If you happen to read this then great but know this is for my own reference and understanding. This is not a recommendation to anyone.
After watching some great vids of Tim and Mark Crooke https://profit.ly/content/category/buying-dips-panics and discussing my theories around this did I realise that there are 3 simple basics I have not been focused enough on and you need to understand this first rather than just playing some random stock because you don't know what that other person knows and what they have seen, its like following a DIY guide but the only difference is if you put it together shit then you can take it apart and do it again however if you make the wrong trade time and time again on some random pic then you cannot redo that trade so you need to be specific (like Tim teaches) be a sniper and make sure you have the 3 basic principles sorted before risking money and they are chart, pattern and strategy.
1. Chart - Your first look at a stock is the chart and what that chart looks like over long term then short term (is it the charts Tim teaches)(Michael Goode emphasises long term before short term), is it a clean bullish chart because if you buying your odds are allot better, or is it bearish which again can put the odds in your favour if you shorting, but this is your first look at the stock and gives you a clear history of what the stock has done IN THE PAST (ie. runs for x days, allot of once off spikes, makes big moves on news etc) ALSO this allows you to see if it has dropped and is at a turning point but you need to know your chart types before risking a cent.
2. Pattern - Once you have taken a look at the chart and understand it (what it is known to do) then only can you see what pattern (#1-#7 PennyStocking Framework) is applicable. Where in the pattern is this stock, is it still in the ramp up, have the moves gotten bigger, is it now on the back side of the move, but you need to identify the pattern the stock is in at the moment to have any chance of success.
3. Strategy - ONLY and only once you know what the chart looks like and what pattern it fits into then can you apply your strategy. That strategy can be to either buy or short, are you going to buy on the dip or the breakout, is it setting up for a morning panic, or are you going to watch for the first green day or red day to either short or buy, but this is where your strategy on what you are going to do is vital to the success of your trade.
AGAIN its not an exact science but you need to look for certain indicators and not just pretty charts and patterns. VOLUME and PRICE MOVEMENT is KEY to ANY strategy!!!
You cannot build a winning strategy around just any trade if you do not know the history of the stock and where it is in the pattern along with the key indicators then you are not ready to trade the stock. If you have no clear strategy then don't risk it!!
RECAP - Charts, learn what are good charts to play and what are bad charts to play. Through watching all the video lessons you can see the type of charts Tim prefers playing (especially when Mark and Tim show the 100 day period) and most of these are gimme charts with GREAT odds in your favour, not some random bullshit. Patterns, know ALL the patterns that Tim teaches #1-#7, if you want to be successful at trading you need to understand each pattern and what caused that pattern, was it good/bad news that caused the stock to run or attracted traders interests, but simply put you need to know why the move is happening as this will only add to your case. Strategy, again you need to have a strategy going into any trade, can you imagine going into a battle field and just running in with no strategy or plan on how to attack and your opponents just start surrounding you, you dead before you know it, and the same applies for you trades, make the wrong move and you loose, so you need a strategy on how you going to play it which includes quick exits incase you get surrounded. Remember in a war you can take a few blows and still win but you cannot loose your base and expect a victory.
So now I know where the problems are and will focus on these areas to improve, c'mon Wayne'o we can do it its time to fucking shine!!!
Like Tim says "STUDY THE FUCK UP"