Confessions...
Hi, my name is Janice and I am NOT a Day Trader.
Wish I could be, but right now I'm not. I'm a full-time I.T. worker.
What I do is select a watch list of stocks that I follow for the week. I usually wait for green or some other indicator (could be breaking through some resistance price), before I buy. I limit my losses and I exit those trades once I've gained a certain percent. It usually happens same day or few days, but could be few weeks.
During the week, I may add a few more stocks to watch, but for the most part I'm following my watch list. I've lost out by not watching my "fails" so by keeping my watch list smaller, I'm forced to watch the fails.
I use several screening filters (force swing, low RSI, fast K, touching lbb/ubb, crossing median bb,etc.). I also eyeball the chart before I add a stock to the watch list. Based on the filter, I add the selections into categories Reversals, Breakouts and Continuations. That's it.
As I am building my portfolio with short term gains, I am also looking for long term holds. For that, I'd like to thank Laura, Muddy and Stockbee for their discussions on "Going Long" and "How to Find a Stock that Moves 1500% in a Year".
9 comments:
Hi Jan,
I face the same challenges with working FT. It's impossible to use the same methods as the daytraders due to limited time to watch. Seems like you are on the right track with the time you have available!
Our long port is doing good, up 11% in 11 weeks. Just on paper now, but if it continues to perform like this, in with the port, out with the mutual funds!
When you first posted about going long, I created my own paper long port on 3/2/07.
Results:
FSLR 32.39%
NVTL 30.76%
TVL 20.75%
TTEC 17.47%
AVT 13.48%
ORBC 5.58%
HURN 4.23%
JADE -6.96%
I told you before - stop talking that crazy talk about mutual funds!
:-)
A colleague of mine is already trading his IRA account using this method with the additional filter of being on the IBD100 list.
Good grief Jan, your port is rocking!!! Geez, give me some tips!
What criteria are you using for stock selection? And how often do you plan to revisit and update your port?
Your thoughts on stops? I'm kind of envisioning this as a port like normal people would do, buy and forget about it for a year. So rebalancing every ten weeks seems almost anal! :)
Take care, L
I meant to tell you, I should comment more here, but I sometimes type in mstrader instead of multiplestreamstrader, and I go to someone else's blog, which is called Wandering Thoughts, by mstrader.
Nuff said. My mind wanders.........
I followed the criteria as posted on 2/23 - I guess 3/2 just happened to be a good day to start.
If this were real life, I would go with 8% trail & stop loss and then forget about it (at least I'd try!). I'd rebalance when I get stopped out.
Sounds like a good real life plan. Real money you need some kind of stop, even if loose. We could have been up about 50% on SYX and let it disappear. Good thing it's a paper port...or maybe not good, considering how well our ports are doing so far!
Here is mine using the long filter and the IBD100. All in 2 weeks.
BTJ 150 $38.80 $34.91 11%
JSDA 250 $31.54 $21.69 45.20%
NVTL 300 $17.41 $16.22 7.20%
UCTT 280 $18.66 $17.84 4.50%
ROCM 215 $24.37 $22.18 9.70%
CNH 130 $36.58 $37.29 -2%
STTS 420 $12.31 $11.96 2.80%
UA 100 $52.51 $53.05 -1.10%
Oh, I forgot to mention I also lost 8% on GROW.
Nice port Skydog! Like 'em.
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