I recently went through a trading slump where everything went backwards. Everything I touch seems not to work but I am determined to make this work. After trading silently and posing trades on my twitter account @thehypetrader I realise I need to account document my trades on this blog and go through my trades daily.
I have a very busy schedule each day a I go to work at 5am Australian time each morning which is about 4pm EST. Most times I will trade only the first hour then go to bed at approx midnight. So I only sleep 5 hours max each day 🙂
Now up until Feb I was trying to rediscover my winning style that worked prior to my long December holiday. I was only going through loss after loss and it realy sucked. I go back to my trading mentor and have been working on my weaknesses each day. Unfortunately, I still haven't got around the losses and I recently had my worst loss which was $4700 on $VRX. I was trying to play the bounce and I didn't cut my loss quickly. I had the opportunity to bail with a smal profit but i sat there expected it to run up very hard. Ofcourse that didn't happen and this was the result
I wont go much into the details as the chart tells the full story 🙂
Actual P & L is here;
This loss was incredible and I realised how much i was messing around with stuff I shouldn't even be trading. I have stocks that I blacklisted late last year and $VRX was one of them. I got cocky after my largest win of about $70,000 and $VRX humbled me I guess!
Now I am back to trading small and will only trade two set ups on stocks between $10 and $90. I finally got Trade Ideas software after too much hesitation...lol. So far so good, I am loving the software and I believe moving forward this is going to keep me very disciplined as I will only trade what is on my reversal scan. Below is a snapshot of my Reversal set up.
I was previously using warriortrading live scanner that is basically trade ideas. I don't want to rely on anyone for my trading. Long term I need to be self sufficient and getting my own trading tools is vital if I am to succeed at trading as a full time career.
Trade Ideas is incredible, they even have the Artificial Intelligence (AI) option which basically runs scans and looks for best possible trades. I will try that once I am comfortable and profitable with Reversal Trading. Trading requires a lot of discipline and selectiveness, you can trade all strategies. I tried that and failed miserably! The exciting thing is my mentor @ only trades Reversals,Opening Breakdowns/Breakouts and he is successful week in week out. I want to be like Ed. Focus on one set up until you are profitable then branch out slowly. After reviewing my trades, I noticed I am profitable when I trade Reversals. I will stick to his advice and only trade this.
On a good note I currently trade Australian Listed stock and I have been doing great. I made my larget gain ever on a pennystock $88e. Locked in $70,000 in profit and held some long term as you can see here;
So basically for Australian stocks I will trade these Short Term based on the rules and principles I'm learning in this very insightful thread run by a great bunch of no nonsense Short Term Traders - ASX Short Term Trading
Anyways, that is where I am at the moment. I will post my trades everyday on this blog as it will make me more accountable and help me stick to Short/Long Reversal Set ups ONLY until I am consistently profitable.