I probably traded way too much today because there is no way that I will be trading as much in a single day with my money account... but with trading paper I tend to look at it as trying to cram as much information in my head as possible each trading day. I learn by doing, so why not do more than normal? rinse and repeat, etc.
I had two completed trades today that didn't work out the way I had planned and I exited quickly to cut losses... $EXEL with a loss of only -1.21% and $SQNS with a small gain of 0.20%
I then entered five swing trades with two I plan on exiting tomorrow into the morning spike/panic ($CDRB Earnings Winner, $ORIG Contract/purchased $65mil ship w/o loan) and three that are multi-day swings with the MAC-D crossover pattern that has worked for me recently ($AEO, $MBI, $XRX).
$CDRB was a notable trade for a few reasons. First I had bought into the ticker as the price broke a triple topper around the $2.65 range with plans to hold over night and sell into the morning... same plan that Tim has explained in HTMM. It began to fade on me and I almost exited before the close, limit order was even in at one point, but with the daily gains holding high and the MAC-D / AO both showing signs of a possible reversal in trend I decided to continue the holding plan.
I felt $AEO was a good example of the multi-day swing pattern to chart on the blog. I'm attempting to trade this pattern on the hourly chart, the last two were on the daily chart which seemed to take much longer than I like. This may result in smaller gains because the range is much tighter, but worth a testing. With regards to $AEO you can see the crossover in the MAC-D as well as the uptrend with the AO. The other long-term swings have the same pattern, although with $AEO the MAC-D appears to have weakened and I'm ready to cut losses tomorrow if the crossover to the negative takes place.
I thought I would end today's blog with a little inspiration and something to consider. I know the basics to trading and I still have a LOT to learn about trading pennies. This is a journey, no question about that, and it is not a get rich quick type of thing.
So that said, I'm taking a look at my paper trading profile on Profit.ly (trades are posted to right of this post) and I'm currently winning 46.88% of the time. That is far below the percentages of Tim and some of his millionaire students which are in the 60% to 75% ranges. But even with my lower winning percentages, beginning stages of my education, only being on video 5 of the "How to Make Millions" dvd, etc. My average percent gain is 8.09% and I'm currently in the green.
|Random picks get random results, look at that trend line yikes! lol|
When you consider that the APY % at most banks, I'll pick on Wells Fargo since I bank with them, are 0.01% to 0.06% for savings and 0.15% to 0.55% for CDs you can clearly see the potential here.
So feel free to give your hard earned money to WF and get your APY of 0.55% over a couple years, maybe you can buy a coffee at Starbucks with your gains, I'm going to continue to learn and earn.