As an addition to my regular posts on watchlists, trades and various other stuff, I decided to start making reviews of my trading week in order to do a summary of the events and lessons learned throughout the trading week.
My watchlists for this week
- Tuesday the 2rd of February – $YOD $IMRS $AMLH $CLRX $MILL $HIHO
- Wednesday the 4th of February – $YOD $GENE $IMRS $CLRX $AMLH
- Thursday the 5th of February – $CLRX $GENE $IMRS $AMLH $OHGI $LQDT $PMFG $MOBI $PSTR $GLUU
- Friday the 6th of February – $CURM $GENE $GLUU $IMRS $CLRX $AMLH $LQDT
Review of the week
This week has been an eventful one for me in terms of trading. I have managed to finish the set of Pennystocking Framework DVDs (some very good presentations, others just plain boring), got started on the Timline set (so far, very good presentations overall, not quite done yet). Additionally, this is the first week that I have been able to fully dedicate to watch the market and to start making some trading decisions for myself.
I ended up going red after my 2 recent trades ($AMLH and $CRLX) but I also realized that even when you follow the rules, the market has its own will and will do what it will do. The key is getting out and live to fight another day (ie. not blow up your account). I strongly believe that the process that pushed me to take those positions was sound.
In terms of the stocks at play during thw week, there were lots of Long and Short (missed) opportunities; earnings winners ($LQDT, $YOD, $MILL, $HIHO) and contracts ($GLUU, $CURM) were all over the place, some good pumps are still in play ($AMLH, $CRLX) but didn’t dump, and stocks with overexetended price points ($GENE, $IMRS).
Overall, through the week I am satisfied at my ability to find most of these stocks on my own and seeing that in most cases they managed to behave as expected, even if the exact entry points have been elusive to me so far.
Even though I am still reliant on Tim’s watchlists for some of the stocks that I watch, I find myself relying less on these and the Chat; as a matter of fact, I rarely look at the general Tim Alerts chat, as it has become more of a hindrance than anything else.
This gives me the feeling that I am on the right track to becoming a better trader (even though my last 4 trades have been negative). My understanding of the stock has greatly improved and the confidence in my trading related actions has dramatically increased.
As I distance myself more and more from baby-fed information, prepared lists, alerts, and as I start making my own trading decisions, I feel like my training is starting pay off and that I’ll soon be able to perform much better in my trades and decisions.