Well I started at 1700 at the beginning of february when I discovered this wonderful place. I only choose picks that I like based off of chart's wise words and other intelligent prof's around here. I try to avoid larger cap stocks just because with the amount of capital I have it makes it more difficult for me to make money (APWR). You can't really tell from my sig anymore but I had a rough start and now I am doing ok.
I am focussing on making small gains and building my capital up so that I don't have to take as many risks. Eventually I will be able to diversify my trading account a bit and follow more of chart's picks, but right now I can't because trading fees will kill me if I buy two or three stocks. Just not worth it right now. I think my biggest challenge is staying patient. I always want to find the big runner (who doesn't?) but i'm totally satisfied with taking a profit even if it's less than 5% net.
I am fairly new at trading as active as I do these days but all I will say is stay positive and don't let your emotions conrol how you trade. Also I would only trade with money you are comfortable with losing. The 1700 I used dedicated to WU tuition is not gonna kill me if it's all gone. That ties into your emotions for sure.
Scan for your picks on 52 week low. Also scan as NASDQ without any settings. You will have 999 charts come up. Save the list and give it a name like NASDQ. It will save only 500 of these in a list.
Do this again with NYSE, AMEX and then do it with NASDQ over 1 mil in volume same for NYSE save each scan in a list.
Now where comes in the power of this tool is at the first page after sign in click on favorites. Pick a list you want to work with then Click on CandleGlance.
Back to your strategy as you find a play that had a previous bounce, liquid volume, well you need to learn how to work with that play and go with it. Learn where to pick your entry points and your exits. The best way to learn this is to pick a few and watch and learn the chart reaction. 3 month chart, 60 min chart and 30 min. Watch how the stock performs. What indicators is it bouncing off of? Where did it stop what was the resistance. The low point was your buy and the top was your resistance and your sell point.
Example RMDX get the dang account ready.
Pick price 1.27 to 1.30 sell points 1.90 to 2.00
Look at the sixty min chart here at the previous low. The top of the shelf of the red candles will most likely be a bouncing point. 1.27 to 1.30. Look at your L2 on the bid it will most likely tell the same story. This will most likely swing back from the 1.90 or better top and down swing one more time. Well work with it and watch for the next bottom from the previous one and on this trip up should break out for the swing to 2.00 to 2.23. Now L2 will give a very good idea if it will go there on this round. The more you take and work with a few stocks with a fairly good swing. The better you will become at this strategy.
Feel free to pick some and I will give you my take on it.
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