I RARELY trade on Monday morning's. Why?...
Well, when I was an unprofitable newb... this was my absolute favorite time to trade. I couldn't wait to FOMO into something without rhyme or reason. I had to WAIT ALL WEEKEND FOR THAT DOPAMINE SURGE! And you better believe I would fill it. ASAP.
Instead, I like to use Monday morning's to get my "feels" for the week. See how the overall markets are setting up. See if small cap is GENERALLY weak or strong w/ big gappers and runners or not.
If so...
I start playing BLUES CLUES (This is NOT ROCKET SCIENCE)... I ask myself THESE 3 questions to keep my long ideas moving to the NEXT BEST PLACES as the week progresses!
1. What price ranges? Where are the most volatile stocks running from and to, in terms of their price. i.e. A $1 stock spikes to $5 Intra-day.
2. What catalysts? Are stocks even moving on catalysts? i.e. That $1 stock spiked on Phase II NEWS
3. What sector? i.e. That $1 stock is a biotech
SOOOOO AT THIS POINT, I already know for the rest of the week, my focus when I get to my scan should be on...
$1-ish Biotech stocks, with favorable trial results. SO SO SIMPLE. OF COURSE there are more nuances and way more to it, but this is the essence and it serves me so well as I now hopefully have a REALISTIC PERSPECTIVE on what is working and/or not working NOW. TODAY. NOT LAST WEEK OR LAST MONTH.
Let the newbs fomo in, while I do what I always do. WAIT. PLAN. ANALYZE. ADAPT.
THIS IS SUPER SUPER IMPORTANT TO ME and I hope it helps someone out there! If it does. Share and Like and Follow for more!!! Happy Monday everyone!!
***** I'll drop part II to this tomorrow ON THIS SAME THREAD BELOW... with more NUIANCES to this IDEA if you'd like so Bookmark this thread if you'd like for tomorrow!
@jtraderco This is so true, great post. I really went through the ringer yesterday and let my emotions take over. I had a good read then blew it and revenge traded all day. So draining and just toxic. Its very hard for me to get out of that rhythm once it starts.
$IBRX MDBO watch
News of FDA has accepted for review its resubmitted biologics license application.
I believe this was the same license that caused the massive gap down on 5/11 so this news catalyst could have legs.
Nice volume.
Former runner in April-May this year.
TOP WATCH
Taking a second to reflect on my progress compared to the beginning on the year. My tradervue P/L chart from my last 90 trading days. Really encouraging to see me getting better ever so slowly. It helps having great people to learn from. @IClovertrading@smbcapital@RolandWolf86
@TheOneLanceB@TradesTurbo Thank for the Video guys! This has inspired me to create this and will be doing it as a best practice. (along with the rest of the write up)
Millions? Only if you fix your mind process.
In the world of trading, emotions run high, and the market becomes a reflection of our inner states. When we trade with discipline and precision, it's akin to a harmonious dance. Our confidence soars with each successful trade, and we feel in control of our financial destiny. The wins bring not only profits but also a sense of accomplishment and pride.
On the flip side, when discipline falters, and we allow our emotions to dictate our actions, the trading landscape becomes treacherous. Losses can trigger frustration, anxiety, and self-doubt. Regret lingers like a shadow, haunting us for not adhering to our well-thought-out strategies. In this emotional pendulum of trading, it's crucial to maintain composure.
Discipline acts as our anchor, grounding us during turbulent times. It's the unwavering hand on the rudder that keeps us from drifting too far into risky waters. Success in trading, then, isn't just about reading charts and analyzing data; it's about understanding our own psychology. By recognizing the emotional connection to wins and losses, we can strive for a mindset of balance and resilience. In essence, trading is not merely about numbers and profits; it's a reflection of our inner self. When we trade with discipline, we cultivate a path to consistent success and emotional equilibrium in the unpredictable world of the markets.
#tradingeducation #tradingpsychology
@madaznfootballr people are fucks dont let them get you down. I got chopped up big time today longing $PRZO and $MNTS. Super chopped up. You couldent get a read on the tape at all and they were super frustrating all day.
$AMC My trades today. Played the morning spike then got chopped up a bit. I traded it again in the afternoon and really under estimated it. Then scalped some towards EOD. Decent win but Not happy with this trading today. Sloppy and I dident make proper plans.
$NVOS Little morning 2x bottom risking a penny looking to make 2. Executed my plan. Then tried again in the PM with the same idea of holding that low of .33 for a bounce to .34-.35 but no bounce this time.
$AMC dident see this at all until after 2:00. I followed my plan for the 1st tade looking to lock in on the HOD break. Then took it again when we dipped close to the MDBO level. I locked in most into the bounce and took some over the weekend for a gapper idea.