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View Full Version : Rookie in need of some help



abivexi
10-01-2015,
Hey guys, i am brand new to this forum and new to the world of trading in general. I got into it about 3 or 4 months ago, I started with O'neil's book and learned the can slim system, as well as read toni turner's book on online trading. For the most part I am good with the general knowledge about breakouts, base patterns, trends, etc... However I am having a real tough time turning a profit. I am seeing that I am entering in a lot of false breakouts or trend reversals.

I guess the best way for the veterans on here to gauge my ability to to provide an example. On Friday (1/30) I bought 250 shares of BRCD at 3.75 because I was tracking the price movement and I predicted that it was going to breakthrough it's resistance of 3.77 in high volume due to the dry up. It did just that, it broke through in very high volume. I intended to make this a swing trade and exit at 4.00. However, over Monday and Tuesday the trend stalled, it moved sideways and then reversed, it dropped past my stop at 3.65 and sold all my shares. It now appears to be reversing again back up today but I am done with BRCD for the time being.

Can anyone help me out and point out what I might have missed that made this a bad swing trade? I don't know how to add in my own charts yet, so you might have you use your own chart tools to construct what I had just described. Thanks.

adufutuvorug
10-01-2015,
Hello, This market stinks. It contradicts any charts.
Every week it's the same thing a rally and a sell off.
Fear and stupidity crushes the market.
Watch pre market as that sets the course.
Try some ETF's- Skf, Cramer hates it and it kicked ass today.:top:
Sorry, Probably not the awnswer your'e looking for.

A45T
10-02-2015,
traderfan3 said: ↑
Hey guys, i am brand new to this forum and new to the world of trading in general. I got into it about 3 or 4 months ago, I started with O'neil's book and learned the can slim system, as well as read toni turner's book on online trading. For the most part I am good with the general knowledge about breakouts, base patterns, trends, etc... However I am having a real tough time turning a profit. I am seeing that I am entering in a lot of false breakouts or trend reversals.

I guess the best way for the veterans on here to gauge my ability to to provide an example. On Friday (1/30) I bought 250 shares of BRCD at 3.75 because I was tracking the price movement and I predicted that it was going to breakthrough it's resistance of 3.77 in high volume due to the dry up. It did just that, it broke through in very high volume. I intended to make this a swing trade and exit at 4.00. However, over Monday and Tuesday the trend stalled, it moved sideways and then reversed, it dropped past my stop at 3.65 and sold all my shares. It now appears to be reversing again back up today but I am done with BRCD for the time being.

Can anyone help me out and point out what I might have missed that made this a bad swing trade? I don't know how to add in my own charts yet, so you might have you use your own chart tools to construct what I had just described. Thanks.
Click to expand...
I show it hitting 4.01 on the 30th so I assume you bought it on the way down from there.
I don't think you should beat yourself up too much for this, you traded a plan and it didn't work, that happens.
You could have loosened up your stop a little, $.10 seems a little tight on a stock that moves better than twice that every day. But again I wouldn't get to rough on this particular play.

AgustinKasp
10-03-2015,
traderfan3 said: ↑
Hey guys, i am brand new to this forum and new to the world of trading in general. I got into it about 3 or 4 months ago, I started with O'neil's book and learned the can slim system, as well as read toni turner's book on online trading. For the most part I am good with the general knowledge about breakouts, base patterns, trends, etc... However I am having a real tough time turning a profit. I am seeing that I am entering in a lot of false breakouts or trend reversals.

I guess the best way for the veterans on here to gauge my ability to to provide an example. On Friday (1/30) I bought 250 shares of BRCD at 3.75 because I was tracking the price movement and I predicted that it was going to breakthrough it's resistance of 3.77 in high volume due to the dry up. It did just that, it broke through in very high volume. I intended to make this a swing trade and exit at 4.00. However, over Monday and Tuesday the trend stalled, it moved sideways and then reversed, it dropped past my stop at 3.65 and sold all my shares. It now appears to be reversing again back up today but I am done with BRCD for the time being.

Can anyone help me out and point out what I might have missed that made this a bad swing trade? I don't know how to add in my own charts yet, so you might have you use your own chart tools to construct what I had just described. Thanks.
Click to expand...
I show it hitting 4.01 on the 30th so I assume you bought it on the way down from there.
I don't think you should beat yourself up too much for this, you traded a plan and it didn't work, that happens.
You could have loosened up your stop a little, $.10 seems a little tight on a stock that moves better than twice that every day. But again I wouldn't get to rough on this particular play.