Sunday, February 12, 2017

PULM, DFFN, SLOW TRADING WEEK

January Recap - Hella nice setups going supernova left and right... Work started to stress me out and it affected my trading.  Got into some zombie losses with TBIO and called two weeks off to recover mentally.  Papertraded good set ups.

February - Arrived in houston after a 13hr drive for a 4wk leave from work. February 6 traded PULM but very wary since I know what i've been learning from WT Pro is alot of scalping.  I'm using ToS and the hotkeys are nowhere as good as DAS Traders and I'm still inputting orders the slow/cumbersome way.  Because of this, I'm going in very small since I don't like scalping.  Feb 6 was a super slow morning, had a small quick scalp on PULM.  It worked good but I was waaaay too slow for the strategy, got stopped out for 50$..

Feb 7 was super slow as well and I was getting antsy and impatient.. Scalped DFFN, was good but too slow to execute.. Whipsawed hard and lost 3 times what I wanted to risk.  I've already had a feeling that WT strats are very scalpish and nowhere near where I'm comfortable at/where my profitable trades are.  One thing to learn from is though, all my losses from my normal strategy has been from chasing.  The WT scalp entries are exactly where I would be at when I chase and get whipsawed but they would get out with a profit.  Seeing how they execute these scalps I can learn that:

1)  It demotivates me like hell NOT TO CHASE anymore.  This scalp style of trading is very high risk relative to what i've been doing.  With the proper amount of skill/experience, Ross makes it look very easy.  BUT... I'd rather stick to what have worked for me.  Maybe later on once i'm profitable and have a huge cushion, I can afford to learn this and be a degenerate gambler but not in the near future.

2)  Enables to select my entries through the candlesticks instead of indicators allowing me to have an even better/faster/accurate entries than previously.

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I've locked in all my buying power into a swing long to prevent me from making stupid daytrades while I catch up on my courses/review trading tickers and IU dvds.

I'm slowly slowly rather learn the higher priced NASDAQS but only once I've built up a cushion trading tim's style.  I was disciplined for the two weeks I traded it but i also have to attribute the fact that there were tons of plays in January while low float stocks were hot.  Having the patience to wait for the best plays is currently what is I'm having a hard time with.. STUDY STUDY STUDY while the market is slow... ONLY Trade the best setups.
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Goal for the next week FEB 13-17:
1) Trade only Tim's setups, ie no Zombie Trades
2) Paper trade my personal strategy for at least a week
3) Vocalize my thoughts in 3rd person while trading

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