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normal post Stockhaven Forum  | Options | Penny Stocks | Stock Forum | Watchlists Author Topic: Time to become profitable
spraybottl-
e
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xx Stockhaven Forum  | Options | Penny Stocks | Stock Forum | Watchlists Time to become profitable
on: February 23, 2013, 17:18
quote Stockhaven Forum  | Options | Penny Stocks | Stock Forum | Watchlists Quote

Hey guys just curious how long it took you guys before you started becoming consistently profitable trading. I've started live trading options recently myself and to be honest, the results have been far from stellar. So, i'm curious, how long did it take you guys before you consistently profited from trading?

maxx
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xx Stockhaven Forum  | Options | Penny Stocks | Stock Forum | Watchlists Re: Time to become profitable
on: February 23, 2013, 17:39
quote Stockhaven Forum  | Options | Penny Stocks | Stock Forum | Watchlists Quote

Hi Noob, ive been doing this for around 1,1/2, yrs and i have just now broke even, thinking i may be in uptrend now, to tell the truth i may be a slow learner though, wanted to say f it many times but i love it, im a junky, adrenalin junky, i haven't converted to options yet i need to prove to myself i can survive pennies first and its looking good, i hope the best for you, like anything else that i have become good at i needed to go through trial and error at least thats been the case for me,good luck

stockhaven
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xx Stockhaven Forum  | Options | Penny Stocks | Stock Forum | Watchlists Re: Time to become profitable
on: February 24, 2013, 14:45
quote Stockhaven Forum  | Options | Penny Stocks | Stock Forum | Watchlists Quote

Hi noob and others.

It took me a solid 2 years of up and down action before I became consistently profitable day trading penny stocks and big boards. Then upon my 3rd year I got into options and it took me 6 months to overcome my initial losses there and start making consistent gains.

I suspect I would have been much better off paper trading as opposed to diving in but that's just the way I learn I guess.

I will say though that by 6-12 months in you should be avoiding the big steep losses (because those are a result of going in with too much of your portfolio in one trade, i.e. 'all in' etc...)

Also, refunding your account is normal, but if you've had to do it more than once or twice then you really need to step back and examine your trades and see how the losses are piling up. Much like athletes watch game film, us traders need to review our trades to understand how to become better traders.

Guest
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xx Stockhaven Forum  | Options | Penny Stocks | Stock Forum | Watchlists Re: Time to become profitable
on: February 26, 2013, 01:00
quote Stockhaven Forum  | Options | Penny Stocks | Stock Forum | Watchlists Quote

stockhaven,

Do you prepare differently from when things finally "clicked," or did you always have pretty through preparation? Was there any one thing that stands out in your mind that really helped you get over the ups and downs into more consistently profitable territory?

stockhaven
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xx Stockhaven Forum  | Options | Penny Stocks | Stock Forum | Watchlists Re: Time to become profitable
on: February 27, 2013, 09:26
quote Stockhaven Forum  | Options | Penny Stocks | Stock Forum | Watchlists Quote

I used to wake up and trade... obviously that didn't work out too well

when things started to click is when I started to write things down in notebooks and review the notes I was taking. At first this started as simple support/resistance -- SPY has support @ 148, resistance @ 150 etc... then later as my skills advanced it turned into more thorough prep work that you have come to know from me

stockhaven
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xx Stockhaven Forum  | Options | Penny Stocks | Stock Forum | Watchlists Re: Time to become profitable
on: February 27, 2013, 09:27
quote Stockhaven Forum  | Options | Penny Stocks | Stock Forum | Watchlists Quote

also the key thing I would say I have learned is to average down AT YOUR STOP LOSS.... that way if you don't end up getting stopped out you have a great average for a bounce... or if you did get stopped out the money you just invested is going to be a very small loss b/c you're (theoretically) 1-2% away from your stop loss... the key with that though is to honor that stop loss once you average down just above it, otherwise that is how you end up with the huge losses

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xx Stockhaven Forum  | Options | Penny Stocks | Stock Forum | Watchlists Re: Time to become profitable
on: March 6, 2013, 18:11
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Thanks for your reply. For your stops do you sell once it breaks your stop or closes below it? I have had many times where i have my stop in and it get taken only to see it recover and go where I was anticipating it to go. Very frustrating. Other times if you dont cut them quick it keeps going down.. is there any way to get a feel for the best way to cut losses or not get faked out of your position on situations like that?

HShankle
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xx Stockhaven Forum  | Options | Penny Stocks | Stock Forum | Watchlists Re: Time to become profitable
on: March 7, 2013, 00:06
quote Stockhaven Forum  | Options | Penny Stocks | Stock Forum | Watchlists Quote

Hi... I think I can help you with that last question... For me... it's all about having a plan before you enter. Let's say my plan is to swing trade a stock against a support level... Meaning I'll likely hold my position overnight 1 or even 2 days...I will be more flexible with my stop, even if it breaks I will wait and see if the price snaps back above my support. (Until I can no longer risk) I do this 2 different ways...sometimes I use the daily chart but most of the time I use the 60 minute chart. Meaning if price breaks below my support I will look for the next hourly close to be back above my support line. If I am day-trading a stock or if im not prepared in detail with the chart then I will cut my loss on the break below my support.

There is no perfect or magic formula and we all have experienced and will continue to experience the situation you described above. I am sure there are many great traders who do it differently than I do. This all brings me back to my original point to be you, have a plan and stick with it. Be prepared enough before you enter a stock to have the confidence to execute your plan while your in the trade. I suppose the safest way to approach this issue is to cut your loss on a break below your hard stop-loss...there is always another trade and another day and it's our job as traders to manage our risk accordingly!

Hope some of this makes sense...

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artcuda
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xx Stockhaven Forum  | Options | Penny Stocks | Stock Forum | Watchlists Re: Time to become profitable
on: March 7, 2013, 20:47
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Hey Noob...just my 2 cents here. Concerning 'fake outs' and such. Try looking back on a 3 day chart and a 10 day chart if you are daytrading. I know this helps me when I'm focusing on a 1 day chart and I start to question the validity of the 'pullback'. I use an ema system with candle confirmations to assist me in my trades. I hope this helps in some way. Good luck and good trading.

ozzman54
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xx Stockhaven Forum  | Options | Penny Stocks | Stock Forum | Watchlists Re: Time to become profitable
on: March 8, 2013, 18:04
quote Stockhaven Forum  | Options | Penny Stocks | Stock Forum | Watchlists Quote

I've been fairly profitable since finding Stockhaven in January of this year. About 275% gain YTD. This hasn't come easy though. I made some mistakes, mainly trying to all-in and make huge profits all at once. I turned my first $2,000 into $5,500 on ECAU, MJNA, and CBIS. Diversifying and taking profits. I didn't necessarily get in at the lowest and sell at the highest, but I turned a very nice profit in just a few weeks. Then I made some terrible trades ($5,000 into ERBB at 1.60 the day it dumped down to 1.00). After that, I stopped trading for a week and did nothing but watch Stockhaven's and Camaro's videos and observing the market. Started trading again on Monday this week and so far I've made back all my losses on pennies and options, today I'm sitting at $5,450. My goal is to get over 25k in my account to get rid of the PDT rule. That rule is a killer when it comes to profits. With only 3 day trades every week, I'm pretty limited and have to pick my trades wisely resulting in many missed opportunities. But I've learned I need to SLOWLY build to that 25k. Sure, it'd be awesome to put my $5,450 all-in and double up 3 times, but that is not smart...All-in is rarely a smart move. My mindset now is to take small profits and make many trades. Study and don't be afraid to watch from the sidelines. Even if you sat on the sidelines and witness REDG going from .04 to .09 like today, learn from it. Don't beat yourself up over it and get in that mindset of doubling your money and huge profits. Small, consistent profits over time will add up and are much safer than hoping for that all-in lottery pick.

Also very excited for Watchhimtrade to launch. Definitely look forward to learning more and bettering myself even further as an investor.

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