@Jackaroo how often do you comment your day trades here. Saw your youtube video and have been inspired
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BIG FINDING: As you all know I am a short seller but I get in and out and average up on my trades many times (intentionally) and cover on the first large dip/snap. That is very general but you get the gist. I ran all of my numbers on every trade I have held overnight for the past 6 months and found out I am down $144k on them. I also found that if I would have covered every one of them the next day at the low of day I would only have been down 42k on these swings and if i covered at the absolute high of day the second day (would be better of course) I would have lost 140k. This means that even though I am winning 81% of my swing trades after getting squeezed there is absolutely no reason to swing them more than a second day. You get out for the loss and move on. My 19% of losses get too big when I am getting squeezed and it mentally drains me along with taking up buying power. Overall - no holding more than a second day unless I am 99% confident on it. One other note: growing parabolic can be stressful. You continue to size up more and more for percentage of account but of recent I got uncomfortable with some of my larger position sizes. Parabolic is great and I will continue to strive for that but I am toning it down a bit and focusing on consistency - less large random losses - and continuing the green days day in day out. This comes after getting squeezed on NXTP last week and a 52k loss on HX where i was stubborn (havent posted it yet). Good luck to all! Learn from me.
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reverselong Oct 19, 21 10:47 PM
by going over the data on simple metrics you found something out that you can implement right away. nice work. The comment on the sizing up, you hit the nail right on the head. You did take it as far as you could though. Now you just gotta work your way back to size and feeling comfortable with it. You're still killing itt! NXTP is about to be demolished for good hopefully Lol
HolyDonuts Oct 19, 21 11:01 PM
Great post Reed, you are an immense help
Kingsalini Oct 20, 21 7:09 AM
Appreciate the insight my G
ATXTrader Nov 17, 21 12:56 AM
constant analysis is so helpful throughout our trading journey. Thanks for sharing your thoughts on the stress involved in parabolically growing your account. Come back stronger!
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Hi Coach, I caught your podcast on The Friendly Bear Trader. Always great insight from you on becoming a self-sufficient trader. I have learned so much from your approach to trading. Thanks for all you do for the chatroom community.
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Larry1982 Jan 21, 23 1:09 PM
Thanks Ellis, good lesson. Only trade the best setups...sometimes the best trade is no trade.
LindaDKing Oct 17, 23 5:43 PM
Thanks, Ellis...great lesson in patience as well as technicals.
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@btid2483 just became a fully transparent trader today!
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LETSWIN16 Nov 29, 22 12:45 AM
great story jack. you had a desire and faith. thats why you did'nt give up. that is a true uncle who supported you and gave you good advice .I am studying hard because one day im going to reach my goal.thanks again for sharing your story.
brandonkoy Mar 21, 23 3:16 PM
yuhhh
Garry19 May 29, 23 9:30 AM
@Jackaroo Clearly this was about 3-31/2 yrs ago. Looks to me like a little confidence of someone believing in you can make all the difference in the world. Congrats on your success Jack! I truly believe we all have it in us & it just takes hard work & 1 person believing in you & believing in yourself. Your uncle is a great man.
Pathfinder_Trader Jun 30, 7:31 PM
@Jackaroo, I am a few years too late on reading the "blog post: Stick With It". However, it was very inspiring. What was inspiring was not the story in and of itself, but the idea that you choose to "believe" that sticking with something will reap a reward for you in the end. Having a belief is one thing, but making that dream come into fruition is another, which is extremely hard to do when you have not made it to the finish line to win the prize, and to be fair, Uncle Larry knew that for a dre
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momofwallstreet Nov 09, 23 11:17 PM
Priceless! Have been studying for almost 4 months now and still had no clear idea about reading the daily and intraday charts as part of finding tradable stocks in play. Spent 2 hours on this 27 min video and took many notes and screenshots to review and guide me. May be the best 2 hours I have spent studying penny trading so far; wish I had found this near the start of my trading journey. Thank you, Ellis. Will be back for more.
ArtOfWar Nov 10, 23 5:12 AM
Awesome! Glad to help.
J2X Nov 14, 23 8:58 PM
THANK YOU! THIS IS GREAT
Hi Jack, Congrats on passing the 9 mill mark. Well deserved with all the time and effort you have put in.
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