Wasn't gonna make a post but it's better if i do and im keepin' it short. This post is for yesterday's trading day.. Couldn't access SureTrader's platform. Finally got in just before 10am, Lousy start for 1st day, IPDN Did not gap-up, Sold it at the open since DIA, QQQ, NYSE all showing crappy days due to the greece crisis/Chinese crash. Anyways, there was no plays today but i messed around trying to make plays and OVERTRADING. Down 170$ at eod -3% which i think is not bad at all considering i was just speculating and i got out of trades fast when it wasn't going my way. I ended up noticing that since i didn't stick to known charts, what i was doing was basically just scalping. The market as a whole was a crap day anyways and i did very well limiting my losses. Got my first dip in the water and need to realize that the market as of late is doing crap, we're really due for a crash and probably gonna be in transition to a bear market. Shitty baseline for me to start but if i can learn from this bull-bear transition well, This is good in the future since it'll reinforce:
- Have your hypothesis before hand. Is this an actual known play? or am i just scalping?
- Stick to well-known plays and focus on less than 3 per day. Aim small, Miss small. If i miss a stock on the day, better miss it than play a trade wrong.
- Level 2 is good but I shouldn't watch it until the price action isn't where it's needed. I was scaring myself into trades i really didn't need to be today.
- If there isn't any known-plays. I shouldn't trade. Market's crap anyways and I'll be under the PDT rule when i first set out.
I needa write my trades down, the trial platform suretrader has doesn't have timestamps or i just haven't found the option yet. I'm like 90% unsure of what all these buttons do :D. But I only traded using 5k in about 10 trades.. most of the losses was in the start of the day and i learned from them quick cutting the losses in half down to 170. Although i was down, eod and it feels like crap, i gotta remember that if this was a real accnt, these are plays i wouldn't have played at all.
Things i'm curious on:
- After/Pre-market trading
- More level 2 stuff
- Setting up for the trading day
- Trading platform specifics
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