I guess I'm a "glass-half-full" kinda guy because even though I basically scratched on my trades today, I don't feel like it was a waste. I was able to stick to my trailing stops and managed my risk to end the day with a small loss of $4 and a small position in $STEM still in play, which frees up my 3rd day trade under the PDT rule. It should line up for me to trade either Thursday or Friday depending on where we are staying in Leavenworth.
My first gap and go trade was in $DUST which was gapping nicely into the open and started to run as soon as the bell rang. I quickly placed an entry at $5.77 and set my trailing stop. Unfortunately it had other plans and whimpered out on me triggering my stop at $5.69 for a loss of $136. I also placed a position in $SCYX with an entry of $2.98. My trailing stop was triggered a while into the trade at $3.02 for a little gain of $132... bringing my daily p/l to -$4.
I was going to call it a day but decided to try and capture some momentum in $STEM which was running nicely. I placed a small 200 share entry at $1.98 with a .20 trailing stop. I almost got hit near the EOD but hung in there to become a overnight swing... which I'm happy with because even if it closes with a loss tomorrow it won't count as a day trade.
Thanks for checking in and reading the post. I hope that this is helpful in some way or motivational.
Welcome to my blog. A lot has changed since I started this thing. I'm now trading live after about a year of paper trading and studying. Originally I had planned on starting part time and slowly growing my account but life has a funny way of changing your plans. I found myself at a crossroads of sorts and quickly realized that I was being given a once in a lifetime opportunity to pursue my goals. I took the leap and I'm not looking back. Follow me here and see the triumphs and the losses.
I tend to look for momentum trades that I can hold for anywhere from a few hours to a few days. I usually take positions of $5k to $10k in size to allow larger gains on smaller percentages (it's easier to hit a 1% to 5% gain vs a 10% to 20%+ gainer) and I like to use a trailing stop.
This blog is a way for me to log my progress and to aid me in learning, I hope that you find it useful. Financial freedom isn't given, it is earned. So plant the seeds of education and grow your pennies!