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
Also, Profitly has a massive memorial sale on right now (to be exact, Tim Grittani’s Trading Tickers is on sale at USD 997 in stead of USD 1.800!!). Click here for more details: Profitly store sale
Pre-market watch list: AXON, TRXC, CLNE, AVXL and GERN all short biased.
AXON and CLNE were my money makers for today. I covered CLNE way too soon! Support was at 3.10, but I did not have the patience to wait any longer then that 45 minute wait at 3.12. It felt strong. I made a massive USD 700 between the two and I did not expect to make this much! What a day!
AXON was up for no apparent reason IMO. Maybe I am overlooking something, but this stock was up on some decision in favor of DGLY. AXON Should not have been 10% up. Waited for some buyer exhaustion and got in with a short, as expected, at 3.00. Doubled my position when VWAP failed and started covering below 2.75ish. Could have held my position longer for another USD 200 and have my weekly goal in one day.
CLNE was a silly trade. The company was down graded and this stock started to bleed like a maniac. It was at 52 week highs last week so this must have been a major blow for them. Support keeps breaking so the bleeding will not stop any time soon. My initial crap ‘n fail entry was at the 3.50 support so when this level was demolished I started my position. Added some more at 3.40 and added some the 3.25 was heavy. covered my complete position at 3.12 because this was not picking a direction. Also, these type of charts tend to reverse so I was prepared for that too. That did not happen and the ticker kept bleeding. Again, could have made USD 300 more, but I feel it is better to be save then sorry.
Missed the opportunity TRXC today. Pretty much did the same thing as AXON. Topped to some heavy resistance levels and crapped almost to green to red. Keep in mind that TRXC has a tendency to reverse too, so that does make this the more riskier trade.
AVXL had no borrow. Should have reserved them pre market, but CLNE and AXON looked more appealing with well over 1 million volume.
THINGS I DO NOT DO – TRADES I DO NOT TAKE
One thing I do not do is short anything below $2.00. It is difficult to manage risk below that price range. A ticker can easily jump 20 cents and demolish your monthly profit, when you trade with size. Only really good opportunities are worth shorting at that price!
I also do not trade (long or short) tickers below $1.00. For the same reason as above. Sure, price can be managed easier when long vs short. but the price can still fluctuate.
I do not trade illiquid stocks. Stocks should have at least have an average volume if 1.50 million to stay on my list or have at least 1 million intra day volume. Many times have I been trapped on stocks that did not have volume.
Also, I do not like anything with too much price gap between the bid and ask. Your profits will fluctuate way too much and that will drive you mad! You could lose too if support fails and a stock drops or visa versa when you are short and resistance is eaten and boom! The ticker goes bananas!
I hope you enjoyed this blog entry! As always, feel free to share this post! Do not forget profitly is having a massive memorial day sale. Check the links above this post for more details.
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kindly note here that this should not be treated as advice, trade advice or any of the sort. Always trade your own plan, cut losses quickly and never follow any alerts. Always do your own research!