Small Account Banter

MBF

MBF

Active member
2019 Donor
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Hey you! You've been out a bit lately. That's ok, just teasing. (Actually I say a lot of silly stuff 🤪 )
Take the code in post #4 and change all of the instances of "AMZN" to "ROKU", copy paste. That should be all.
Hello there Mastah,
I am trying to go live more and having a hard time. So instead I come on the web and read more things to confuse myself and cut down my confidence. Gotta love hesitation and fear!
Not really. I stare at ROKU charts the way I watch scary movies. Wide-eyed and involved. Will do! Thank you!
 
markos

markos

Well-known member
VIP
Hello there Mastah,
I am trying to go live more and having a hard time. So instead I come on the web and read more things to confuse myself and cut down my confidence. Gotta love hesitation and fear!
Not really. I stare at ROKU charts the way I watch scary movies. Wide-eyed and involved. Will do! Thank you!
@MBF @nicole Ya know, thinking of your situation, you may have read too many books. Narrow it down a little. Find a $30 stock and buy 2 shares. sell 1 share when your nerves tell you to and sell the other at a pre-determined time/price. If the stock runs the other way, sell according to your sell rules. You can expand to include all of the knowledge you have as you grow & review your charts for fine tuning.
1/2 half of the time it will go the other way, just like a coin flip, if you are buying and selling the same day.
2 sayings - Never let a little loss turn into a big loss. & Trade small and live to trade another day. You may want to do options but if you start small with a reasonably priced stock, the most you loose is 2 shares - $60 in this example.
Small price to pay for tuition when money is on the line. Next, all you have to say is oh well, it's only $50 or $100.
It could be worse, like you have to tell your spouse that you just lost 10k because you couldn't sell. I learned a lot that day! :eek:
 
MBF

MBF

Active member
2019 Donor
Warehouse
@MBF @nicole Ya know, thinking of your situation, you may have read too many books. Narrow it down a little. Find a $30 stock and buy 2 shares. sell 1 share when your nerves tell you to and sell the other at a pre-determined time/price. If the stock runs the other way, sell according to your sell rules. You can expand to include all of the knowledge you have as you grow & review your charts for fine tuning.
1/2 half of the time it will go the other way, just like a coin flip, if you are buying and selling the same day.
2 sayings - Never let a little loss turn into a big loss. & Trade small and live to trade another day. You may want to do options but if you start small with a reasonably priced stock, the most you loose is 2 shares - $60 in this example.
Small price to pay for tuition when money is on the line. Next, all you have to say is oh well, it's only $50 or $100.
It could be worse, like you have to tell your spouse that you just lost 10k because you couldn't sell. I learned a lot that day! :eek:
OOF! Non bien! That wouldn't go over well on my side either. :sick:
I am doing fine paper trading and even trading when live. I have many mental hurdles I have had to cross and am still finding more. I can't
even go into my trading room I liked so much because I get distracted too easily right now.
For instance, if I had traded ROKU today when I saw first support bounce I would have bought OTM call option for .61 and sold it at .87. a whopping $26. bucks, but, Im new at live and happy with that. I am just trying to get my confidence up so little gains are okay. I have rules for getting out if not working, I would not have, granted the stock stay stable, risked $61. I would have risked maybe $20. MAYBE.
I would have gone back in at that second bounce and lawd knows how long I would have held it. The stock just kept bouncing at supports until just recently. I am spending and risking .61 or $61.00 for a stock with high volatility. Meaning if I buy OTM options they will appreciate because of
the control of shares and volatility. One day I will buy ATM on regular volatility. Wouldn't that be nice.
So nah! You see? ;) However, if you have a secret I don't know or if Ive made a mistake above please let me know your thoughts.
 
markos

markos

Well-known member
VIP
OOF! Non bien! That wouldn't go over well on my side either. :sick:
I am doing fine paper trading and even trading when live. I have many mental hurdles I have had to cross and am still finding more. I can't
even go into my trading room I liked so much because I get distracted too easily right now.
For instance, if I had traded ROKU today when I saw first support bounce I would have bought OTM call option for .61 and sold it at .87. a whopping $26. bucks, but, Im new at live and happy with that. I am just trying to get my confidence up so little gains are okay. I have rules for getting out if not working, I would not have, granted the stock stay stable, risked $61. I would have risked maybe $20. MAYBE.
I would have gone back in at that second bounce and lawd knows how long I would have held it. The stock just kept bouncing at supports until just recently. I am spending and risking .61 or $61.00 for a stock with high volatility. Meaning if I buy OTM options they will appreciate because of
the control of shares and volatility. One day I will buy ATM on regular volatility. Wouldn't that be nice.
So nah! You see? ;) However, if you have a secret I don't know or if Ive made a mistake above please let me know your thoughts.
Oops, we just HiJacked a thread. @BenTen please move this, starting at post 12, to playground with the title "Small Account Banter" or something similar.
 
markos

markos

Well-known member
VIP
OOF! Non bien! That wouldn't go over well on my side either. :sick:
I am doing fine paper trading and even trading when live. I have many mental hurdles I have had to cross and am still finding more. I can't
even go into my trading room I liked so much because I get distracted too easily right now.
For instance, if I had traded ROKU today when I saw first support bounce I would have bought OTM call option for .61 and sold it at .87. a whopping $26. bucks, but, Im new at live and happy with that. I am just trying to get my confidence up so little gains are okay. I have rules for getting out if not working, I would not have, granted the stock stay stable, risked $61. I would have risked maybe $20. MAYBE.
I would have gone back in at that second bounce and lawd knows how long I would have held it. The stock just kept bouncing at supports until just recently. I am spending and risking .61 or $61.00 for a stock with high volatility. Meaning if I buy OTM options they will appreciate because of
the control of shares and volatility. One day I will buy ATM on regular volatility. Wouldn't that be nice.
So nah! You see? ;) However, if you have a secret I don't know or if Ive made a mistake above please let me know your thoughts.
I think you're ok. Notice that compared to previous day or two ROKU really hasn't moved much. Earnings are coming up, people want in, but their afraid to pay too much. My 2 cents.
 
C

codydog

Member
@MBF- not sure if this helps, but if you think of trading like a store, and you make x% all day long selling toys or hula hoops etc, its just a business like any other. You're just buying and selling inventory. Don't read the books, movies, shows where 23 yearolds make millions, simply not true.

Try reading Virtu's ipo docs, they simply buy/sell all day long, make a spread and call it quits. Making $26 is great, do it 2 or 3 times a day then 4 or 5, you'll see and feel better with none of the craziness. For me, when I'm up $50-100 in options/futs etc I start selling. So what I missed the big move. My store opens every day.

You're making it too hard.
 
S

skynetgen

Active member
Warehouse
Hello there Mastah,
I am trying to go live more and having a hard time. So instead I come on the web and read more things to confuse myself and cut down my confidence. Gotta love hesitation and fear!
Not really. I stare at ROKU charts the way I watch scary movies. Wide-eyed and involved. Will do! Thank you!
Have a trading plan. It should be simple but precise - with stocks selected premarket and thesis. Dont focus more than 2-4 stocks. Quality over quantity. At each timeframe only do what is planned. dont do anything else - dont watch other stocks, dont scan, and especially no chat/web/news/etc. Only focus those 15-30 minutes on what is planned

Mine looks something like this:

Stocks selected premarket (that is my "alertwatch"):
BUD​
earn​
drop to monthyl POC supp. Thesis – bump/wait​
VFC​
earn​
thesis bounce of 86.5 Wk RSI​
NVDA​
premgap​
SMH rally into EOW?​
MHK​
premgap​
megagap and void above ,​
ATVI​
earn​
Bull >57. bear <56.5​



Tradeplan:
Bell​
Scalp NVDA, MHK, ATVI
945 to 1000​
Market Thesis
1000 to 1100​
Alertwatch/Thesis
1100 to 1130​
1200 to 1300​
Intraweek.
1300 to 1500​
1500 to close​
Intraweek. SwingMgmt
At end of day I review what worked/what did not and write down actionable items to improve for next day (if any). Rinse repeat. Overtime you will start have confidence in your process. Granted - it might not be profitable - but thats why you trade in paper and do after hours work
 
MBF

MBF

Active member
2019 Donor
Warehouse
@markos yeah, I missed the Monday move because of fear. I see when to get in and just freeze, start doubting myself and start doubting paper TOS is telling me the truth. In other words, all of the sudden I believe that what I did in paper won't happen in real. Very strange crap going on here! Then I just watch it climb and then I write down my exit, :rolleyes:maybe a little too early or right where I should. UN BELIEVABLE!
@codydog I SURE AM! I agree with that. I see it, its RIGHT there in front of me! I am not mad at myself, maybe a little disappointed that I can't pull the trigger. I know this is a "thing" though. I take a look at those docs. Thank you. I don't read stuff like that. The only time I did that was one time, at the very beginning, kept getting Sykes emails so peeked in and said nope. lol. I even think Don, whom I appreciate very much as a trader and investor can be too hard of a seller. I get it though.
@skynetgen I will take a look at that. I am definitely someone who needs a plan. I need steps. ADD. Its been hard because Ive just been focused on one play and one ticker. I WAS watching AMD but it was consolidating for a long time, got bored, looked away, then, well you know the rest. In the mornings I can get quite distracted. I get up around 6:30 or 7:30 depends but its like everything is racing and I'm looking at all kinds of things. Especially now for Q4. Should I be trading earnings, options are expensive or are they, volatility is up, I could buy cheaper OTM options, no, I should just watch ROKU, what am I missing.... on and on. This is some mental BS im going through. :unsure:🤯🤪
Thank you for the little plan stuff up there. Very nice. Now tonight I will go through % gainers, do those charts, then I will do high last candle volume earnings, do those charts and tomorrow, I will stare at ROKU for 6 and half hours and do nothing. LOL! Please for the love of GOD! Make it stop! 😂
 
markos

markos

Well-known member
VIP
@MBF you're in good company, ADD diagnosed 40 yrs ago. There are things that can be done to help.
Can you hyper focus? Like if you or someone cuts a finger, you know exactly what to do...and it's done well?
If so, you are in very good company. More that 1/2 of all Emergency Room Docs have ADD. No Citation, but that's what 2 Dr.'s told me. That's where they gravitate to because when there's an emergency, they are on top of their game and can focus.
 
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MBF

MBF

Active member
2019 Donor
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@markos I am very focused but I want ALL information ALL of the time, as you know, its hard to explain. Too much information gets me exactly where I dont want to be. I can't help it! I will spend the rest of the night in front of the computer, reading, doing charts and going down rabbit holes. I am getting better at that though. Sort of?🤷‍♀️🐇🍩
Like 13 hours a dang day doing this stuff, for over a year! I should be a trading genius! Cheers to you my ADD pal!
 
markos

markos

Well-known member
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@markos I am very focused but I want ALL information ALL of the time, as you know, its hard to explain. Too much information gets me exactly where I dont want to be. I can't help it! I will spend the rest of the night in front of the computer, reading, doing charts and going down rabbit holes. I am getting better at that though. Sort of?🤷‍♀️🐇🍩
Like 13 hours a dang day doing this stuff, for over a year! I should be a trading genius! Cheers to you my ADD pal!
@THB I understand wanting more and more data. What data is "Really" needed? As a broker, I had institutional access to everything. It really meant nothing. I was no further ahead than the person with a hunch. I shouldn't say that, I was further ahead, it just didn't feel like it.
You may be too close. Look at a company weekly then daily then hourly. Find just 4 companies as has been mentioned above, and watch how they "breath". Watch the industry group via ETF's. As Brian Shannon has said, and copywriten, "Only Price Pays". Nothing will ever be perfect. Gotta run.
 
MBF

MBF

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2019 Donor
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@THB I understand wanting more and more data. What data is "Really" needed? As a broker, I had institutional access to everything. It really meant nothing. I was no further ahead than the person with a hunch. I shouldn't say that, I was further ahead, it just didn't feel like it.
You may be too close. Look at a company weekly then daily then hourly. Find just 4 companies as has been mentioned above, and watch how they "breath". Watch the industry group via ETF's. As Brian Shannon has said, and copywriten, "Only Price Pays". Nothing will ever be perfect. Gotta run.
I swear I am gonna do this this weekend.
bit late to go for a run? 😋
 
S

skynetgen

Active member
Warehouse
I will take a look at that. I am definitely someone who needs a plan. I need steps. ADD. Its been hard because Ive just been focused on one play and one ticker. I WAS watching AMD but it was consolidating for a long time, got bored, looked away, then, well you know the rest. In the mornings I can get quite distracted. I get up around 6:30 or 7:30 depends but its like everything is racing and I'm looking at all kinds of things. Especially now for Q4. Should I be trading earnings, options are expensive or are they, volatility is up, I could buy cheaper OTM options, no, I should just watch ROKU, what am I missing.... on and on. This is some mental BS im going through. :unsure:🤯🤪
Thank you for the little plan stuff up there. Very nice. Now tonight I will go through % gainers, do those charts, then I will do high last candle volume earnings, do those charts and tomorrow, I will stare at ROKU for 6 and half hours and do nothing. LOL! Please for the love of GOD! Make it stop! 😂
I know you want to do and play everything - I am same way. But without strict focus what happens is instead you miss and misplay everything

Keeping focus is also very mentally exhausting. Just do honest focused work from 830 prem till 1100am. And call it a day after that.

You will see a marked change in your mental state and approach if you know what you are doing before hand,. Know that you have to do just that one thing in that time period and that thing only.

In this game the strategy, setups,risk management, etc - all does not matter if in that small time window of opportunity for proper entry on good setup you are not focused, not confident and not executing. The system is also about how to put yourself into right state of mind, at right time to execute the plan.
 
C

codydog

Member
You also have to treat it like a job - start at 8, finish by 4 or 5, I've seen folks up at 2am, sleep for 4 hours, back to it etc. They lose more than they gain. Not worth it. Or the folks who scan 4,000 stocks a day and lose because they arent familiar or know why stuff happens. The little gains add up quickly, singles and doubles win the game, home runs are few and far between and more luck than skill. Making $26/trade is the way to go.

You may also want to consider if you're a linear or conceptual thinker.

I'd also shy away from the 4 or 8 screens because you saw a photo from GS' trading desk.
 
MBF

MBF

Active member
2019 Donor
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@skynetgen @cody @markos
Well I did it! I pulled the trigger today on that ROKU short. Nervous as hell, heart pounding, hands shaking, got in late at the first pullback 🤷‍♀️ because mentally arguing with myself, perfect exit until .... TOS shut down on me. ?!?! Heard it happens but REALLY! On my first scary ticker trade!! Something happened to TOS today. Luckily I got out but I lost about $30. of my trade because of it. Made $22. Happy with that. Wonder WTH happened.
I'm a little perturbed about exits and entries. I use price action for my trading ATM because I am confused about a system to use for price targets.
I don't like fibs, I don't mind them but they make my chart too blingy, too much. I draw as I go while I am in a trade and use lowers but don't count on them ... because ... ROKU doesn't give a rats butt what the market is doing. Not one butt. What do you guys use if you don't mind me prying?
Happy with my little play today. 💃
 
MBF

MBF

Active member
2019 Donor
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I also just focus on ROKU but I am very curious about earnings plays, so I did have FB and AAPL to the side to just watch. Not too sure if I can even play earnings yet because premium is so high and im not convinced volatility is high enough to go too far OTM. I am focused on ROKU right now but I do try to study up this whole earnings stuff.
 
markos

markos

Well-known member
VIP
@MBF I am away from computer all week. At least it's warm So. California
 
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MBF

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Have a trading plan. It should be simple but precise - with stocks selected premarket and thesis. Dont focus more than 2-4 stocks. Quality over quantity. At each timeframe only do what is planned. dont do anything else - dont watch other stocks, dont scan, and especially no chat/web/news/etc. Only focus those 15-30 minutes on what is planned

Mine looks something like this:

Stocks selected premarket (that is my "alertwatch"):
BUD​
earn​
drop to monthyl POC supp. Thesis – bump/wait​
VFC​
earn​
thesis bounce of 86.5 Wk RSI​
NVDA​
premgap​
SMH rally into EOW?​
MHK​
premgap​
megagap and void above ,​
ATVI​
earn​
Bull >57. bear <56.5​




Tradeplan:
Bell​
Scalp NVDA, MHK, ATVI
945 to 1000​
Market Thesis
1000 to 1100​
Alertwatch/Thesis
1100 to 1130​
1200 to 1300​
Intraweek.
1300 to 1500​
1500 to close​
Intraweek. SwingMgmt
At end of day I review what worked/what did not and write down actionable items to improve for next day (if any). Rinse repeat. Overtime you will start have confidence in your process. Granted - it might not be profitable - but thats why you trade in paper and do after hours work
@skynetgen revisiting this convo. Was looking at your watchlist above. Earnings has thrown me a little off, but I am making progress with my list. I am thinking a 10% change in a premarket 15 minute. I may just forgo scanning for the moment and just pick 4 stocks. I hear people talking all the time about the one hour. Does premarket count? Premarket hi and lows I use as well as previous day and closing price. I sometimes see premarket hourly waaay over done. I also watched some Dalton this weekend. The man plays with letters! Sort of got it but still too new for going there yet. I don't even think TOS has letters! Inre of earnings, am I right to think that an OTM option would have enough volatility to actually move. I am right now happy just making little drip and drabs until I can find my guts to trust them and play and get a feel for price action. Just some questions I've had for a while, too scared to ask.
 
H

HighBredCloud

Active member
@markos I am just curious...when you worked for a broker what was your criteria for trading? Meaning what type of timeframe were you trading on? What were you looking for? VWAP? What other indicators did you use?

I heard that the guys at Goldman Sachs can ONLY use tick charts with FIB numbers...

I find that most day traders complicate things too much...hence the saying...Amateurs open the markets but professionals close it...
 
markos

markos

Well-known member
VIP
@markos I am just curious...when you worked for a broker what was your criteria for trading? Meaning what type of timeframe were you trading on? What were you looking for? VWAP? What other indicators did you use?

I heard that the guys at Goldman Sachs can ONLY use tick charts with FIB numbers...

I find that most day traders complicate things too much...hence the saying...Amateurs open the markets but professionals close it...
@HighBredCloud I can't comment on that because every client's portfolio was unique to them. Thus no particular indicator. There is no holy grail... ;)
 

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