90 Minutes Day Trading on FRIDAY transcript

all right everyone well we've made it to the end of the week I hope you guys had a great week this for me this week was night and day compared to last week and why was that well if you recall last Thursday a week ago yesterday I had a Max loss red day then I had another day on Friday that was just garbage and in fact pretty much every day last week I was overtrading I had several days where I started a spiral I then recovered and finished back into green but it was just not good trading and so I made the decision on Friday that I was going to set some guard rails for myself coming into the new week to help re myself back in because what I know is that when I start to get that emotional spiraling I start to take a necessary risk I get Reckless I get way too aggressive and usually it'll culminate in really big losses which I guess is kind of what happened on Thursday and Friday although the losses and grand scheme of things really weren't that big so nonetheless I put these guard rails in place for Monday morning the first guard rail was that Max share size 5,000 shares until I could just close the day green cuz I'd been red on Thursday and Friday so I said I just need to close one day green just to break the red streak it's one thing to have one red day having two red days three red days four five six in a row that starts to get to be problematic so I was like I just don't want to go on you know multi-day red streak because then again I'm just going to get more activated more frustrated more stubborn and it's going to negatively influence my trade trading so that guard rail was set for Monday morning and I also said that I was going to be done pretty much at the open and that was because last week I had a number of days where I had a great pre-market and then at the open I would give back profit in like the first 30 minutes and then sort of overtrade Revenge trade and rally back late morning but I was like I just would have been better off if I hadn't traded at all if I just sort of stopped at the open so I did that um four out of the five days this week uh so I only had one day this week where I traded past the opening bell and you know the fact is last week there were opportunities past the open but I just screwed it up because I would catch a false breakout dig myself a hole and then when we finally got good opportunities I was just digging myself out so it it just didn't really work that well if I could have been more disciplined and more patient then maybe I could have just capitalized on those moves without getting caught in the chop but that's not the way it worked now if we look at the charts for today um we'll see a number of stocks that popped up and sold off this is one right here TC JH popping up pulling back just not not able to really hold up as you can see um earlier today well yesterday we had Duo so Duo Chinese stock um I didn't trade it yesterday and some people asked about that in my in my recap they said well this was a nice 100% move I'm surprised you didn't trade it and the main issue for me was that it was basically not tradable pre-market until right into the open but even at that spot I just I had already taken my one trade in The Thinker swim account so I was like you know for the small account even though it's a nice price I've I'm at of Trades and for my main account I just felt like it wasn't worth it and I'd already had a pretty good day and I was focused on another stock which I thought at the time was Stronger now this didn't end up pulling back and then squeezing up nicely which was good but I didn't end up catching any trades on it all right so then after hours it moves a little higher pre-market it moves a little higher and then look at this right at 7:00 a.m. jack knife so I was like man this is how we're going to start this day right now a jack knife at 7 a.m. it what basically happened was it starts to pop up and then profit taking and it dumps so that was the end of Duo um so that was kind of you know just to sort of set the stage a little bit so when I first looked at the scans this morning at about 6:45 I saw onco um was on the scans let's see um Duo was on the scans as well onco had this nice pop after hours pulled back popped a little higher dipped down and then curled now this was sort of that curl right at about 7 a.m. which ended up working really well now if at first I was like I don't know the float's a little high and then I realized that this is a stock that just did a reverse split and so the float hasn't been updated to reflect that reverse the reverse split so so once I factored that in I realized okay well the float is actually 140th of 23 million shares so it's actually a more like 500,000 shares so it's actually a pretty low flow stock so then I was like okay I pull up the level two it's not easy to borrow it is on a short sale restriction which is what CB stands for 100% means it's not marginable so you can't use leverage on it cash only uh well you can use settlement leverage but you can't um you can't use um you don't get leverage like three or four times or whatever it would be depending on the broker you're with so but that was fine I trade in a retirement account so I don't get leverage anyways so I pull it up and I took my first trade on it at 7:03 a.m. so 703 I break the ice first trade it's popping up right here it dips down and I buy kind of on this micro pullback right around here at $5.3 I bought uh 5,000 shares which is my Max position until I'm up over a th000 on the day and it goes up to a high of like 542 right here 544 so I'm up 9 cents a share 8 cents a share and that drops back down and I sold it I was like I better get out made four cents a share on the first trade 200 bucks so immediately I'm like oh boy all right well I mean it's a green trade but I I don't get in with the intention of only making four cents a share because realistically I'm risking 10 cents a share at a minimum sometimes 20 cents so at first I'm kind of like uh this is okay it's a little choppy um but it dips down and I end up buying the dip down here at 527 I see a bidder at it must have been some somewhere around 520 522 uh on the bid big order so I said all right I'll jump in here so I got back in 5,000 shares at 27 pops back up and it goes up to 50 and so I get out so that trade um a little bit better so now I'm up like $900 on the day so I'm like okay we're making some progress then another trade right through here boom next thing you know I'm up $1500 18800 2,000 2500 2800 and as it squeezes up we Peak at about um 640 right here then we go into this period of consolidation and we end up having a bit of resistance up here around this sort of 635 area so at this point we popped up to 647 we rejected we dropped back down and I did take that trade right there I was looking for the break through 650 it didn't break 650 it drops back down but it was a small winner then it comes back up again and I take another stab at it right here and that trade um was a nice one and on that one at that point I was already up over $1,000 so I increased my Max share size I said I'm taking my cap of 5,000 shares off and on that trade I took 10, ,000 shares and I made about 1,000 bucks it wasn't a huge winner but that brought me from about 2,800 to 3,700 on the day and then uh that was it you know I just it pulled back a little bit and then it was just choppy at the open and and you know I I think I pretty much made about as much in this as I could have I could have made more money if I traded with larger share size but remember trading with larger share size i' have to be comfortable with taking a bit more risk having bigger losses and uh also you can get a little bit of liquidity issues you know you start trying to jump in and out with 10,000 shares when it's lighter volume earlier in the move and you might get some slippage and if it's a loser your loser will be bigger if you're winner your winner will be a little smaller but that's that's not ideal so that was onco and ended up selling off at the open it kind of tried to do almost for a second a red to Green move and I was watching it but right in here there were so many sellers there was just a wall of sellers right here and they're like nope we are not letting it through so that big stack of sellers couldn't break through now I wouldn't have known about that if I hadn't been able to read the level two but of course being able to read the level two I could see all right we've got a big seller here this is a problem I I have to you know I just have to leave this one alone so um so by the way if you haven't checked out um any episodes from let's see this is my small account challenge uh that I'm doing right now um you guys should check this out so this is the uh thinker swim small account Challenge and episode let's see this is episode 1 2 3 4 5 6 7 on episode 4 I taught our long class on what beginners get wrong about level two so I would encourage you to check that out because um level two for me today definitely uh added to the profit and helped me prevent unnecessary losses it helped me see where to buy dips and it helped me recognize where I should not jump in for uh breakout or continuation because of big sellers blocking the way so on that was the one I traded now but there were a couple others that popped up on the scan but I said no I'm not going to touch it I want to walk you through the decision- making on that so one of them um was CNY which actually right now is the leading percentage Gainer uh but onco was the leading percentage Gainer earlier my problem with CNE is that I traded it a couple times uh previously already I didn't trade it just yesterday it squeezed up yesterday but it's po up a couple of days here in a row and if you remember just like two weeks ago or week and a half ago it had this big move here but it really wasn't super easy to trade this is kind of that similar price range as Duo you know it pops up it drops down it it's just it's just not easy to trade and the only way to make money is take Big Share size and I just feel like it's not worth it so as soon as I saw it on the scanner today I was like oh yeah CNY I remember it from last week or whatever it's choppy I'm not interested um there were a couple of higher float stocks that people called out and I was like nope float's too high IQ was one of them did it move it did but typically these higher float stocks are easy to borrow we going to be a lot choppier they're not going to be easy to trade um there was another one earlier um let's see oh atgl atgl this one I said no on um so here was kind of my issue I looked at the chart and I'm like all right well the problem with this is it's somewhat close to the 200 moving average up here 572 is it's got a little resistance at 483 here and maybe a little here just a little higher and I said is it a recent reverse split no it's not a recent reverse split so I'm like okay it's not a recent reverse split um you know it's it's sort of not the right theme I think it's a Chinese company um and Chinese stocks have have been volatile recently so there was you know some potential but I just didn't think it was going to work and so I said no I'm not going to take that trade so pre-market it did end up moving up a little bit and I kind of had to make that decision that nope I'm I'm going to let this go without me first it pops up I didn't see that that was earlier but then it came back up here and so people were like oh look at this and I was like no I don't trust it pulled back tries to go again and I was like no I don't trust it and that was the right move so I'm glad I left that one alone uh that would have sa that definitely saved me some unnecessary losses um so that was atgl and then CET this one popped up it was a little bit cheaper um megl this one popped up um a little bit cheaper as well no trades in the small account today um Thursdays and Fridays are a little Hit or Miss Fridays especially because we're not as likely to see good headlines there were a couple opportunities on onco that I considered but the first trades on onco I was trading in my big account uh just first goal you know building my cushion in the big account and then usually once I build the cushion in the big account I switched to the small account but in this case um you know by the time I got my trades on onco uh excuse me we had this um macd crossover and then I was like well at this point I'm trading the backside of this crossover I don't really think I should and as it came back up let's see it was um right around around 55 here I almost took this trade in the small account right there um and I would have been able to buy about 3,000 shares and it would have worked uh but I just I was like looking at it and I was like you know you said your number one setup trade the front side of the move when the macd is on its first sort of open crossover once it crosses back leave it alone and I just I was like you know I just don't think it's worth it now in that small account challenge right now now I have currently taken oh and I I'm going to do a recap um I'm going to group uh a couple of days together for the next recap so it'll be day 8 n and 10 probably uh but right now in The Thinker swim challenge let's see I've got it's like 10 trades um no it's nine trades I have nine trades that I've taken so far and my accuracy is 90% I have nine winners and one loser my average loser is $154 it's the only loss I've had and my average winners are 600 bucks so the account is growing nicely 90% accuracy is great but I can really only keep up that high level of accuracy if I continue to be really picky uh but I do feel like that's important because I still have this goal of growing the account to 25,000 and I don't want to jump into something and catch a you know 3040 Cent jack knife and then you know give back it's just it's just you know mentally it's it's hard when you take big losses like that so I want to really want to try to avoid it and that means I got to trade high quality setups and that means I got to be okay with not necessarily trading every single day so that's fine so anyways um no trades there in the small account today the next recap will be coming um soon okay so um now overall Market S&P 500 you know the S&P 500 is pretty much at all-time highs right here it does feel like we're teetering up here a little bit like we're kind of extended we're like way up here we're due for a little bit of a pullback um which would be fine there'd be nothing wrong with that but uh overall no issues with the overall market and of course we've got um you know the the fall coming up really quickly here last day of September is on Monday and then already it's October and the election is about a month away so you know it's going to be really interesting of course to see what happens with this election and you know the reaction from the market and you know from of course um just the reaction period it's going to be a very interesting um you know six to eight weeks so um I'm going to try when the market is giving us good opportunities to be as aggressive as I can and capitalize on them I expect as is typically the case the election will bring a lot of volatility and that should mean a lot of opportunity for active Traders like us so looking forward to that and um you know as always I'll be here showing up every single day so if you want join me for a two-e trial there will be a link pinned at the top of the comments if you joined uh today or tomorrow you'd be all set up and ready for Monday morning you got to sign your Market data agreement so you can get uh real-time access to the market data for charts and scanners and the newsfeed and then uh you'd also be able to spend some time over the weekend going through some of my onboarding classes uh in the Warrior starter curriculum which we give you a a glimpse of as part of your two-e trial so you can make sure you're on the same page and all dialed in for Monday morning all right so anyways I hope you guys have a wonderful weekend and make sure uh if you haven't already uh subscribed to the channel I hope you do hit that subscribe button and check out some of these episodes on The Thinker swim small account challenge if you want to brush up a little bit more on my strategy all right that's it for me I'll remind you as always trading is risky my results aren't typical so manage your risk take it slow and I'll see you back here on Monday morning