Quick review of the 4 stocks I was monitoring this AM off the gap list. Solid Day but didn't like my focus. I pick only 4 stocks to monitor so I stay focused - and keep my focus on that screen. Wanted to Day trade in my cash account and ira tracking account (will update today or tomorrow) - 2 separate accounts, separate screens, different order size - so putting in orders between the 2 is not easy when this needs to be done in 30 seconds - recipe for a screw up.
In taking my focus on my main screen I was actually forgetting if I was looking to go long or short on my charts, had to refer to my notes and, and cant waste time or focus when the market it moving -so now color coding them - red short, black long - and blue for either (depending on how its trading) when trading both accounts- which I don't recommend you do by yourself.
- TJK - had an order if over 84 at 5 minute high -never set up
- ECYT - traded in both accounts, almost missed my entry on both - 5 minute high and go - nice winner - but was lucky as was miss placing trade/risk sizes and stops/exits when switching between the 2 accounts.
- CELG - no trade but there was opportunity
- WTW - Candle 6 fade off 76 and close below vwap for a winner
Stock Trading Plan: http://www.howidaytrade.com/stock-day-trading-plan.html
E-Mini Trading Plan: http://www.howidaytrade.com/e-mini-trading-plan.html
* You don't have to trade everyday. If the conditions don't feel right or if you're unsure of the current days trading environment then PASS on the trade. Missed money is better than lost money. Day trading and the stock market is not a "war" that you must win at all cost. Trading should be fun, wait for only the good setups. Follow your rules, stick to your stops, and know that everyday the market presents a new chess board.