I developed I little TRADING JOURNAL that helps me keep track of my trades, trading statistics, progressive exposure, position sizing & post analysis.
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$FRHC Weekly (IBD 50 stock). Would only take this if market conditions improve on shares account. Inside day on the weekly. Would take the breakout of that candle at 65.35 for a starter position. Profit target at the .618 Fib extension. Orders not set yet but on watch
The key to success with this account is going to be knowing when to sit on hands and do absolutely nothing. Before I make a trade in this account, i will be assessing overall market healthiness and make sure it aligns with trade idea
The shares account will focus on stocks with strong fundamentals (IBD 50 stocks, stocks with strong sales and earnings) breaking out of or starting to breakout of long bases after a strong run. Relative strength compared to the rest of the market will be key
These swing positions can last from one week to months, compared to the options account which is generally no more than a week hold. Looking to capture longer moves and will scale in and out of these positions.
Create a trading system with an edge.
Position size right on every trade.
Don't be afraid of entry signals.
Don’t be afraid to lose money.
Think long term success.
Manage your watchlist.
Cut your losses fast.
Let winners run.
Perseverance.
Keep going.
Don't quit.
Patience.
Win.
3) Will allow me to enter trades that I otherwise couldn't on option account (option premium too expensive for my position size, spreads to wide, not enough liquidity, Implied Volatility too high, ect.)
Will be using and journaling two separate accounts, a common shares one and an option account. Both accounts will mostly take the same trades and be risking about the same amount per trade (1.4% shares and 1.2% option)