Hello Mr. Covel,
Well…I took an inexpensive “day trading” trading class offered by a young man last year. I was unable to actively trade at the time, but recently started trading full time (meaning studying and trading 8-12 hours a day) in a simulated account 4 months ago. I still have a lot to learn and have only started actually setting stop losses and limits in the 2 weeks.
For about the past month or so I’ve been making about $600-$1500 every day, when I stick to my plan. This does not include the trades I make trying out new trade ideas, but about 2 weeks ago I thought to myself “there has to be something I’m missing to not be able to capture more of what the day has to offer. I would place alerts where I thought the particular stock would go but didn’t trust myself and would close out my trade just to watch it go right up/down to where my alert was placed. At that point I started looking at longer time frames thinking there must be a way to capture more of these up or down trends.
Anyway, I drove from Arizona to Virginia last week and listened to your book trend following and it really made since. I’m relistening to it as I read along, now that I’m home, to hopefully understand it better and figure out what I have been missing.
So…to answer your question: I’m know I’m not getting all that I can get from each trade and I really think it shouldn’t require as many trades in a day, or week as I’m currently making.
Thank you for your time,
Your plan does not sound like trend following.
I would shift gears.