I’ll start right off this week by saying I have a mini streak going.  It’s really exciting to have back-to-back positive weeks considering where I’ve been since February.  It may not seem like much, but I’ll take it.  The best thing about this week wasn’t that I made a ton of money, but the way I executed.  Specifically, being patient and picking my spots and not forcing anything.  I believe that being patient is a form of execution and there is a lot to build on from this week.  So let’s get right to how it played out:

  • Tuesday – Was a down day right off the bat.  Especially in the financial sector, so I waited out a good spot to short BAC and TROW.  Thankfully, BAC hit for a nice gain and TROW for a small gain.  Then late in the day I shorted GE, which was a small mistake because I had to take a small loss on it.  Overall, a good day and really the best day of the week.
  • Wednesday – I was expecting an up day and it turned out that way.  Again, I patiently waited for a good spot to get in and bought MRK, TROW and CAT.  MRK hit for an alright gain, TROW for a small gain and CAT was right about even.  That was the good part of the day.  However, I bought CELG and missed as it finished the day down 1% from where I bought it so I held…
  • Thursday – Was another down day, but thankfully CELG moved up and was even ahead for a bit before I stopped out at even.  Apart from that it was a very slow day.  I did see an opportunity with VZ, so I shorted that and it broke even.  That was it for Thursday.  At that point I just decided to wait for the jobs report on Friday…
  • Friday – Jobs report comes out.  All good news.  Market is up.  I start buying.  First LRCX, one of my longtime favorites.  I was ahead pretty good on this one before it fell off and ended up a decent gain.  Then SWKS and WDC, both of which were small gains.  Lastly, JNJ didn’t work out so I took a small loss on it.  I really wish I would have gotten more out of that run, but what can you do.

In conclusion, I thought it was a very good week.  Really a good confidence builder.  I think when people think of traders they underestimate the mental discipline required to do this.  This isn’t a movie and I know all the traders out there will agree.  So I’ll take some of that patience from last week and continue to build a methodical system that will get me to $1 million.  As always, I hope you all have the most profitable week ever and don’t forget to share this and to follow me on social media.

Reader Interactions

Leave a Reply

Your email address will not be published. Required fields are marked *