Lately, I've been focusing on being right. If I pick a stock and put my capital up, I hold till I see things going my way. I've held LVLT for a week on and off and even two weekends! This is not what I anticipated doing with my day trading career. This has lead to my new focus being time periods. I hold over many hours, and pay close attention to 10/60 crosses to predict the two most volatile sections of trading during the day- open and close. In fact, I've gotten to be much better at this. Regardless, watching some Wall Street Warriors made me realize that even with my small account, taking green is much better than holding for more. You'll hear every trader say this, but as always, whats the point if you don't follow your own rules. I've held LVLT to below 6k in my account twice. Tommorw I plan on liquidating my position and starting fresh. Sure I will be back to my lows, but as I made a entire post about earlier. I'm very confident. Even noob comments on how it is easy to have .5-1k days. It really is. Just look at DIN, DDR, NCC, TRE in the past. The list goes on and one, but these stocks have huge one-days %tage P/L. Yes, I could find an ABK at its bottom, hold tight and double my account over a few weeks. But I am way more interested in picking up some solid day-trading fundamentals then hitting a homerun.
Addiontally, some of the guys have been writing about risk/reward and risk managment. Check out Yng for an awesome post on expectancy/profit ratios. For me, I've never had tight stop losses. Perhaps this is why my account can fluctuate 1K in unrealized gains and losses without me even making a big deal about it. My positions are big, and I try to avoid letting the micro movements spook me. At the same time, I'm always on the lookout for breakouts when i'm short and landslides when i'm long. This, you see, is why I exited CRDC at it's peak. It fell. I was wrong. It happens. Move on.
-Take any green you get.
-Don't worry about having a great track record in picking stocks, your net worth is what speaks on your behalf. This means exiting when things turn sour, and staying in liquid stocks.
Also, PLA(Playboy Enterprises) is the latest no news pump! Long or short depending on the attention it gets. Guessing it'll be big w/ the corp being so well known.
GKK is on a two day run up. Third times the charm. Short after.
CVI. Charts do not get more predictable than this. It has no reason for this pump! Wouldn't we all love for our companies to rise 68% in worth in one day?
