Friday, 20 March 2015

Review of trading over the last 7 months

UPDATE ON TRADING OVER THE LAST 7 MONTHS (been learning for 18 months) So Last blog i wrote was about how I found Tim Sykes and what got me interested in the stock market, I just want to update what has been going on over the last 7 months. So i started with a $500 account and probably as most new, naive and enthusiastic traders I expected to turn into millions or at least hit the $1000 mark easy enough especially after how long and hard I had been revising and learning, it is basically a religion for me now, but I blew that money mostly on commissions. I was getting in and out of trades far too quick and when I looked at how many trades I did in and out if accounted for at least $230 worth. So that was over 3 months and I reviewed my losses and my gains and I made so many newbie mistakes. I had to stop trading due to my account size until only last week when I started again still with just a small account but I have a 40 hour a week job. My boss was giving me a lot of hours during the week so I had to find a way to still keep my hours up so I could keep my monthly income so I can keep putting money into my account but still be able to trade as much as possible. So I made a decision to ask if I can work Saturday and Sundays and if I can do most of my hours over the weekend to free up more time during the week, she said yes because nobody wants to work weekends and it also meant other people could have weekends off, my girlfriend was not the happiest about this decision but sacrifices have to be made to take that next step up. I also asked if I could possibly just work 2 days during the week instead of 3 so that means 3 days off to trade and my boss said yes, so that is the point I am up to now. I have done one successful trade up to now and that was shorting Amarin Corp (ARMN) from $2.96 I got in at this point because it had already dropped from $3.33 so when it broke the psychological level of $3 I got in I would of cut my loss if it broke past $3.10 it never so I held overnight and the next morning there was a panic and I covered at $2.68. The pattern was one that Tim has always taught and that was a supernova pattern, so I am trying to focus on the best plays and my account does not bother me at the minute because I just want to focus on making the right decisions. Onto how I research and how much. I do not know anybody who trades in my circles so I do not know how much or less I am doing than the average person, so i constantly research and this is from learning new financial terms to learning everything about SEC filings to watching Tims video lessons, if I am in work and Tim emails video lessons out I have a folder in my email just for those lessons and I will watch them in my spare time (or hiding in the toilet with a set of headphones). I always look at Tim trade alerts even if it not the stock I am watching because I look at the chart for the technical reasons he got in and out and also read his comments on why he got in or out. I a couple of DVDs of his that up to now I have watched 2x over and I do plan on doing a 3rd, 4th, 5th and so on until I can replicate each word. I have also read Tims book an American hedge fund also I have just finished reading his favourite book, reminiscence of a stock operator about jesse Livermore and I can fully understand why it is his favourite book, I also have a list of other book he has read which he mentioned them in one the DVDs so I plan on getting through them also. So that is where I am up to now, please do not judge me on my grammar in these blogs I really can not be bothered reviewing them as this is not a test, I am just hoping people will want an in site on the average person who is trying to learn to trade penny stocks, if anyone has any questions do not hesitate to ask.

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