First I just wanted to say happy new year to everyone. I hope that you all had a good year whether you profited or not, or I hope that you at least learned something new.
I wanted to make a recap of everything I did this year both good or bad, to help me maximize my knowledge and profits in 2016. spent a lot of time in the chatroom observing the atmosphere and how people communicate to each other, give alerts and what there thoughts are behind those alerts. I spent most of the year studying Tim's dvd's, videos and lessons, and the last month and a half of the year paper trading to practiced everything I learned and trying to master them to the best of my abilities. The account came with $100,000 in it, and in the last 45 days or so of the years I turned that account into a little over $168,000. That is also on top of school, homework and life. I plan to be trading with $6,000 or so to start out with in an Etrade account sometime in the middle of january. So I would like to go over what I did good and bad while trading:
- I worked on every pattern that I learned to try and get a sense of what was happening and how the stock would react
- I learned how catalysts can affect stocks and how to best play them
- I spent a lot of time buying breakouts usually with hype or news behind it, getting very good at playing that pattern
- I was able to spot billionaire plays earlier than most, get into hot plays that were running huge and just being early
- I learned to be patient with plays, instead of just getting out if a stock doesn't do what I want very fast
- I learned that missing a pay is not a bad thing, it is much better to miss something than chase it with the fear of missing out, because usually you will have a loss
- I did my best to cut my losses both intelligently and quickly, trying to blend the 2 together, and it worked well
- I did not blindly follow alerts but out by Tim after he had already bought, I stuck to my game and played what i found and tried to only play stocks on my watch list
- There were times where I chased and still came out with a nice gain, but I should not feel good about breaking the rules
- I guess a scalped a couple times when there were no other good plays, trying to just get some profits
- There were a couple losses that I just let run because I was so pissed off that it didn't work out and kept thinking that it would, so I held
- There were defiantly plays I made that I would not have made with an account with real money because the risk/reward ratio was shit
- I did not always take profits when/where I should have, sometimes I let them run longer, and sometimes I destroyed all those profits, and sometimes I made more, overall not worth it
Overall I just need to throw in some more discipline and take my profits when I have them.
My goals for 2016 is to double my account and try to do the best I can even though I'm not trading full time, not anywhere near full time actually. I would like to thanks Tim Sykes for creating this community and helping all of us become the best that we can be in the stock market. I am looking forward to the Vegas conference that I hope to attend. Also thanks to everyone in the chatroom for throwing out alerts and everyone in this community who helps out the little guy, answering questions and being active in the community.Good luck and I wish you all the best in 2016!!