If you have been reading my blog, this is the end of my first week of full time trading. For the most part, I am a daytrader but I will make swing trades in my retirement accounts and try longer term Forex trades. I don't know what I should have expected this week. It is funny to me. After waiting so many years to try this dream out, anything less than fireworks seemed disappointing. I wanted to do things slow and try figuring out the best way to use my time. When to blog, when to eat, what to eat, when to exercise and when to do my research. This is all new to me. I want to push myself to watch every tick from 7 AM to 4PM est and trade like mad but I know this would be the road to ruin. I know I have a lot still to learn about the markets but what I do know should provide my with a living. I only need to first conquer my fears. The mechanics and the chart reading I know. The other big thing is how to deal with the times there are not much happening in the markets. Also as I said before, I need to get better organized. This is so much different than I am use to. I mean I don't even have to bath when I go to work in the morning.
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I want to thank everyone who have given me words of support - Missed Trade (head trader at DayTradeAdvisors.com), Dinsour Trader( the VO tracker), Gary (a gifted trader in the DehTrader room), The Trading Goddess (the most complete investing blog on the web) and including all who with posted comments/sent emails and a long list of Blogging Buddies especially Glen.
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Thank you all and I intend to start taking names and kicking ass next week.
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7 comments:
Love your blog. I myself I'm also trying to make it fulltime as a daytrader. . Still have a lot to learn. . I like Trader Mike's timeframe, using the 30 minute candlesticks and waiting at least until 10 - 10:30 am before putting my feet in the water. . Could I ask your favorite setups, time frames, 5 MA diving through the 10 MA, etc. .
John - I like shorting Crammer stock when things are right either at 8 or 9:30 est. I use slow stochastic(5,3) to mainly scalp steel or metal stocks for 20-50 cents. I also try figuring out which sectors are rallying and find lagards I find will join. I also watch three chats rooms trying to get a clue on an Trade Ideas before the alert goes out. I also trade the YM based on suport resistence and simple trend lines. And I try to tade forex using news or 9/14 EMA plus fib retracemnts.
Now that you're "professional" just lay it all out on the line next week.
Throw caution to the wind and take heavy risk in volatile names over-leveraging yourself along the way. ;)
Anyway, congrats! I hope this change is a good one for you.
-DT
Thanks Jeff,
Do you short the Cramer stocks that from the Lightning Round or the main one he recommends the 1st 15 minutes of the show?
John
John - I only short the main ones which gives me 2 to 5 maybe if he gives out a list of stocks to play with. I only look at them if they react during aftermarkets by a point or two for high price stocks or 5% gains or more for lower price stocks. Then the reaction during premarket the next day has to be the same or greater. Also you must take into account the over all market. The best situation would be a $15 dollar stock up two points because of him with the futures down sharply. I have an earlier post than goes in greater detail. Also very few work during the summer.
Good luck, Denarii! Don't forget to work out. Healthy body = healthy mind = $$$. :) We'll see you on Wallstreak!
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