Daily Sweet Spot!

Just want to share....

As mentioned in previous posts, I lost my basket, practiced, practiced, had success, lost a chunk from my basket, PRacticed, PRACTiced, and PRACTICED! Now back at it again and have had success after success after success. The disadvantage to getting the crapp kicked out of me for so long is, I sometimes wonder when will the market and it's Steel Toe Boot scream to me and say, "Resume Position". I will never forget the pain I endured when I lost money that I really could not afford to lose. The worse part was telling my wife that I failed and lost $2500. I never told her that I built the account up to $7000+ and lost all of it. All she needed to know was, I lost what I withdrew from our account.

Moving on.....one small peice I simply want to share is for intraday traders. The sweet spot for my entries are between 10-10:45. If I were a betting man, I would bet that when entering my 100+ practice trades over past month, 80-85% of my entries were within that 10-10:45 window. I am almost always out by 12:00-especially if I am in a Call position. If I am holding a good Put position, I will sometimes ride it out because most stocks go down after lunch. As I get more confident, I can anticipate holding on for longer daily runs. I find that I get out sometimes because I am either afraid, or I am simply happy with the results.

BTW-I have built that account back up quite nicely. As God is working with me and my greed, I perform much better when I share and try to help others.

Rookie,

Have you considered putting some of those gains into a W&O account and working those trades at the same time? That is the goal after all. You don't have to wait until you have $15K in your trading account before you do that. After my first year of studying the market I had accrued $2500 in my trading account and started doing W&O trades in it because I wasn't ready to do trading-leg-style trades yet.

What do you think?

Kars,

I appreciate the suggestion. W & O is like a foreign language to me right now. I do not know where to start. I have spent ALL my time studying how to trade from the trading leg (Calls and Puts). You are right, I could be making money from two accounts. I plan to start studying W & O pretty soon. I am just not mentally ready to take on another approach to trading.

I hope to lean on some of you for a little guidance after I have developed a foundation of knowledge.