Definitely try to watch my premarket video lesson https://tim.ly/3z4Pdw9 as I talk about the patterns/strategies working best right now
I will learn from every trade, It's a marathon not a sprint. Thanks Tim.
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I will lock in gains. It's a marathon not a sprint! It's a marathon not a sprint! It's a marathon not a sprint! It's a marathon not a sprint! It's a marathon not a sprint! It's a marathon not a sprint!...
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I wanted to take a minute to share a lesson I learned after my transition from Robinhood to TD Ameritrade! I need my total commission, (assuming i have one entry and one exit on every position, this totals $13.90) to be 1-2% of every position I take. Here is why, if my total commission is anything more then 2% of my total position my personal RMS tells me I have to have my mental stop loss at my initial entry price and i would be down 2% on overall position. Here is the my spreadsheet between my March trades after making the transition to TD,(side note... who is a great broker). As you will notice via my spreadsheet screenshot even in instances i was profiting 5-10% on my trades i was still ultimately losing money on my positions. My theory to stop from losing money and to consistently make money is this, my position must be $700 position, my mental stop loss will be at 1% of my intial entry. My total loss on anything if i do exit at 1% will be a overall 3% loss since my trading commision is 2% of my total position. I will be testing this theory over the next two weeks with papert trading before risking my real money on this theory. I will be focusing on these main points while paper trading. Cut my average loss to 3%, focusing on stocks between $1.50-5 as that is the niche i like, and mainly using Moving average exponential 5 day and 20 day with closing periods as my indicators. I will post my results after here on my page!
@Eazybreezytrades just became a fully transparent trader today!
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