It has been a while since I updated this blog but that s because trading had been on and off. I also experienced a lot of failure and wasn't really sure I had a real strategy. After countless hours watching trading DVD's I tried the set ups but nothing seemed to "click". Because of all this, I was demoralised and almost quit my desire to succeed at trading.
My life has been all over the place and whilst I really wanted to trade I just didn't seem to find an edge in my trading. I was fired up when some new traders in the IU chat room were posting great profits and didn't understand why them and not me! What did they do differently. It's only after starting to question this that I finally decided ENOUGH IS ENOUGH, I AM SICK AND TIRED OF BEING SICK AND TIRED. I had to do something different. So I went out and started reaching out to successful traders. Chatting with people in IU chat room and twitter. It's here that I realised I was set up for failure right from the beginning! My account was too small and I was trading without a tested strategy. Just throwing darts here and there. Random trades mostly on the short side. Some worked but many didn't. The more I chatted with successful traders the more I realised there was a lot more to learn. Nates DVD's are great but you need to add technical analysis for any of the set ups to work. I noticed a moderator in chat would jump into a stock saying if it gets to this level I will go short but I didn't understand why other than there is resistance over there. Sometimes a stock blows way above this point and I start questioning why. Little did I know that there are way too many indicators out there that might justify the move. Whilst I learned the short selling side of things I was hardly profitable and decided to get a proper education. Some traders even suggested a mentor and I laughed it off thinking, why would I pay someone for info I could get freely online - I was wrong! The more I spoke to other traders and based on the stuff they were sharing I realised I needed a proper education. I needed to immerse myself into technical analysis and focus on one strategy at a time. In order to be profitable I needed to work with someone who could help me develop a strategy that suits my personality and lifestyle. I was back to researching about everything related to charting. I was still so short biased and only wanted to understand charts from a short sellers perspective. That was fine and was lucky to never get into any short squeeze. My lack of conviction forced me to go over charts hundreds of times a day trying to find patterns. I struggled to relate these patterns to stocks as the day unfolded. I was flipping between hundreds of stock charts during each trading day and nothing seemed to go my way. I realised I was following chat room alerts and acting on them sometimes. I generally didn't do all that was required of me to point the long story short!
After months of throwing darts, it finally downed on me that I needed to get a proper education and mentor. I funded my account well above PDT restriction levels and decided to treat this like a real business. Sure Trader had sucked me dry and I was done with the high commisions & terrible customer service! If you have $25k, do yourself a favour and join speedtrader!!!! Speed Trader and Sure Trader are own by the same individuals though lol
It was at this time that I reached out to Ross Cameroon at Warrior Trading. I was particularly influenced by Ed Martins progress ever since he joined Ross. I followed Ed back when he was in IU chat and liked how structured he was in his approach to learning how to trade. His story fascinated me and I thought, if Ed can do it, why can't I? Anyway, long story short I got in touch with Ross and joined his trading course. The course is super easy to follow and I could immediately see why I was losing money all along! Then I wanted to push to the next level and got a Mentor to guide me through this new journey. I can't say its all rosy (dollarwise) but in the last 3 weeks I have found some level of consistency and that is GOLD! I have been transformed and very excited about the next couple of weeks!!
I went from trading stocks under $10 to trading anything under $100 all based on technicals. Its incredible that while everyone was bitching about not having shares to short $AXVL I was trading a completely different set of stocks and couldn't be bothered watching $AXVL! For me that is HUGE! Basically I find my trades and execute my plan...I am in a chat room not for alerts but rather ideas and learning live as Ross shares his screen. It might sound weird but I never trade what Ross is trading, why you might ask? It's not a strategy I am ready to trade, until then I will watch on the sidelines and trade my niche that my mentor and I are working on.
I can finally say I found strategy's that work for me and I am slowly becoming an successful independent trader.