Get Focused! +$2,493 Day Trading $SKLN
It’s only Tuesday but I’m already up over $8,000.00 this week in 4 hours of day trading. I traded 2hrs yesterday and 2hrs today. In total I’ve taken 9 trades and had 100% accuracy. It’s a good thing I’m making some good money here on Monday and Tuesday because due to Thanksgiving, the market is closed Thursday and will be only a half day on Friday. That means this week I really have to make the most of the good opportunities!!
Through the month of November I’ve been maintaining the same rules I put in place in June. Only trade A quality setups, and take 2x regular size on those trades. That means my share size has been higher, and on winning trades, I’ve made a lot of money. Unfortunately, on the losers, I’ve also given back a lot of profit. Both October and November have been the slowest months for me since the spring. I’m not sure why, maybe the elections were a factor, or maybe there has just been less good news releases.
Regardless of the reason, I’ve found myself taking a lot of trades based on the Beginners Momentum Day Trading Strategy and finding great moves, but not enough follow through. That has meant on several trades I’ve been up $2k, but didn’t take profit, and ended up stopping out nearly breakeven. If you do that 4-5 times in a row, you’ve quickly given up $10k in profits. As we come closer to the end of the month I am being more aggressive to take profits when I have it since I have been able to build a substantial profit cushion in the last 3 weeks.
Trades from Today on $SKLN
My best trade on $SKLN was the entry at $3.60 with 6k shares. I sold this on the move up to $4.00 and made over $2k in this single trade. So what was the setup? This was a simple Bull Flag pattern. I love Day Trading bull flags because they are so predictable. When I saw $SKLN surging out of the gates I knew I wanted to get in. I saw it hitting my High of Day Momentum Scanner, and I knew it had potential. The safest thing was to wait for the first pullback. First first 1min pullback formed, and I bought the first candle to make a new high, which gave me an entry of 3.60. If you look at the chart below you’ll see the big volume spike that came at the same moment. That spike occurred because thousands of traders recognized the same opportunity to get into this stock. That creates the breakout. It only takes 1-2 trades/day like this to hit your daily goal. For me I was able to do it today with just 1 trade!