Typical Newbie Journal

mfdoom

Junior member
23 0
This is a long post, so if your attention span is as short as mine scroll down to "TL;DR"

There is a noticeable amount of pessimism whenever a "newbie" creates a thread
and states that their journal will showcase their progress during their goal to make a million.

I completely understand the negative comments that are quick to fire off, however, I do believe it is possible for someone with less than a year of experience to make a substantial profit. Please view this journal as my personal way of seeing if it is truly difficult as perceived; on this site, on the world wide web, and the majority of sources imaginable.

With a little help from ADHD-PI (shhh just google it) I dropped out of college a month before the year was over. I forget how, but this sparked a heavy interest in the markets. I spent two months learning the bones of investing. At this point I knew the definition of everything from volume to a head and shoulders pattern. The following months I worked at a camp then returned to school. I would occasionally check the price of a stock I essentially made a bet on. This was the only connection to the stock market I had made for months. School ends and I have devoted the majority of my time learning. Blah Blah Blah boring stuff - total up the amount of time learning and it equates to four months. In addition, I have spent one month placing the odd trade that developed a win to lose ratio of...drum roll... 2:18.

After an ego check, I came across a method that consistently returns profits. I traded it on paper for a week - so scratch out consistently actually - and will begin to trade it on a real account. Posts will consist of every trade's P&L in percentage. If things go as planned I will post screen shots for proof. Please keep in mind I start work around 11:00 AM or 12:00 noon and can only trade until those times.

TL;DR

There is a sentiment that a new trader with less than a year of experience automatically fails. I will test that theory in the following journal. I have roughly five months of experience.
 

Shakone

Senior member
2,458 665
After an ego check, I came across a method that consistently returns profits. I traded it on paper for a week - so scratch out consistently actually - and will begin to trade it on a real account. Posts will consist of every trade's P&L in percentage. If things go as planned I will post screen shots for proof. Please keep in mind I start work around 11:00 AM or 12:00 noon and can only trade until those times.

So if things go well you will post proof, if they don't, you won't post anything. That's a good way to do things. I predict success for you.
 

mfdoom

Junior member
23 0
FST

BUY: 5.11
SELL: 5.02
P&L: (1.8%)
TIME: 10:07 - 10:21AM

Horrible buy in I know haters get at me, but if anyone has any constructive feedback on why FST did not bounce at support (yesterday's close) please type away
 

ffsear

Senior member
2,171 448
4.95 - 4.92 seems to be the area to watch for support on FST. I would have waited for price to reach that area before looking for an entry.

Not much volume on that stock though
 

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mfdoom

Junior member
23 0
4.95 - 4.92 seems to be the area to watch for support on FST. I would have waited for price to reach that area before looking for an entry.

Not much volume on that stock though

OK thanks. So when fading filled gaps you would factor in short term support/resistance as well?
 

ffsear

Senior member
2,171 448
Yes, as long as its appears to be significant. The area you traded at (5.11) is right in the middle of a range. I like to wait for price to reach more of an extreme (high/low) before I start looking at a trade
 

mfdoom

Junior member
23 0
Tmus

buy: 24.71
sell: 25.09
time: 10:17 - 10:31
p&l: 1.75%

Markets did not give me much but I'm lucky I found this. Setup perfectly.
 

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mfdoom

Junior member
23 0
NIHD

BUY: 6.74
SELL: 6.87
TIME: 9:52 - 9:55 AM
P&L: 1.9%

Three minutes geeez thankfully I can start my laborious job whenever I want or else I would be bored out of my mind. How do you guys pass the time when your done possible trades? Or what methods do you use to place multiple trades in a day?
 

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mfdoom

Junior member
23 0
No possible trades today. BBRY almost made the cut.

If any one wants to donate thousands of dollars, holla at cha boi so I can swing trade on days like today I know how to I promise.
 

mfdoom

Junior member
23 0
SINA

BUY: 82.61
SELL: 82.22
TIME: 10:01 - 10:03
P&L: (0.48)%

SINA

BUY: 80.68
SELL: 82.35
TIME: 10:27 - 10:39
P&L: 2.03%

Had a good feeling this would go higher but this slow moving stock made me want to rip my hair out, and it already hit my sell signal. In relativity, this isn't actually that slow moving, so I better get used to it.

Since I got stopped out before the winning trade I will make next to nothing after commissions. I am using the equivalent amount of cash that the CEO of Exxon wipes his ass with. I actually recommend using a small amount of cash when first trading, because it makes you have near perfect executions. Plus, if things go well with the small amount you can fund it with a significant amount, yet still be confident.

P.S. System I use has a about a 1:4 risk/reward ratio so at least I know it is working from the first trade today.
 

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StockIdeas

Established member
547 0
So that short term scalping system of yours seems like it would fail on any intraday trending stocks. Correct?
 

mfdoom

Junior member
23 0
So that short term scalping system of yours seems like it would fail on any intraday trending stocks. Correct?

Correct. Technically I do trade a trend because there is a pattern every time, but it can't be applied to trends like channels or ascending triangles.
 

mfdoom

Junior member
23 0
MNKD

BUY: 7.66
SELL: 7.90
TIME: 10:03 - 10:12
P&L: 3.14%

3% I know not bad but it kills me that MNKD will probably make a run to 8.20 in the next few minutes.
 

mfdoom

Junior member
23 0
Nothing today. The scan I run doesn't come up with a lot of options when the DJIA/NYSE is falling like a brick.
 

mfdoom

Junior member
23 0
SRPT

BUY: 33.25
SELL: 33.37
P&L: 0.35%

WOOOO! jks. Still have to cough up a finn to my broker.

I use free charting software, so when I was in the trade the pull back candlesticks did not look at all like that. During the trade volume at the retrace (10:29 - 10:32) had estimated 0-1K for each one minute candle. About fifteen minutes later the candlesticks had volumes from 3K to 10K. Had I known there was still pressure on the bid/ask, I would have stayed and just moved the stop to break even.

For anyone who buys charting software, is the volume estimated, or at least an accurate estimation?

Also, to anyone who shorts; would the downtrend this morning be easy to short? i.e. liquidity when borrowing/covering.
 

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