There are three major things that I want to stress about trading, as they are IMPERATIVE to your success,
POSITIVE MIND-SET. CONFIDENCE. PATIENCE.
I spent the entire weekend going over this last month in my head as it was by far one of the worst 30 days I have had I think in the last 8 years of my trading. Big drawdowns and mentally exhausted. It really isn’t a surprise to me however that happened AGAIN during the summer trading months as I just tend to always allow bad thoughts and bad trades into my system during this time. It is exactly because of the three reasons above. I wanted to share this on the free scan today as I think it is something EVERYONE should be aware of. Without those three things in full working condition, you really should not click ANY BUTTONS, I mean ANY buttons.
Don’t allow yourself the mistake of taking trades because these three things, once they start working against you, they can start a nasty downward spiral. As, with a negative mindset, you take worse trades with less confidence and less patience. Then with the lack of patience you can easily be mentally upset waiting to just “make it back on the next one”. DO NOT DO THIS. Remain calm and always ask yourself before the next trade. Is my mind right? Is this a high confidence trade setup? Is my entry that of my patient self? If not, avoid the trade.
Anyways, on to the good stuff.
TRNX – Lot of games being played with this name in the last few weeks, dividend stuff, the split. I do think it is headed higher in the coming weeks however and they have a plan either way. Likely ends bad over the long term (as always) but it needs to just catch a decent amount of shorts and it’s free and clear to smoke people. Either way thinking morning gap up, washout and ramps higher.
HDSN – Nice call out in the room today. Thinking possible .75 shove tomorrow as it had great volume today. If anything morning weakness and scoop with .50 risk.
IBIO – Tends to ONLY ever trade well after hours, so be aware that it could open early am extremely high. However, lot of stock out there to sell into people. Either way, going to look for a possible trap style grind mid day on it.
JCP – Noticed it was trading a little different mid morning so decided to trade it. Didn’t do exactly what I though but still a nice one either way. If .55 holds will continue to watch for possible ramp. Be aware this can go BK at any moment.
KIRK – Held well here last few days. Going to look to join on a hod breakout.
CEI – Still a daily watch and by the time it goes I will probably not be watching it and it will go without me. TOTAL POS stock but starting to remind me of a possible DRYS situation.
SHMP – Oldie OTC that held well today. Worth an eye tomorrow.
Thank you for sharing. Its helped so much when Nate pulled all the detail together in his “3” #1 Plan trad #2 confirm plan #3 entry and exit plan. Now you pulling the psych. and emotional side together in 3 is awesome. Stuff I can apply immediately. Couldn’t ask for better.