There will be many upcoming posts about my challenge for myself this year – starting with a very very small account, and having to deal with (or maybe not?), the PDT rules. There are ways around it, I’m employing 2 of those ways, but the trade sizes then must be kept extremely small. Doing a small account is something I’ve never done over my trading career, so there has been plenty to learn, and I’m really enjoying the challenge and the experience. All of this was discussed in the conference call recently. The way I’ve set this up and approached this, I am avoiding the PDT rules, small position sizing, but I do a lot of trades.
PREPARATION and RTM:
My advice to you guys continues inre to learning what readiness to move is and how to develop the skill set to be able to implement this. RTM takes your trading performance to levels which you did not believe you could attain. So the question is – are you going to be the one out of a very small minority of people who spends the time and does the hard work involved in learning this stuff? Or are you going to be like the vast majority of people in this business? – LAZY. I am giving these lessons for free FOR NOW. At some point, I will no longer be giving these lessons for free, or possibly at all.
Every morning I do a stock list, invariably it is excellent, I work very hard at putting my lists together, there is a tremendous amount of detail which goes into it – PREPARATION. I want to give myself the best chance of making money – every day. The stock list consists mainly of stocks which I have put the work into the night before – and then save some room for the couple which show up the next morning.
Today, crappy little JAGX showed up. Beautiful BKO on very heavy volume, SOSes, recent accum process – I saw what I needed to see AND WAS BULLISH, THE TREND WAS UP – it’s all discussed on the 60 minute charts below. They are in chronological order. On the 1st chart I did an excellent job of recognizing the technical situation AND put together my plan for the stock. Most of the details are on the charts. I missed the fill on the original BKO and backup/dip, but was still very bullish, kept watching closely, and put in a .2750 bid looking for a solid BOUNCE – JAGX traded thru my bid, got the fill, the big bounce, sold 1/2 at .3250.
I kept watching, not sure if the top was in, but wanted to see if reaccum showed up. Again, did an excellent job of recognizing the reaccum, so held it, and waited for the re-bko to (hopefully) sell into, then more bullish heavy green volume (SOS) bko action, and sold the rest, too early of course, but 60% on that part, all WITHIN A COUPLE HOURS, no complaints with this very small account.
The last chart is a detailed recap.
So – preparation, planning, RTM, rules, pulling out 20%+ profits in a few hours. And again, are you studying studying studying all the excellent, detailed work I’m spending my time on FOR FREE for you with these posts, to hopefully take your trading to a whole new level? Or are you doing what most people do, and who never make it in this business? Your choice.
