Tired of blowing off my stops then adding to losers to compensate for a bad entry and tired of cutting winners short with no good reason, today I am sending myself to "Basic Training," stock traders' boot camp for the day!
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I will be placing my orders as always. However, I will NOT be exiting trades until they stop out or until EOD, whichever comes first (on a day like yesterday with strong trend in one direction, it could mean one trade lasting the entire day). A protective stop will be set at 8 cents from entry. If the trade goes in my favor and it enters a third 5-minute candle without stopping out, I will move my stop to breakeven. I'll add to a winner if it seems right and I may scale out that added amount... but absolutely no exit on the original position except at the stop. To stay engaged, I'll mark a magenta colored line/spot where I believe I should exit the primary trade then see how close to the change of direction it was. My focus will be kept to price momentum and volume of the stock and the nasdaq/S&P indices. At the EOD, I'll review the performance and post the chart of trades. I won't be keeping trade stats today as I usually do; win/loss percentage or dollar gain/loss.
Hopefully, this exercise will force me into fundamentally sound performance.
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Good luck to all today!
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