3 weeks into training and started practising with thinkorswim this week. It's been a mixture of ups and downs to be honest, watching for charts patterns, lots of researching possible positions, planning and executing entry and exit points and following the #1 rule. It's been a really exciting week however after a month of solid studying, webinars, researching stocks watching chat boards its been great to finally start trading if only paper trades. No Risking of own money as yet but it has been great to finally put the knowledge learned into practice. I've watched Tim Challenge Pennystockinng and Pennystocking part Deux, now on the new rules of pennystocking, i think it will take me a solid 6 months to get through all of the study material i have bought but i know it will be worth it. Learning the history behind my teachers life it a great way to start out.... Excited to see what i can achieve in the next 12-18 months.
I Traded $NBEV today, i studied the the charts pre-market, took the guidance of my peers in Tim Challenge and Alerts and looked at key indicators for the stock. Technical analysis followed, fundamentals already know as had been watching this stock all week, however i continued to look for news, catalysts etc and and watched the market as it opened with a plan in place for key entry and exit points. The stock opened with breakdown, however advice of Tim is to stay clear of morning shorts, so looked for the dip buy aiming to get in at 5.50 near previous resistance which would now be support on it's way down. I struggled to get into the stock and eventually got in at 5.43 and it bounced around the 5.35 mark just as i was about to sell out, however it bounced nicely and i took the meat of the move selling out at 5.64. I got in and out with 200 shares on the basis that i would be starting with a small account of 5k and didn't want to risk more than 1/5th of my cash. $42 profit but glad to see the teachings are sinking in and i'm able to execute with confidence predicting what will happen.
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