Another trading week has come to a close and the weekend is upon us thus giving us a moment to take a breather. Time to reflect on our good trades and our bad one's. Evaluate our strategy and possibly tweak it a little and of course time to Study, Study Study and Study some more.
How was your trading week? I made only two trades this week a winner and a loser. Have you ever noticed that when you have a loser you know almost immediately that it was a bad choice, but you never say that when it's a winner.
The markets seemed kinda slow this week, nothing really moving very fast. I missed a few trades because price just didn't dip deep enough to trigger a trade. My hard rule is once I have decided where I want to enter into a trade I don't move the price even if price comes as close as a penny. I want the best price entry.
This weekend I will continue tweaking my scans, the scans that are going to find me the perfect ticker to trade each day. Scanning for possible trades is kinda like a fish finder is to fishing it puts you in the best position to catch a fish yet you still need some skill to actually hook the fish.
I have been doing this for a few years now and I must say I definitely know more today than my first day and I am getting closer and closer to where I need to be and I can only get there by studying and applying my studies to live trade action.
One of the exercises that I go through each weekend is reviewing charts, I randomly choose a stock from my master watch list and will spend quite a bit of time reviewing the historical price action and somewhat ingraining it into my gray matter. I will lay out my fib levels and take note of how price reacted at those levels going forward.
I have always believed that if you were able to take a historical chart pattern, apply an algorithm to that pattern and then have that algo search going forward for that specific pattern at it's earliest development that you would be able to predict with a high degree of certainty a winning trade. I know this sounds like Syfy stuff but just imagine the possibilities.
Since I made the concrete decision to follow Sykes I no longer waste any time checking out any of the other penny stock trading mentors on the internet. Sykes is the only one that I have come across that insist that you study and that he is not going to give you hot picks to trade, you need to find your own.
About the subject of time, time is a commodity that is non replenishable, non renewable and non purchasable. Once it's gone it's gone forever. There is a misnomer in regards to time that there is the past , present and future. I believe that there is only the past and future, unless you live in an alternate universe that measures time in micro milliseconds the present instantaneously becomes the past.
Whether you are in your teens or sixties your time is valuable so don't waste it on trying to follow multiple mentors or other traders that have not proven themselves. I have chosen Sykes and most likely since you are here you also have chosen him but if you are still not sure he is your guy find the one that fits what you are looking for.
If you found yourself frustrated with how your trading went this week, you have self doubt that you can't do this or your support team is no longer giving you support guess what, you are making progress because you haven't given up and joined so many that have.
So continue to stay focused, accept that you will have losing trades, accept that it will take time, accept that it's a struggle, accept that you are not Tim Sykes. Believe in yourself, know that you can do this, and Study, Study, Study.
Nice one!
Thanks again for your inspiring and reviving words. This week should have been one of fewer trades for myself. I knew coming into the week that I was in a terrible place to be taking risks and pushing myself. I made some good trades, and I missed on some other good opportunities. You are absolutely right on, and experience, and study and devoting yourself to a plan and a mentor is the only way to gain the confidence, determination and skill to successfully stick to your plan, and to call it off
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