Shared by
Doug_Kenline
ok so i had LEVB picked out per my rules and was supposed to just watch that one stock for the first 15 one minute candles.......or now i'm thinking the first 30 one minute candles......so i was watching it but it was selling off and chopping out and i got bored and saw ross making some money on SFET and i tried to mirror trade with him and lost 38 cents......
lots to learn.......done for the day.....back to the drawing board.........time for operation network engineering!
had no idea regarding my entry point, just mirror trading with ross, not a good trade at all.....got bored and decied it was time to lose a lot of money i guess.......need to learn that being bored and not losing money by sitting on my hands is a lot better than being bored and losing money by trying to force a trade.....
apparenlty all i need to do is not force any trades and i'll be a lot better off in the long run....they say to look at this as a lifelong effort......something i will be doing for the rest of my life........we'll see if i'm cut out for it.....
may have ruined my whole month just like that.......going to take a long time to work my way out of this one......back to the drawing board.........thankfully i'm only trading with paper and not real money.....in that regard it's all good because i did not lose any real money and i learned something.......so that is the whole idea eh?......
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2018-12-04 09:54:20 | SFET | buy | $8.200 | long |
| 2018-12-04 09:55:03 | SFET | sell | $7.820 | 0 |
Comments
Doug_Kenline
yes that is exacly what he did.......it comes up on his gap scanner......he looks for news....then looks at the daily......everything looking good....go to the 5 minute and check out the pre-market pattern.......starting to sell off, makes a little new low, might be selling off.........then a new high at the next to last 5 minute candle.....mark that as a new line of resistence thinking well if it breaks this new line of resitance it might be coming back to life here......switch to one minute candles as quickly as you can after the next to last 5 minute candle prints out........watch the last little bit of the pre-market price action on the 1 minute candles as you wait for the bell to open.........at the open be looking for it to break that new little pivot point high that you have marked out....first one minute candle no dice, going down.......second one minute candle just starting to print, then jumps way up to 7.90 leaving ross behind......ross takes note, sees that it then drops way back down to 7.......lets that 2nd one minute candle finish printing, sees the 3rd one minute candle staying green and not beating the high of the previous green candle but holding strong enough to take a starter position of 3000 shares on the 3rd one minute candle.............two minutes later he is up $7,975 ........
my trade was late in the day for me at 0954.....i had gone with LEVB for my last minute pick just before the bell opened........i had taken a pass on watching this one SFET because i though the volume was lower than the one i went with, but now i'm thinking this one's lower float beat out the other ones higher volume...........so i was committed to have a close eye on LEVB for the first 15 one minute candles per my plan...........and not even look at anything else during that time, in order to be sure not to miss the good move on the one i pick to watch at the open.........still don't feel ready to be watching more that one at the bell...........BUT, had i went with this one SFET, and had i been watching this one very closely at the open and for the first 15 one minute candles, then i just may have come out green today.....
lessons learned....get better at picket a good one to watch out of the gate..........and then get better at watching more than one out of the gate.......
this trade for me was late in my trading day at 0954.....and it was on a stock that i had not been watching.....i had no idea what it was doing and i was not observing any good pattern or calculating any good entry price...
i was just bored with the one that i had picked to watch that was not doing anything and i heard ross talking about this one and thinking dang that one sounds good i'm missing out on that one and i brought it up in the sim and tried to jump in with ross on one of his entries, probably his last entry and all i was that georgia sun was blood red and goin' down......
and then i saw it blow past my mental 10 cent stop loss and just sat there watching it and hoping for good things......a lifetime of 43 seconds later i'm bailing out with a 38 cent loss............so terrible trade for me on all fronts but i think lots of good lessons learned.....market closed tomorrow....good day for study.....
review more, trade less.
i'm doing better at watching level 2 day for when to make the entry.....as opposed to watching the candlesticks for when to make the entry........chart patterns are too slow.......have to watch level 2 day when it comes time to make the entry......use the charts to mark your resistance points and desired entry points......but as the chart starts to show that it looks like it might be starting to move in your direction, at that point let go of the chart and start watching the level 2 price action, noting if the orders are green or red and what the prices are........if you see the prices start to read at your priceline or better and everything is turning green and going up, then hit that buy button..............right now i still also have to click on the confirmation window before my order goes in so that is one thing i will be able to do to get a faster entry as time goes on here.....
watching ross's recap again looks like he was out of this thing for the most part at 937.......but maybe it came on the hod momo scanner later again at 0954 because i'm sure i heard him talking about getting back in on it and thinking it was going to make a move......because that is what caused me to lose my patience with the one i was watching and go looking for some hot action............yea and i found it.........38 cents per share loss worth of hot action in 43 seconds........not what i had in mind.....
i would say today i picked the wrong stock to be watching out of the gate for gap and go........if i can improve my percentage of picking one that i can get some green out of right at the gate, i think that is the name of the game for me at this time...........get better at picking one that i will be able to get some green out of right out of the gate, and if i don't see any A Plus setups in the first 15 one minute candles just sit on my hands.....
then i can try to get better at watching more than one stock at a time, further improving my odds of getting some green right out of the gate.....but this will go hand in hand with being able to recognize the pattern and calculate the entry point and resistance levels.....
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Wow that stock was very erratic. I like that you were in and out very quickly though. Stock is trading down into the 5.25 area now bleeding out the bag holders, so holding it would have been crippling. Ross must have found this on gap scanner and probably punched his order as it moved past the pre-market high. Very difficult trade.