Man has it been a long year with a lot of ups and downs in my personal life along with trading. I haven't looked at the blog post I wrote before I had joined Tims MMP and after reading it I laugh and am glad to see how much I have grown.
I purchased the MMP exactly a year ago and quickly got through the DVDs. I had already purchased HTMM before and had watched trader check list also before purchasing the MMP. In the beginning I found it being a tough grind staying up late getting through the DVDs and waking up trying to trade what I had learned the last night and not finding much success. I knew I had to tweak what I was doing in order to get better. I knew I had to cut myself off before I blew up my small account and had to refund it again. So I stopped live trading and did paper trading with 500 and 1000 shares sizes until I had finished the DVDs. I took a few weeks and I had to rewatch a few sections to get good notes. My paper trading account had grown a few thousand so I thought I was going to have success trading live. of course it didn't translate and I was pretty upset on why it wasn't working.
Back to square one again I'm still watching the DVDs and the videos he put out. I started going through his other resources. I watched Dux, Grittani, the podcasts on YouTube with Tim Bohen. All to see what pieces I was missing. We're about 6 months in at this point and I didn't feel rushed to make any money knowing Grittani didn't make any in his first start also. I knew what I wanted to do and that is to trade, so I was and still am committed to the long run. I started going through all the archived video lessons and all the saved webinars.
I had to take some personal time off and got back to it around October. Well what have I learned?
1. I learned patience pays. You DONT EVER need to be first to be profitable.
2. Create a watchlist the night before and draw lines in every chart you open up. shouldn't need to to explain this. This is a a absolute staple to being a successful trader.
3. Not everything is a perfect science!
4. Reviewing and tracking your trades on the weekends. Since I started tracking and realized I was trading the wrong patterns and had been doing the wrong things. You must understand what pattern you're looking/playing.
so what patterns do I focus on now?
1. Breakouts over multi week/mo highs w/ catalyst and ideally former runners. I realized that these plays can be explosive and can run for multiple days at a time. obviously there's a reason Tim teaches this pattern.
2. Dip buying morning panics. Not any morning panics tho. It took me a little bit to realize that I can't just buy any stock that takes a crap in the morning. Most do bounce a little but no enough to where it is predicable and profitable. Only buying ones that have been up multiple days/weeks and NOT DOWN ON BAD NEWS.
3. My last pattern that I like to focus on first green days on OTC former runners, however they've been rare recently. They were a little better last year and will hopefully show up again soon.
I haven't been as profitable as I would have liked this first full year with Tim but I have learned a ton. it is not about growing my live account but also my knowledge account and I'm happy to say this was an amazing year with all the ups and downs. I just re subscribed to continue my education through the video lessons because I did not make it through all of them. eventually I will join the challenge but I might get Dux's DVD first. thank you for reading, see you all in the chatroom.