- About UnknownKnown
- I'm a n00b US stock trader who is hoping to turn trading into a living. I know how risky swing trading can be for a n00b but I'm a fast study and worse case scenario is I lose my trading money and have to get a real job (blowing my account does not put me in a cardboard condo.) At least I'll have experience instead of student debts and an English degree.
My plan-so-far is to look for stocks with good evidence of a continuing up-trend that can yield at least 3%+ before hitting the first resistance I see on the chart. I like to limit my losses to a maximum of 1% but would risk 2% for a stock I feel has strong potential of 7%+ before first resistance.
On paper I'm good at finding both stocks that have a well established daily up-trend and stocks that are two to three daily bars into a recovery with volume as a confirmation of the potential trend. I've been setting support and resistance lines just by looking for periods of sideways movement. I look to place
I'd say I have two glaring weaknesses that trouble me. My primary concern is my inexperience placing live trades. I understand how it works and I tried to account for slippage when pricing my paper “limit orders”. I may be confident that I have a “reads BMT posts” level of knowledge but that is no replacement for money lost to n00b mistakes.
The other major concern is my total reliance on a bull market. If I can't find solid bullish potential I'm back to paper so I can figure out how I want to screen and play the down or sideways market. Once I'm up and trading I fully intend to start a journal so I can learn from the feedback. Give it a few years and I might even get to pass on what I've learned through losses and losers.
- Akron, Ohio
- Favorite Futures
- Futures Experience
- TWS NT
- Q&A Answer Count
|June 27th, 2014|
|04:22 PM - UnknownKnown quoted tturner86 in post What is your biggest trading challenge?
I am surprised that as of now, the #1 result in the poll is ...
|June 15th, 2014|
|11:56 PM - Branzol quoted UnknownKnown in post What is your internet speed?
I can hope but along the same line of thinking it also could ge...
|01:15 AM - UnknownKnown quoted Silvester17 in post What is your internet speed?
who knows, maybe the merger between time warner and comcast wi...
|01:08 AM - UnknownKnown quoted Itchymoku in post Blue Collar or White Collar, which describes you?
That's why in some ways being a machinist, at least if you c...
|12:37 AM - Silvester17 quoted UnknownKnown in post What is your internet speed?
I've got a 15/1 Mbps (1.875/0.25 MBps) plan from TWC. It's a re...
|June 13th, 2014|
|09:52 PM - Itchymoku quoted UnknownKnown in post Blue Collar or White Collar, which describes you?
I view "blue collar" from the leans of a machinist. Some of the...
|06:49 PM - UnknownKnown quoted Itchymoku in post Blue Collar or White Collar, which describes you?
my guess is if a blue collar worker can earn enough to actua...