Day traders' weekend lounge March 19 - 21, page-111

  1. 12,955 Posts.
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    Congratulations on some profits, but more so on recognising some issues to address.That is so crucial to your development and these take time and patience to develop.

    It may help if you keep a Trading Journal as in my opinion it is a crucial element in trading (particularly day trading as events change minute by minute).

    It is totally up to you what goes into your Trading Plan but here are some possibilities to consider, in no particular order) and is only 1 page.
    • Date
    • Stock Code (and name if you wish).
    • Entry Price (buy price)
    • Number of Shares Purchased
    • Reasons for Trade (for instance based on 5 minute momentum indicators trending up and confirmed by volume increase)
    • Exit Point (based on how much you are willing to sacrifice if this trade goes down - be it a $ value or a capital percentage)

    I know some people may also print out a chart as that further so they can see graphically the logic behind their trade.

    Another critical process is going back over trades and carrying out a review - what went wrong,did it go to plan, perhaps what could i tweak with my approach and improve upon.

    All this will assist in your development.

    V
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