It was a good week, generated some profit. Still experimenting a little and I am finding that can be expensive, But you gotta do it to keep expanding your repertoire. So far most of my success has come from scalping and because of this I am leaving too much profit on the table, I really need to drill it into my head to save the last lot of shares and let the stock run with a stop-loss at one of the newly established support levels so that no matter what I make money but I give myself the opportunity to make so much more. My entries have greatly improved because in the beginning(sounds like the bible) I was only using market buy-ins because I could not figure out how to enter limit orders on my platform (TOS) quickly enough. I have since overcome this stumbling block so now I enter where I want and not where the market maker sees fit for me to enter.The tape is starting to make more and more sense to me and coupled with level 2 I am starting to get a sense of how powerful of tools they are. One thing I have taken notice of is that if the trend has started to go in one direction and the buyers or sellers make a push in the opposite direction and get rebuffed for 2 or 3 tries then they are probably going to get stuffed on the 4th and 5th attempt also. I do not know if this observation is correct overall but in my short experience that has been the case. I no longer buy-in right out of the gate, I am now a bit more patient and I think I will try to be more patient and get to the point of not doing anything for at least the first 5 minutes and probably expand that to the first 10 minutes and then 15 because it is pure mayhem at the open and I am starting to believe it is better to wait for the price action to begin to set-up and actually form a trend and then join the trend. I have also joined Investors Underground(IU) and I only wish I had joined earlier, but if I did I am not sure it would have done me any good. They are so advanced that I think it would be really difficult for a total newbie to even grasp a lot of what they discuss. I have been studying and learning ultra hard-core for a year and my first couple of days it was like being in a foreign country and everyone spoke a different language. I will of course keep you up-to-date on a weekly basis unless something huge happens in which case I will put up more than my weekly blog. At IU they have an amazing amount of resources That to me were just mind-blowing and in the main chat room they have many moderators That kind of all specialize in different aspects of day-trading. I got in on a deal for their beginner course and more advanced course and 4 months membership to the chat. I am certainly not trying to be a pitch-man for IU but I am sharing with you everything that has worked for me up until now and I feel really good about this choice. In the first week the guidance they have given me really sets me up for the day with a lot more confidence than I have had up til now. They do nightly scans, But then in the morning they have a live mini- webinar that covers what has happened P/M and adjust the watchlist for the days open. It is really reassuring to have someone with so much more experience and a proven track record giving you their take on the market and their insight on the stocks that they are watching. Wish you all the best of luck.
Aloha
Jack :)
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