* I haven't used it in a week or so and I was like a ninja, closing this and minimizing that during my trade this morning. Heart palpitating "MOVE, WHY ARE YOU SHOWING ME THIS NOW!!!". WAY too many menus and sections to navigate through. ETrade Pro is SOOOO much easier to use. I have it setup so that it's literally ONE SCREEN that shows everything..... meanwhile, TOS has NO CUSTOMIZATION. Terrible. I can't WAIT to get over PDT so that I can dump TDAmeritrade/ThinkorSwim. Smh, but it'll do for now =) #Patience

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PocketPAT

Hmmmm... Conversations on the way home from the gym: I’m starting to reconsider sizing in. It makes perfect sense once over PDT, but with 3-6 day trades, sizing in with two trades per ticker may not be worth it. I currently have two trades left on ETrade til tomorrow and one at TDAmeritrade til Friday. I’d feel more comfortable with more bullets in the chamber. I think I’ll use $2k til I’m consistently profitable, then raise my positions to $3k til I've doubled my account size; then I’ll increase positions again to $4k til I’m over PDT. This way, I’ll have six bullets in the chamber each week and can still practice great risk-management =) ------ I'll save size-in's for when I'm in a ticker that REALLY spikes and I'm up from way down below. At that point, a size-in would be super profitable. Other than that, I'll stick to singles (technically sizing in would take my position from a single to a double).

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PocketPAT

Small (-$30) shakeout on FRAN at ideal entry for the Multi-Dip Recurl. Was looking to cut losses EXTRA quickly if it didn't bounce immediately and I'm so pleased that I did =). I'm trying to reestablish my discipline in Multi-Dip Recurls after a few small losses from stupid trades and bad habits (from experimenting with other setups over the past couple of weeks). Decided to just post trades in bulk like I see a lot of traders doing on here. Makes sense. I need to focus more on trading than posting. NOT GONNA LIE!!! I'm seriously contemplating leaving TDAmeritrade and just combining all funds under ETrade for just three day trades. ETrade PRO is SO MUCH better than ThinkorSwim LOL. I don't know, everything is just all on one screen, I don't have to navigate between "Trade" and "Monitor" to manage positions. Three day trades just feels like not enough though. Even though I typically only trade 3-4 times per week, I just like having the ability to trade six times. Although, only having three trades would make me focus on only the best ENTRIES of the best plays...... Hmm..

dag_duglas
dag_duglas Jul 17, 19 11:42 AM

You can convert your account to a cash account under which there is no day trade limitation but you can trade till you have settled cash in hand

PocketPAT
PocketPAT Jul 17, 19 11:52 AM

@Divye interesting, thanks. I've just looked into this, but I've already decided to keep things as they are now with TDAmeritrade. No need to change the program, I should just focus on being a better trader.

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PocketPAT

Everything was so choppy this morning. Top watcher was TYME. I hesitated at the support point of 0.43 and missed the bounce. Profit potential was $1,080 (4k shares from 0.43-0.70). These plays are getting extremely close to execution though. I think I'm going to add $3k to TDAmeritrade, to have $6k in each account.

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PocketPAT

VTVT double-bottomed just now and is attempting to break above resistance at 1.70; but honestly it's broken too many levels to regain my trust today. I only have one trade left this week under TDAmeritrade, as Interactive Brokers will not be done processing funds until about Tuesday; so I'll save my last trade for a potential play tomorrow morning =)

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