I have 2 small accounts that I’m trading from and I am profitable. So far, I have 1 loss and 12 profitable trades. Learning to take profits when they present themselves. All my positions are small. I think I still have 3-4 more positions on the table that I haven’t closed yet.
My goal really is to stay in a trade overnight and be able to get rid of them the next morning or day. I subscribed to the lowest thing that TS has, his stock alerts, which enables me to also be in his chatroom and chat with other trades, some of whom become millionaires through TS’s methods.
Since my accounts are limited in capital, I cannot do certain things like make unlimited daytrades. I am looking at another trading account that is offshore and doesn’t have to follow the U.S. SECC rules for capital for daytrading, but going to pray about it since the company hasn’t been around for too long.
I’ve made some mistakes that have not allowed me to make the profits because when the profits presented themselves, I didn’t take them, even though they were small – well, that was actually the case and the actual 4 trades I have on the table right now could’ve all been closed within a day or less not daytrading with profits, freeing up the money for other trades.
Right now, I am only doing 100 shares of stocks in the $10 or under range. I have taken as low as $2 profits, which commissions is more than that, but I had some free trades, so that is good. However, typically I don’t want to take profits that are that low. That trade I could’ve taken a lot more had I daytraded that stock, and second thoughts are I should’ve, but you can’t live on coulda, shoulda, woulda. $2 is still that and I can almost buy 3 large drinks from Carl’s Jr with that. LOL.
Getting the TM alerts is allowing me not be so isolated and see other’s views on a stock. Though I have plenty of stock picks, more money than I have, I am learning some things. As I get more comfortable and have an even better track record for profitability, which right now I’m a little over 92% of my trades in my favor 12/13, that’s really not enough trades with real money to show a real statistic.
Hopefully when I get 50+ under my belt, that that will still be at least over 80% of my trades good profitable and the 20% not, will be small costs.
I do have to learn to get my normal work done that I do for the company I subcontract out to and not get so wrapped up in chats and talking about stock stuff, which I can do forever.
I love the fact that all these traders are all trading stocks that are in the under $10 range mainly, some are above even up into the 40s, but all the stocks were less than $20 when they started out. And I am glad that there are no subpennystock trading either. They have a rather strict set of rules of what can be discussed in that room, so it’s good.
The room usually has close to 300 chatters, but most are just lurkers or they PM each other instead of openly chatting.
Hopefully by the end of next week, I can make more than double what I’ve made on these 12 trades just by employing better practices. Learning and acting on what I’m learning, but also not being risky.