IIC's Winners Watchlists

[IIC]

Today's MoMo:

TZOO EXM LNG TONS ZEUS CRYP BMHC KBAY WPTE OSTK TASR PACT FRGB GSIC IIIN IPS XPRSA ISRG BRY EONC EKT DPTR WEB SBAC DCAI AIQ DAVE DCTH PFSW SOSA DDD DOC VDSI CNR UPCS MBAY ELI

I'm getting very busy at work...so I'm taking a little different approach till things quiet down some...Making real quick plays only...at least that's the plan.

Today I caught .40 on PACT, .47 on LEND, .19 on ZEUS, .14 on ENCY, scratched on SPAB, lost .16 on NKTR and lost .20 on MTSX.

[IIC]

Support/Resistance for Wednesday

Nasdaq

Resistance

2150-2155
2135

Support

2095-Medium
2078-Weak
2066
2048
2025
2004-Medium

QQQ

Resistance

40.10
39.95
39.60

Support

39.10
38.85-Weak
37.80
37.40
37.10

[Websman]

I've experimented with daytrading and have come to a conclusion...Daytrading sucks!

[IIC]

I've experimented with daytrading and have come to a conclusion...Daytrading sucks!

Why? Sure you get alot of bad executions...sure you get whipsawed...sure you get interrupted and find out you just lost 500 bux...sure you have to stare at 1 min charts for hours on end...sure you have a tax nightmare...sure you are watching the wrong stocks on your watchlists 99% of the time...sure they usually run about 10 seconds after you click the Sell Confirm button...But overall I think it's pretty good.

Sometimes I don't stick to my plan...sometimes it works out better...but Spike warned us about that...but usually, I do much better in the long run if I do stick to my plan...win or lose. Takes a lot of discipline. Also, it is very important to not let losses get to you. I know in my short experience with this, it seems to run in streaks...I really don't know why that is...maybe it is a psychological thing? I remember when I had 9 up days in a row...And to tell you the truth, I was feeling a little cocky. I finished it with my best day on the 9th day which was a Friday. On the next Monday I made 10 trades...1 up 9 dn...my worst day...I just kept thinking...the next one is gonna run...but I only lost 1/2 of what I had made on the previous Friday...actually it was a good thing...it brought me back to reality and the rest of that week I took it slow...One of the worst things is feeling like you "have to be in"...That part is tough for all of us.

One nice thing though about trading news plays is that it doesn't matter so much what the overall mkts are doing. Another thing I should mention...Some of my worst days were when the mkts were strong...there were too many to watch and i got all confused. Most of my best days were when the markets were down or flat.

Well...just some food for thought...IIC

[Runner]

IIC, very good information you just shared with us. I keyed on a few things and that was “having a plan and sticking to it”. I bet that also means getting out of the trade quickly when it is going against you. Even longer-term traders struggle with this very thing. Well it will go back up, or my 2% stop target might be too tight. I’ve done it and the next thing I’m like ok, hello 7%, sure was looking better at that 2% drop. I’ve been defining my swing trading plan and I’ve been finding out that base hits can and do win ball games. Nothing wrong with a 3-5% profit in a few days. When I get greedy that is when I get what’s coming.

Thanks for your insight into the world of day trading.

Runner

[New-born baby]

Daytrading

IIC,

I'd like to master the daytrading habit. Just keep talkin'! Anything you want to throw out here, I want.

If I had a day like you had today, I'd be rejoicing. Someday I am going to ask you how you screen for stocks, (other than watch the news).

Best investing to you, IIC. Hey, you are up for the year, aren't you?

[IIC]

IIC,

I'd like to master the daytrading habit. Just keep talkin'! Anything you want to throw out here, I want.

If I had a day like you had today, I'd be rejoicing. Someday I am going to ask you how you screen for stocks, (other than watch the news).

Best investing to you, IIC. Hey, you are up for the year, aren't you?

I am not even close to having it mastered...I made some today and I won't complain...but I need a lot of work on my position sizing strategy.

Yes...I'm up this year...but I doubt that I am up as much as many think I am...I've made some big blunders this year...and the majority of our account balance is in WITS at an average buy price of 14.45...so, if you think about it...50%+ on 20% of your worth and 3.5%+ on over 50% of your worth does not make for a stellar year...however, the other 30% has done pretty good too and I did well the first 3 weeks of the year. But I had a plan on day one this year...+200% overall...not gonna come close...IIC

[IIC]

IIC, very good information you just shared with us. I keyed on a few things and that was “having a plan and sticking to it”. I bet that also means getting out of the trade quickly when it is going against you. Even longer-term traders struggle with this very thing. Well it will go back up, or my 2% stop target might be too tight. I’ve done it and the next thing I’m like ok, hello 7%, sure was looking better at that 2% drop. I’ve been defining my swing trading plan and I’ve been finding out that base hits can and do win ball games. Nothing wrong with a 3-5% profit in a few days. When I get greedy that is when I get what’s coming.

Thanks for your insight into the world of day trading.

Runner

As far as daytrading...yes, I'm looking for a lot of singles...but it sure would be nice to hit a homerun once in a while...so far...has not happened to me.

But you are right..."Stick to the Plan"...modify it when necessary...but not on the fly...I hope sometimes...but that doesn't work for me very often...Best, IIC

[IIC]

As far as analysis...I believe chart reading is extremely crucial...here's one of my faves:

[Runner]

IIC, just glancing at the chart I see that bottom wavy line in a negative divergence. The RSI is going down and the price is going up. I think of this as hills and valleys. From the hilltop on the far left if I was standing on that hill I might be able to see the 4 other peaks.
This would indicate this stock might be running out of gas.

[Karel]

As far as analysis...I believe chart reading is extremely crucial...here's one of my faves:

Hi Doug! Wonderfully illuminating!! But it really is part of a course in technical charting. For those who are interested (no spike, not you), you'll find it here.

Fasten your seatbelts.

[billyjoe]

Thank you IIC and Karel. I knew if I hung around the Mr.MarketisHuge website long enough everything about investing would be explained clearly leading to my total financial independence.
billyjoe

[IIC]

Don't forget...the QQQ is now QQQQ

[IIC]

Bot NKTR on rebound 18.75

[IIC]

Bot NKTR on rebound 18.75

out NKTR 19.06...possibly a shakeout...but played it safe