Goals for the next two weeks:
1) Create watchlists daily/develop patience and only trade what's on my WL > FOCUS only on Go-To-Setups
2) 100% compliance with pre-trading requirements prior to making the trade. If I stick to this plan = 0 ZOMBIE/REVENGE TRADES
3) Stop thinking about money and focus instead of making the right plays. The money will follow.
"Think of it this way, as traders, Our job is to be patient. Most of our time should be spent watching and waiting." -LX21
"Aim Small, Miss Small." -T. Sykes
"No one ever went broke locking in profits !!!"- Superman
I was able to stick to it on the first trading week but the commitment faded on my 2nd week..
From now on:
On the first day of a new trading week:
Must recite the week goals and renew the commitment from last weeks goals..
New goals added:
4) Define the risk, set stop loss/profit targets prior to trade, control risk by appropriate position sizing.
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Warrior Trading - Ross Cameron
I finally bit the bullet and took a mentorship program... I've bn following these 5 programs for over a year now and my thoughts on each..
1) Tim Sykes - Profitly
... I initially applied to the millionaire challenge back in Dec 2014, tough times hit 2015 and I didn't have the capital to get into the challenge anymore.. Took a year's worth of Pennystocking Silver instead and watched all the videos in the library and reverse-engineered syke's trades instead. Learned ALOT of the basics from tim, cons however is that he tends to blab/market 50%+ of the time in his videos. He's also not very good at teaching specifics and is broadly talks about his strategy, Something that Mark Douglas pointed out about successful traders trying to teach. BUT he's gotten ALOT LOT, SO MUCH BETTER than back in 2010. NO ONE is perfect, but his persistence in always getting better got him to this point and should be an inspiration to all.His watchlist's are spot on the stocks that I do trade.. I just got in another year of PS frm January.
2) Nathan Michaud - Investor's Underground
... I'm in for a quarter subscription from Dec. The Watchlists/plays are mostly NASDAQ stocks which require a larger account to make the most of the smaller moves vs the microcap stocks that T.Sykes plays. Very, very good community with all a good amount of the people there helping each other out. I'll move here once I've got a good account size going
3) Cameron Fous - Fous 4
... I was in here for a month back in Spring.. Watchlists are mostly based off technical back then, half are good, half have no catalyst and pure technical and some swings. F3 Patterns and F1/Opening Range Breakouts solidified what I learned from T. Sykes... Fous is a much better teacher on the specifics of his strategy than Sykes. He also was the initial push for me wanting to focus my trading on the first 2-3hrs of the day. Cons - I ended my subscription early by 2wks to cancel the recurring but I lost access to the site and got the last 2 weeks of my "month's subscription"... Kinda pissed me off...
4) Kunal Desai - Bulls on Wall Street
... I watch his free vids on youtube and I know his trades are more in between Ross Cameron's and Fous's.. Not really too interested in his mentorship program though because of the cons of the way the students put in capital to the "hedge fund account". This is beneficial to alot of people, but puts me too much into a disadvantage.
5) Ross Cameron - Warrior Trading
... Ross vids on youtube is what made me decide to finally make the move to the beginning of the day for trading. I remember him trading the morning only using candlestick patterns/price action which at the time was scalping which scared the crap out of me since the moves were so quick. Since I've re-started trading in mid-December and only during the market open, I've slowly gotten the hang of the volatility of the market open. His way of reading price action is what I need right now since my current way of using the MACD/Lagging indicators is too slow (Even though it's ahead of using the 9ema or 13ema).
I attended Ross's webinar today and they had a good deal on their mentorship program. SpeedTrader will rebate 100% of the program's cost through discounted commission rates. This will be a 90 day course but I will need to meet SpeedTrader's 25k account minimum somehow... Ross's mentorship program also has the highest profitability rates of his student's as well as recommended by the online brokers themselves which talks for itself.. I'm excited to see how this goes....
