I don't know how many times I've said this in the past but I have probably deviated as many times as I say it. Lately I have not followed my plan, with various good reasons I suppose.
I have all of my picks charted and all of the charts have nice clean trigger prices. The previous trades missed were the gold trio that I follow. They peaked and are dropping back again so that would have been two of three nice profitable trades... and could have been executed right by the charts.
I noticed three others this morning that also could have been traded profitably right by the charts and I have only found one or two that would have been questionable flat trades to possibly small losses. What this amounts to is I should have just followed the setups exactly as I planned them.
I think my trouble has been that I am converting to options and am hesitant to get into stock trades so I put off checking the options for each of these setups. I have eight trades in process and I am only using 1/4 of my capital whereas trading the stocks would have me all in. While specifically not trading stocks and not checking the options for these soon to be triggered stocks I am missing the boat.
Next step...
I am going to pare down my stocks as some are not performing according to my criteria. I expect to drop at least ten from the list. Then I will be going back to the drawing board and visually scanning for a slightly wider price range of stocks to choose from. Last time I went from 700 to 50, or so. I ended up with an over weighting of stocks that started with A and C as I was not as discriminating until I got going into the list.
I don't expect to be fully up on option selections and charted stocks until next week now but I do plan on sticking to the plan closer once I am there.
Jeff.
Questrade, My direct access discount broker.
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