As always please post questions for webinar tonight!
Remember — I assume that you’ve checked out and familiar with at MINIMUM the new members/getting started page IF you haven’t taken advantage of Textbook Trading and Tandem Trader
I don’t want to waste peoples time who have taken the time to actually review those
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There are some times that I go against my own plan and just stare at charts without executions: such as shorting MOLG at $5 or UVXY short at $31 yesterday, that I assume the idea will pan out with a set risk already in place but yet what lacks is the final execution or the speed and after I miss the entry that I am about to enter the stock is far from my ldea and I hesitate to trade that “winning trade” and blank out without a plan B right away….
Also plans on buying dips such as todays plan of buying NVGN at $4.8 because it hit support line at 11:30AM and is squeezing… and have learnt that from recent flyers end of the day such as AVNR, RADA, JD, LAKE, yada yada yada
how to go about and practice that and change it?
how to overcome that stage even though risks are set but the plan B is missing!
In addition, I can’t add to winning positions cuz once I see profits I take them fully rather than wait longer or add on a plan that hasn’t fully reached to price I wanted. can you please elaborate how to plan on adding even though there is some profits.
Please go over morning entry points. Washout, R/G, etc on stocks one would expect to see move for the day. Will you please show us how you setup a plan for either direction on a watchlist / momo stock. I would like to know how you setup a plan before the trading has happened / what logic your intuition comes up with when looking at a chart.
Hi Nate,
I sent this question by email earlier, but since we’re having a webinar you can disregard the email and I’ll ask the question here.
I am at the point where the majority of trades I make are good trades. But every once in a while I’ll let my guard down and a losing trade will get out of hand, wiping out a lot of my good work. For example, last Thursday I tried to short CALA and it started grinding me out. It got near my mental stop, but I was so convinced in my idea that instead of exiting I added and then shortly after it squeezed. It had huge range so by the time I was able to cover the loss was much bigger than I anticipated. I’m getting better at avoiding situations like this, but it’s still a recurring problem. Every time I make one of these mistakes there’s something a little different that I overlooked which causes me to get trapped.
It sort of reminds me of your first DVD in the intro where you say that you were making good trades but your success was held back by holding on to losers. Is what I described similar, or typical of what beginning traders experience? If so, is there anything in your routine or thinking you changed to help you overcome this sort of problem?
Also, the “bad” trades I make are often similar to the GPRO trade featured on Tandem Trader where it hit the “oh s***” stop out number and you had to cut the loss. i.e. there are several opportunities I could have gotten out for an inconsequential loss but overlooked the warnings. What do you think went wrong with your process on that particular trade on the DVD and are you doing anything different now to avoid that scenario?
In the ABCD pattern how much do you factor in big volume spikes in 5min charts in the A to B to C areas? Suppose volume is higher on point B then A or its about the price action into C? I know were looking for price and volume at the breakout.