So it's been a pretty slow week, which is actually typical for trading in August. I know I didn't really update and review my trades the past few days but I think I got tired of writing down all that stuff but I should start again to really help me get over the learning curve.
I believe I could've ended the week in positive territory, instead my last trade of the week screwed me. I hit a U-Quote trade and it just kept going down. Finally after down about $15, $20 I said I had to get out. Similar situation happened in the morning and I held the stock near the whole dollar, hanging on just two more cents after losing $20... that one bounced back to allow me to take a $15 profit, and actually I could've taken a $60 profit I think if I held a little bit longer but given scalping is still foreign territory for me I just wanted to get out. Well, the last trade did bounce back before the close, too, which means I could've done some damage control and at least end the week making $10, $15 all thanks to the personal best day I had on Thursday for a whopping $25.
I don't think trading on some of these stocks that I am familiar with like KO, MO, BBY is really worth it. They don't really move that much and I've basically gone away with them half way through this week. Currently my strategy is to hit u-quote scalping at the open and close. I tried out a few momentum trades today but it didn't work out that well. A few cents of profits/loss here and there. If there is something trending down, I should probably look for the volume and open book to make sure it's a worthwhile trade instead of getting in and get hit by a small pullback or reversal. I've also been using my stops to set alerts to where I think would be a good entry point so I don't have to think about that stock and move on to find other opportunities and that seems to be working out well.
What's for next week? I'm not sure... I need to think a little bit more and review about this u-quote scalping and momentum trades from today.
Still, looking back, I think I've made much improvement compared to Monday. Everything makes more sense to me know and I have a better idea what to look for and where my entry points should be. I made a person best on Tuesday for $5 and I topped that again on Thursday for $25. Small amount, yeah, I know but it's still something positive to pat myself on the back for I guess.
I've been kind of obsessed about trying to read and learn whatever I can get my hands on about trading lately. There are just so many books out there. My gosh! I need to start studying for the 55 as well. On top of that I can't seem to fall asleep well lately b/c my mind keeps on wondering and thinking about different trades etc even though my body is weary. I just randomly pass out on the couch for a few hours after I get home now.
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