I haven't been trading long, and I am far from being great... yet! I am finally beginning to understand a few concepts, and I'm stoked!
First off, I have only been actively trading since July 1st, 2018, so I consider my self to be a complete newbie! It wasn't for a couple of months that I discovered Timothy Sykes, and from then on, I was hooked. His way of teaching is fantastic, and to me, easily understood. I would always pay for two or three subscriptions at a time per month for the learning aspects, feeling out which one was a perfect fit for me. I would always cancel Mr. Sykes (sorry Tim) to try other things newer, and possibly better.
But... I would always go back to Tim. I found that learning takes time. Tim products are costly, but they are useful. The one thing I learned, was that when I was learning from Tim, I was slowly progressing with my learning and my trading. With each day, I started noticing that I was getting just a little bit better, and inching (if I could even say that) my way towards success.
Then I would want to try something new. Something that could make me even better, so I bought into it, canceling Tim and making my road to success longer! It seemed that every time I went away from Tim's tactics, I would start going downhill. After a little time doing that I would end up using Tim again to get me back on track.
That happened quite a bit before I finally realized that maybe I need to stop being a cheater. Don't fix what's broke, or (in this case) break what worked.
Slowly but surely, I have been getting better and better. I don't pay for any subscriptions now, though I highly recommend it to learn. I want to be self-sufficient, doing this on my own, and blocking out all the noise.
So with that being said. The main reason for posting here is to tell everyone that I (being a slow learner) am finally starting to understand and I'm thrilled! When Tim Sykes says, "Don't take the meat of the move," or "Cut profits/losses quickly and intelligently," it's pretty black and white! For example, ticker XYZ moved today from 1.00 per share to 10.00 per share, from 9:30 am to 10:30 am, before being flushed down the toilet. You noticed the move at 9:50 am when the current price is at 3.00 per share. You think "Wow, supernova!" as you should, so you watch it, then buy into it. I will generally only hold that position for maybe 5 minutes before leaving (in this case, selling at 4.00 per share). I know I left a ton of money on the table, but the matter of fact is that I made a profit, and I also cut risk out. What if it didn't go to 10.00 per share? What if it stopped where I sold at 4.00, then plummeted to 0.60 per share. THAT'S A LOT OF MONEY TO LOSE! Trading stock is risky, but the most important thing I have learned is to cut as much risk out of the equation as possible. If that means only taking 1%-2% profits, it's better then having 20% in losses (believe me!).
What I've learned to do:
1. I don't care what the ticker is or what the company does. It seems to be moving to fast to care.
2. I have in my head that this stock is "SHIT," and I am going to lose a lot of money.
3. Does it have huge volume? It better be over 500,000.
4. Within 30 seconds (Hopefully less), I try to find a quick support level.
5. BUY. Hopefully at the 30-second support.
6. (TRICKEY PART). Depending on how fast it's moving, I will set a limit price right then and there to be "IN AND OUT" sell. I don't look at how much $$$$ I am making, and if it isn't moving, I escape, as I have found that this is the "Calm Before the Storm" spot that I don't want to be in. Sometimes it goes up like crazy, and sometimes it goes down like crazy, but I don't like catching a falling knife.
7. Watching level 2 helps I have found!
I'm not saying that this is a 100% proven way to do this, but I am saying that my success rate has gone up. I'm not a very good trader, but I enjoy it, and I am learning every day.
If you guys have something to add, please feel free, like I said, I'm still learning. This is just my thoughts and opinions.
Hopefully, this helps someone!
Thanks, Tim Sykes!!!!