I ended this month with a 74% winning percentage!
I’d like to work on increasing my Average Gain per trade. 10 cents will be my goal for next month. I also need to work on letting my winners run. There were multiple occasions this month where I covered or sold why too early!
For example, on my last trade. I shorted $TBIO at $3.70. By the end of the day, the stock was trading as low as $2.58. That could have been a $1.00 per share gain. Understanding why a stock is up based on news, hype or rumors is something that will come with time.
Looking at a stocks average trading range should help when trying to guess the top of a big intraday move. I’ve recently added the following columns to my watch list.
I’d like to consider myself someone that plays the front side and back side of today’s hottest stock. Playing the front side is risky simply because its hard to assess any type of risk/reward. Playing the back side has its challenges too. Trying to anticipate a short squeeze is not something I’m very good at yet.
One of my long terms goals is to focus more on playing the back side of big runners. Time and time again I see stocks up big on news only to lose half or all of their gains directly after the morning run-up.
Still feeling overwhelmed at times especially on days when I miss out on the biggest play of the day. With so many stocks on watch, I’ve got to do a better job with my morning scans.
When I first started out, I suffered from information overload. Now, things are slowly starting to make sense. Again its all about experience. I get better by participating in the market each day and not giving up. There were several times in the beginning where I had strong doubts about day trading. Those doubts are now being replaced with confidence.
Going into June, I’ll continue focusing on the top 3 to 5 hottest stocks of the day. I may play the front side if the news or hype is there. Primarily I plan to work on my short entries directly after morning emotions have died down.
Next month I should see my trading account begin to grow. My entries are getting better, and my losers are hurting less. I’m very optimistic about June.
My best days are yet to come!
Thanks for reading.