Starting again, yes starting again.
I read a quote once that said, "The only people who fail are those who quit."
Of course, I have also read, "Insanity is doing the same thing over and over and over and getting the same results."
OK, I am guilty of both.
I keep persevering; yet, I haven't changed my habits much.
However, on July 17, 2016 I am beginning another chapter of change.
OK, what am I doing...and how am I changing?
First, I am back into Stock Trading again. I still believe that I can be good at this once I really learn and apply the instruction I have and now am receiving. Application is the key, and eliminating emotion is essential. Make my plan and work my plan. I have signed up with Penny Pro and will link it for anyone who wants to join in.
So far - Steve and Jeff have reminded me of these things "essential" for success in trading; and I will grade myself on each of these points for the past few years:
1. Only trade with money I can afford to lose
C - because I work own a business, I won't be majorly affected by my losses.
2. Limit my trades
B - due to my low level of funds in my account, I have always limited my trades
3. Don't let my emotions get the best of me.
D - truly an emotional person, and my gut wants to run my life. Affected many
trades, missing the profit and taking a greater loss waiting for the upturn.
4. Cut your losses quickly.
D - though I have gotten better at this, the emotional part of me has wanted to hold on. Not having Level II or
reading the Investor blogs has keep me too long in trades.
5. PLAN YOUR TRADE & TRADE YOUR PLAN.
F - I rarely have planned and written down the plan. So, being just in my head, it is forgotten when emotions
take over.
6. Patience, plenty of trades to come.
B - I have patience, maybe tooooooo much....for when you run out of money by staying too
long in a trade, you can't trade anymore.
7. Take the easy trades (five 10% compared to the one 50%) -- "Compound effect" rule.
F - rarely have I taken on purpose 10%; wanted the home run.
8. Avoid dumping money into a bad trade (risks of double down)
D - been there, done that.
9. Don't trade blind (have level 2 and charts)
C - had charts, but no Level 2
10. Don't trade just to trade.
B - I usually am looking for the best trade, and don't just to do it...or feel I have to.
What's new in from July 17, 2016:
* Taking classes again, but from Penny Pro and following their plan of learning.
* Signed up for Level II with my broker. All starts July 17th.
* Having a plan for each stock and writing it down; journaling my progress in a written diary
which I will use to post on this blog.
* Goal to make 5% or more a day from $ 500- which compounded over 1 month (20 days)
would create a total of about $ 1325.00. My goal for July 31 is to have $ 815.00 in my
trading account. Taking the "easy trades."
Goals (compounding with 5% daily) = $ 2158 by August 31
5717 Sept 30
15,158 Oct 31
40,208 Nov 30
112,875 Dec 31 *******
(PS - will project a charge where I make 5% daily in July, Aug, Sept; than 4% daily in
Oct; 3% daily in Nov.; 2% daily in Dec. -- just to see what that would create by Dec. 31)
* Sticking to my "stops" when a stock goes down.
OK, this is going to be fun -- I believe. Tomorrow....write down trades....
