I started my day trading career with Tim Sykes and when I wanted to learn more, I joined Investors Underground. The DVD’s that helped me the most were Tim Grittani’s Trading Tickers and Nate Michaud’s Tandem Trader. Software that has helped me in my early years was: Trade Ideas software. Now I use FINVIZ ELITE. Click on the highlighted links for more details. For my main page, please click here: Day trading for beginners
My pre-market watch list for the day was: VKTX, TTOO, ARQL, CLNE, SESN, TRXC, TXMD and GERN, all short biased. And if there was a major washout or panic on KTOV, I would have looked to dip buy that.
VKTX came out with yet another PR at pretty much the bottom from a H.C. Wainwright “vote of confidence” this morning. I was already out, but I imagine this smoking some shorts along the way. I wonder if this can go green to red and push through 10. We will see. KTOV had an offering, which added to my plan to dip buy around $2 looking at that EBIO / SESN move from a little while back. That never happened, unfortunately. Overall the market, or at least the tickers on my watch list are slow on volume today. Only VKTX, KTOV, SESN, TRXC, TTOO and CLNE have a bit of volume. CBAY and NIHD are also on my list, but both have little to no volume, so they are not on the main watch list.
I was actually hoping SESN and ENPH would have some more opportunity, but they are not moving my way at all. Maybe some late day fading, but I am not sitting around all day for that.
Pre-market was pretty wild on this. Some panic, some buying and some failing too. I was actually expecting a weak open and ramp to parabolic move. Not a jump like it did. As soon as spikes were sold into I put in my shorts at bid and covered at $10 per plan. Yes I could have held longer, but I did not want to. Mainly because I expected that 10 would hold and rip a few quarters. I am not going to complain about a $1 er share profit at this moment, considering I lost the same yesterday. Still down 2/3 from that position though. Yesterday was just stupid!
My plan was to short this baby at around 2.50. But it felt a but weak and that 2.40 would nor budge at all. After a few minutes I got bored, SESN had a few minor upticks and I covered at 2.44. Nothing major and again, just a small starter.
My main #1 rule is to cut losses quickly. My other #1 rule is to never add to a losing position. The latter should only be done when it is part of your plan. Apart from one trade, have I never, EVER, made money by adding to a position when the trade went against me. Even when it was part of your plan. Keep in mind, when adding size, emotion start to take over. Keep your mind clear and trade accordingly!
I started my trading career with Tim Sykes and when my breakout strategy did not work for me anymore and when I was lost, I joined Investors Underground. The DVD’s that helped me the most were Tim Grittani’s Trading Tickers and Nate Michaud’s Tandem Trader. Software that has helped many trader can be found here: Trade Ideas software.