+$5,466.85 on 6 trades in 2hrs
Hey everyone! October is off to a great start! I have already locked up nearly $9,000.00 in profits in just 3 days of trading. As you may already know, I was out of the office Monday so I’ve only traded Tues, Weds, and Thurs. This gives me an average gain of $3k/day for the last 3 days. This is the way I love to start the month! My targets for October are $10k min, 20k target, and 30k if it’s a fantastic month. The interesting thing about trading today is that my accuracy was horrible! I took 6 trades and lost on 3/6, giving me a disappointingly low 50% accuracy rating. Despite the poor accuracy, my profit loss ratio was fantastic and I was able to generate over $5k profits in just 2 hrs. In fact, this is the best day of trading since Sept 2nd. I feels good to step up to the plate and knock it out of the park! I’m hoping we continue to see excellent setups with strong follow through. It’s simply a matter of looking for the right combination of factors, low float, technical breakout, high relative volume, and ideally, a strong catalyst.
This morning I also prepared a video on how to build your watch list. Even though my biggest winners today didn’t come from my watch list, it’s still important to learn the techniques for building a killer watch list each day. It starts by using your gap scanners to see which stocks are opening higher than they closed. From there I look at each of the top 10 gappers to see which ones have strong catalysts and good daily charts. One of the things I mentioned in the video was the important of finding a stock trading above the 200ema. I really prefer that. Today several of the big gappers were below the 200ema which was an issue for me. Once I’ve found 2-3 good looking gappers I determine my entry points, stop prices, and profit targets. As soon as the bell rings I’m ready to take my trades! Click here to check out my latest YouTube video on building a watch list.