As I posted last, I was looking at changing up how I trade and I must say so far so good. A few things I am doing, I am first and foremost going with mostly at the money options for my trades instead of buying common stock. I have found this month, it to be less stressful, as my over all risk is minimized, also I focus on less to trade. I am only focusing on SP 500 stocks, with a minimum volume of over a million, decent option action. I am not saying this month as been perfect, far from it, but I have been able to focus more on the trade I come up with and execute more efficiently. I have had to change up the way I handle over all risk, what I do for my account size is buy aprox. $10000 worth of the option I want to get into and put stop about 35% below my entry. I do try as well to use levels or support or resistance to get into the trade. There are a million methods, but I must say so far I am most comfortable with this. For tomorrow I am watching the following:
cl long 93.90 march 92.50 calls
stt long 41.00 march 41 calls
Hi TheMeatBaron, I like to follow your trading idea. As a new trader I have the following question for you.
What are you using to scan the canadian market? What software are you using ?
Thanks
I use two really, one being tc2000 which is the paid version of freestockcharts.com, and I use a pattern recognition software that allow me to scan for various patterns for US and Canadian markets. The program is called RAMP and I like it because it was just a one time cost and you can use free end of day data it uses for nightly scans. I hope that helps.