Sunday, March 18, 2018

Daily Bar Day Trades & IRA Tracking Acccount Details

For these 2 tracking accounts I post my current watch list, open trades, past results and a calculator for determining risk/share size in Google Documents.

Daily Bar Day Trade Tracking Account:
This tracking account was started April 1, 2018 following a 10 day experiment into swing trading. In short was looking to add a tracking account concept to develop while making my morning day trades with gapping stocks. Short term intra-day trading is my passion not swing trading. Prefer my efforts put into a concept that will make 1 to 3 trades a day over 1 to 3 trades per week with over night risk.

Nightly under google documents will post Daily Bar Day Trade Ideas. Risk for this account will only be increased with success.
  • At 15R will increase my maximum risk to $125R per trade
  • At 35R will increase my maximum risk to $150R per trade
  • At 60R will increase my maximum risk to $200R per trade
Will Track this account based off 3 types of entries - general rules below:
  1. Breakouts - will take on a break of the previous day high. Stop is placed below the low of the entering 5 minute trigger bar - targeting pivots and tight stops. Need a minimum of 2R exit goal
  2. Breakdowns - same as above but looking for a break of the low
  3. Fades - Looking for a candle reversal or tight consolidation at support/resistance zones. Exit near gap fill and at least 1.5R (example: if stop is .20 - target needs minimum of .30)
If price gaps away from the Breakout entry then price will need to retrace and touch the previous day high. Enter at High of current day, stop .02 below previous day high - with minimum 2R goal.

Once 50% of exit goal is achieved stop will be moved to entry - at 90% of the goal stop to moved to mid point. Overall market conditions will be taken into account before placing a trade (not looking to get long with a market trending down in the morning or get short with a market trending higher)

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Roth IRA Tracking Account:

This model account was started November 27, 2017. Using a tacking model of 20K to be compared vs SPY (S/P 500 index) with following risk parameters. Maximum risk of 1.5% account value per trade with maximum of 25% of account equity for any non-index overnight trade.
  • Will manage as an IRA account with 3 maximum day trades per week to stay under the pattern day trader rule for IRA accounts. Will take long trades only, day trades off my morning gap ideas, daily bar day trade ideas and index trades.
  • Will focus on Day Trades under 50 per share and Index trades in the SPY, QQQ, or IWM using the 2x and 3x leveraged EFT's that mirror the index. Will use a larger risk tolerance with Index trades. Will adjust my risk at the end of each month for the account.
  • IRA Account Tracking Post's
* Daily 1st Hour Trading Map Posted Daily before 9:30am Eastern Time

TRADING PLANS 


* 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.

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Disclaimer

I DO NOT MAKE RECOMMENDATIONS TO BUY OR SELL SECURITIES - I JUST POST TRADES I MAKE OR FIT THE RULES OF MY TRADING PLAN ON A DAILY BASIS. DO YOUR OWN DUE DILIGENCE - YOU ARE RESPONSIBLE FOR YOUR TRADES, INVESTMENTS, AND DECISIONS! ALL CHARTS COURTESY OF TRADESTATION, SCHWAb & TD AMERITRADE