Image Source: This is a new segment where I break down one of my favorite trades of the day. This is essentially my own review of the trades I took. It is for my own benefit, and these are my notes to myself. Take from it what you will. The idea is to imprint the best trades over and over again. Why they worked, what I did well, and what my psychology was like.Recently, I took some time off from day trading to really reflect on where I want to focus my attention and how I want to trade. My partner also needs my help in the morning, which means my trading has been pushed back to about 9:30-9:45 am Eastern. It was my idea. Adapt and slay. That’s the name of the game, anyway.I also reflected on how I want to trade. I will certainly continue to trade how I have in the past, but I also wanted to add in an additional element: mastery of the hold.Sure, I will still make the odd, bigger risk/reward trade now, but I also want to get better at adding when the price is moving well, instead of usually being quick to take profit. The old way works, but maybe I could be a better trader if I improved at this. Just another tool in the belt. Expanding the skillset.Last week, I jumped back into day trading stocks with the intention of mastering the ‘hold’ and even the ‘add.’ It’s been pretty good so far, but my daily notes have included a lot of “be more patient,” along with reasons why and tips on how to do so. The end of the week was better.I am pretty happy with how I am doing so far. Because of my later start and wanting to hold some trades longer, I did change a few things. I run a scan for high-momentum stocks on daily charts in the evening. I write down about 8 names. That is my list for the next day. If some turn out to be duds (like volume drops way off or something), then I can fill the spot by running my ” scan in the morning.I don’t place trades until 9:45 am Eastern or after. I switched to a two-minute chart. This was mainly just to reduce the number of candles on each chart because I have 8 little charts up, and they get pretty cluttered-looking on the one-minute timeframe. Now, here is a look at IonQ and Red Cat Holdings.00:24:28More By This Author:EURUSD Day Trading Charts, Trades, And Notes For June 2024Dealing With “Nerves” And Developing An Internal Process For Optimal Trading PerformanceEURUSD Day Trading Charts, Trades, And Notes For May 2024
Trade Of The Day: IonQ, Red Cat Holdings
