TraderEdge

I felt comfortable today just playing support./res. levels. I actually held a stock a little more than 15min today. I should have made a profit today without a doubt, however ended the day down.

Shootanappleoffmyhead

Hey TE,

Just watched your video and I have to say that I feel like you've made some improvements in your mindset towards the market. Even though you didn't actually make any money today the fact that you were looking at certain levels with such emphasis and using them to form your actions is where we want to be as traders. Great job and I hope to see you crushing some positions in the near future. I think the next step would be to try to identify only the major areas of s/r and focus on them only.

Shoot

__________________
Memoirs of a Day Trader by Shoot ~~~~~~> The Pro Course

Jampone

Hi TraderEdge,

I totally agree with Shoot, try to focus on levels that prices couldn´t stay for a long period, levels where prices did sell off or did rally, these levels can be the levels where the big players are also looking at, once they don´t want to enter a trade to have a couple of cents profit (it´s just a thought).
I hope it helps!

Jamp

TraderEdge

Lesson: Have to be consistent where you put your stops. In my RIMM trades I put the stops a couple of cents away from my entry as compared to my AAPL trade. If I gave it more room, I would not have had traded RIMM as much as I did.

Jampone

I only want to tell you my opinion about the first play on AAPL
Here are the charts, I hoe I can help with this.

Jamp

TraderEdge

Thanks Jamp

Net today: -40

Jampone

Hi

It seems that you are a little down due to the last days, am I right?

TraderEdge

Yes I am down last 3 days. Plan on taking a break or paper trading tomorrow.

Jampone

Hi TraderEdge,

I have been through the same situation some weeks ago, I had a really bad month that time, I think it was in august. Then I stopped a while, tried forex but the problem was with me. The problem is that I was taking everyposition that wouldn´t do anything to my account, I mean, I used to enter positions with few room to go, I was so worried about getting the money I lost back that I couldn´t see good positions coming, my psychology was distroyed and I was basically chasing the market and overtrading. Then I watched the videos from Sam Seiden, went through some pro-course´s lessons and I have my eyes opened. If you take a breath, there´s no problem, but keep watching price action and try to find why you´ve had losses and what you can do to avoid it.
One thing I changed is the way I enter in a position, I don´t ask myself how much I am going win but how much I am going to lose, this holds me back of positions that wouldn´t change my account, they would be positions to feel the emotion of trading and IMO when someone enter a trade to feel the emotion, he is chasing the market.
Read the DeeBee´s trading Journal, he had changed the number of positions he took and see the result.
Well I hope it helps

Jamp

DeeBee

Hi TE,

Jampone gave you a knock-out advise based on his own personal experience. Take a break if you must. Relax, clear your mind then come back. Read again the many worthy educational information provided by this community there's a lot to learn from each other and then watch some of the videos if you can. Jot down notes very important as it will help you shape something uniquely your own.

Get back paper trades your new/revised method for a while. When you think you're ready then trade live in smaller shares do it slowly.

Good luck TE. Do not give up!

DeeBee