xbows

@Turbobob Would appreciate your thoughts on this. I've been trading for 8 months now. I know the setups I like to trade and am good at recognizing them and good at trading them properly. But I have one big problem: I regularly take BAD trades impulsively. All my knowledge goes out the window at the worst times and I enter a horrible trade and lose big, like I did today. Afterwards I can look at the chart and easily see that it was a horrible, impulsive trade, but for some frustrating reason I CANNOT seem to stop myself from taking them, because I don't seem to pause before entering and make a good decision. I don't know if it's FOMO or something else, but it is killing my account. I'm now down about $18k and will soon have to quit because I'm just digging a deeper and deeper hole for myself each day. For now I've gone back to trading 100 shares at a time to limit my losses while I work on my discipline, but if you have any thoughts on what I can do to STOP taking trades that I KNOW BETTER than to take, I would REALLY appreciate your insight. Thank you in advance!

Jon1078
Jon1078 Jan 05, 18 7:05 PM

Thanks Bob! I have been adding user sounds to the guys in the chat that I feel like know what their doing.

xbows
xbows Jan 05, 18 7:33 PM

@Turbobob Thanks, that's helpful. I do have a list of criteria and rules on a spreadsheet on my second monitor, but sometimes I fail to look at it and then I usually get in trouble. My wife thinks I should just quit, because if I haven't gotten it by now, after 8 months and $18k gone, I probably won't ever get it in her opinion. Anyway, thanks.

Turbobob
Turbobob Jan 05, 18 7:36 PM

One day it clicks.

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xbows

@Turbobob Have you ever experienced a failure to close a position using a limit order in SureTrader/Das Trader? Today I was in LFIN and tried to enter a sell limit order for $22 to sell some shares to lock in a nice profit. The order rejected, with the message "No Cross Trade [1265]. I tried it twice, and finally entered a market order to close my position. Made 28% so no complaints, but I really wanted to hold some in case it pushed higher...which it did. Anyway, have you ever seen this error when trying to use a limit order to sell shares on a stock that is under restriction, with SureTrader?

Turbobob
Turbobob Dec 15, 17 3:05 PM

I have not seen that messge before. But once in awhile I have had trouble with an order. Normally, I just close the program and re-start and it resets itself and is back to normal. But, there is no doubt it is very frightening when you are in a position and cannot exit.

xbows
xbows Dec 15, 17 3:08 PM

You're telling me! I've reached out to them and hopefully will get a good answer.

xbows
xbows Dec 15, 17 4:18 PM

They claim the sell orders were rejected due to a route disconnection, and the only thing to do is keep trying to sell and contact the trade desk immediately.

Turbobob
2
Turbobob Dec 15, 17 4:30 PM

That is one of the problems with any of these companies located in the Bahamas is that the communication to the mainland is not always reliable. But at least your market order worked. But each broker has their own clitches. I think it was e-trade or one of the big names that was down for a few hours the other day in the middle of trading.

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xbows

@Turbobob What do you think about entering a stock at day's open (with good catalyst, etc.) when it breaks past days open or HoD and just holding it all day. Only exiting if it returns to your entry price (for a wash), or if it goes up as far as it possibly can, maybe stuffing at a major resistance point. So rather than taking profits on the way up, just hold on for all or nothing basically. You're risking your entry price only, and yes, you could be giving up some gains by not locking in on the way up, but IF it goes all the way up you can maximize your gains. I don't typically trade this way, but then my gains are really small, so I'm thinking of changing to this strategy. I'll have fewer wins maybe, but my wins will be significant. I tried this this morning on GNCA and got 27%, which just isn't possible when you take profits on the way up. Have you ever tried this, and if so what was your experience?

xbows
xbows Oct 06, 17 8:53 AM

...In the majority of cases I will make a profit if I stick to this, and at most lose my trading fees if the stock skids backwards to my stop level right out of the gate.

xbows
xbows Oct 06, 17 8:55 AM

So to update, no I will not just sit on the stock all day. I will lock in profits on the way up, saving a piece in case it really runs, and taking it off if it pulls way back. But at that point I will have already locked in profits on the way up, so I won't take a loss.

IceMan14
IceMan14 Oct 06, 17 12:55 PM

@xbows at least you are making steps in the right directions, haha didn't mean to sound aggressive, its just that I've been spoken to aggressively and profanely by Sykes and Tri so its kind of rubbed off on me. Take care and best of luck.

xbows
1
xbows Oct 06, 17 1:01 PM

Yeah, I don't care for how Sykes talks condescendingly to people sometimes. There's such a thing as "tough love" and then there's just being a dick, lol.

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xbows
xbows Sep 28, 17 8:56 AM

SPPI gapped up over $12 today, so looking for a consolidation or pullback at open followed by signs of further strength. Thoughts?

Turbobob
Turbobob Sep 28, 17 9:06 AM

Hard to call as it is up on only 6k shares. Have to wait to see the market when it opens to see if there is a trade.

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xbows
xbows Sep 26, 17 4:59 PM

Try StocksToTrade scanner software - it lists alerts pretty much in real time with the ticker's charts. Also, a fresh catalyst isn't necessary for a stock to run. Price action + volume are what you're looking for, even if the catalyst is 3 days old. I bought the $IZEA dip in the morning at $5.87 and sold into the push above $6.30 for over 8%, then bought again when it broke through resistance above $6.75 and sold near HoD. Don't worry about what Tim says to do or not do. He's a good starting po

xbows
xbows Sep 26, 17 5:01 PM

point but he's not always right (none of us are). Study chart patterns and learn to trade what makes sense to you. StT paper trading module is an EXCELLENT way to learn how to trade, as well as how NOT to trade.

RBI
RBI Sep 26, 17 11:34 PM

I think you put in your time, did your research, calculated your risk/reward and had a good spot to cut losses. It was well played!! Yes, buying a stock that is up from $2 to $6 in just three days is risky, but you had a plan. If you had just jumped on board without your well thought out plan then I would agree you got lucky, but that wasn't the case for you. Well done!

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summerespn
summerespn Sep 14, 17 11:49 AM

Hi Mr. Bob, I really appreciate you to create those watch lists, they are really helpful. I was just wondering if you could explain in detail how do you screening out those stocks. I am cherry-pick a lot of time in the morning, but I found out that is not very successful strategy. I am desire to learn from you experience, and from there, I can apply to my own strategy. Thanks. PS: My email is: ckevinck@hotmail.com

Turbobob
Turbobob Sep 15, 17 11:31 AM

It is too difficult to go through the process. As there are so many moving parts and variables involved.

xbows
xbows Sep 15, 17 4:36 PM

I use StT as well, but my laptop doesn't have an i7 processor so in speaking with StT support I learned it won't work right all the time for me. What do you use to tell when a stock is nearing a prior high? Do you use the built-in 2-week high, 52 week high, or something else? I've tried the setups that Tim Bohen uses but again, they don't work for me usually and I wind up with faulty results.

Turbobob
Turbobob Sep 15, 17 8:20 PM

I only use STT for charting and research. I just look at a lot of charts find when stocks are approaching break out levels.

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xbows
xbows Sep 10, 17 10:55 AM

How do you define lateral resistance? The term to me sounds like a chart that is trending sideways without much up or down price action, but the way you use it sounds more like vertical price action between support and resistance.

Turbobob
Turbobob Sep 10, 17 5:31 PM

Laterakl resistance is a line drawn horizontally across the chart at key resistance points; usually at high points in a chart (ie. like a double top). Also at low points (say where a stock gapped down).

keelos
keelos Sep 11, 17 9:15 AM

why 12.50? KURA

Turbobob
Turbobob Sep 11, 17 9:28 AM

consolidation level

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TimeFliesBuy
2
TimeFliesBuy Sep 08, 17 5:41 PM

I tried starting an account, they kept jacking up my login information, I finally got it figured out then my bank was like "this is shady" then a friend said, "they even have fees for going long that are rediculous" and I don't know anyone who disputed a charge and won so I finally said Nope not going to do it. You're just better off getting multiple accounts with a low minimum broker like Etrade, where you can immediately same day transfer money from one to another.

TerrapinShorts
TerrapinShorts Sep 08, 17 6:04 PM

Stop trying to be a fucking cheap ass, invest in your fucking trading and yourself. Give yourself the best opportunity at winning, there's a reason all the best traders have an account with them and why Tim doesn't really recommend them as a preferred broker. The PDT Rule is a rite of passage, embrace it instead of running from it.

Skiwi
Skiwi Sep 08, 17 6:27 PM

Sheesh, truth is if you use size you can request 9.90$ round trip commissions for every 10,000 shares you trade is there anyone cheaper than that? maybe IB.. idk I don't use IB. SureTrader have a lot of shares to short I'm really happy with that. They have fees for being long on a margin account but not for every stock, idk how it's determined but if you'd like to know more check their short list on their platform, see long margin rate (yes long not short), executions? if same price as market pr

Skiwi
1
Skiwi Sep 08, 17 6:31 PM

that being said don't forget due to hurricane Irma SureTrader banking services are fucked up for the next week or two, also use profitly statistics on brokers, you will see everyone who used SureTrader lost money - I assume this is because overtrading and commissions 9.90$ per round trip minimum or 0.02 cents per round trip minimum, so be very careful with the power they give you.. also 1:6 margin is insane, never use the buying power they give you unless you're buying some microsoft shares

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