Today I created a blog to track my trades, experiences, decisions, up/downs of my trading world.
I began trading during the 2008/2009 crash. Started with big board, went to pennies and now I'm back to big board/etf's. I am a full-time day trader. I enjoy momentum plays and volume. I enter a trade and sell once my goal is met. I rarely hold overnight.
Last week, I put myself on trading probation because I need to limit my exposure in front of the computer and decrease my ability to make bad decisions. I will trade for approximately 2 hours each day. I prefer morning, so around 2 hours from the opening bell or if my daily goal is met. Which ever comes first.
Did you know if you make $500 each day on a trade or trades that adds up to $125,000 a year based on 50 weeks of trading? Wow....that's a nice annual income. So, if I trade for 2 hours a day.....I make $250 per hour....well, that sounds like big money to me. Taxes are not included in this number so plan accordingly.
So, there you have it....my daily goal is $500 - $1,000. And yet it's human nature to want more. I admit, I have made thousands in a day or on a single trade, but have also lost thousands. When I hit a big trade I seem to go crazy and get off course and begin making mistakes. Mistakes include: buying when the charts says not to, not using stops, holding a loosing trade, jumping in a trade with a huge amount of money hoping to hit the big one again.
It is hard to leave the trading scene after your daily goal is met. I mean really.....look how hard it is to leave the blackjack table with stacks of chips in front of you! You hear about others who hit big, or are holding because the stock is trending up. Or a stock you sold increased by $12. You have to be disciplined and while those traders had a great day, you need to realize, you did too. They might have $3,000 right now, but you will have that amount in 5 days. The money is there for the taking, but that is the key, you have to take it.
So, I hope some will read this blog and get something from it. I was posting my trades on profit.ly, but that just doesn't fit me so I am going to try this. I also like to post on twitter: https://twitter.com/#!/sdh_ihub
In closing, I plan to post each evening and log my trades, what I saw, what stocks were running, falling, market sentiment, etc.
Here's to meeting our goals and good luck to all!