I've written everything about each trade in the graph himself, notice to my readers, please let me know:
1. If the way I put on charts is convenience.
2. What do you think about my losers of today.
AAUK:
ESLR
CEDC:
Wednesday, September 17, 2008
Update of the 17 Sept..
I'm actually not as bad as I thought! After I've talked with a friend of mine (Eitan from the links menu on the right), I've decided to put the charts of today's losers (3 of them), and found out that I'm actually closer to "The holy grail" than I thought, I was really about to "Stop digging" and give up pretty soon, since there is no one really that encourage me to stay in the game, and I keep losing money, even if it's small money (only 65$ today), it's frustrating to lose day after day.
I've written everything about each trade in the graph himself, notice to my readers, please let me know:
1. If the way I put on charts is convenience.
2. What do you think about my losers of today.
AAUK:
ESLR
CEDC:
I've written everything about each trade in the graph himself, notice to my readers, please let me know:
1. If the way I put on charts is convenience.
2. What do you think about my losers of today.
AAUK:
ESLR
CEDC:
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3 comments:
you wanted comments?
1) AAUK - fucking shitty stock for day traders. I always avoid it. Other than that, untill you gain back your mojo, just avoid reversals, trade on the side of the gap with the momo only. Other than that, the chart looks like crap, base is too short AND if you decide to stop out, than the "right" place would be the ottom of the candle that you enered upon and not just somewhere in the middle of nowhere...
2) I undersad you idea and I also see the nice hammer (although, on your drawing it seems that you entered b4 it formed and on a red candle? why???), BUT... the stock has already moved more than 10% dude!!! and is nowhere near any visible base or support, so wtf?
3) again, I got your idea, BUT... the stock is already after a big move, no base is visible and worse, your entry is riht after 4 consecutive strong red candles, so why the hack short there? most chances it will correct a bit b continue down (if at all...)
To resume, stick to the basics bro. Don't try to force any trades if you don't really find a perfect setup (just like when you surf, you don't try to hop on just any wave that is coming).
what you need right now in order to gain back your mojo is a clear set of rules with exact entry, exit, stops and profit taking point. The only one I am familiar wit is trader x's. So gt to his blog again (or traderam's), switch to the 15 minutes time frame and try to reverse this jinx.
Good luck!
hey there... with the exception of AAUK the one thing that immediately comes to mind is the fact that those stocks were overextended at the time of your entries. I look to jump on the train as it's picking up steam rather than at the end of the ride. As for AAUK... gap fade can be pretty profitable and I think you're entry was just a bit early - but you had the right idea.
BTW - you're taking the absolutely correct approach by limiting your risk as you try to define your trading strategy. Paper trading is good but 'live' trades with limited cash is even better.
Best of luck.
I like your article and it really gives an outstanding idea that is very helpful for all the people on web.
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