03-06-2020, 07:55 AM
(03-05-2020, 11:17 PM)crimsonghost747 Wrote: I wish I would have the balls and the knowledge to do those one or two day trades. If you've even been close to having the right idea, then it has been ridiculously profitable.
I've actually only made a single transaction this week, that was to short the French CAC40 index as I mentioned in the other thread.
I'm still waiting for the prices to come down a little. My first batch of purchases was last weeks Friday when the SP500 was around 2900. That was a relatively small one.
My plan is to do my first massive wave of buys when the SP500 is in the 2800 - 2750 range. I really do hope we get there, it's pretty crucial to my strategy. And then of course I'm hoping we will go much lower as I have quite a bit of additional levels where I want to push more and more money in.
I would enjoy more swing trading. I probably wouldn't be that successful at it. My nature is to buy stocks that have pulled back a little. In the very short-term, those stocks tend to pullback a little more, rather than to rise higher. I have no interest in doing what I see the day traders on youtube doing. Buying thousands of shares of random junk Momo tickers and trying to hold them for two minutes. I'm not amazed most of them go broke quickly. They try to bail quickly and limit their losses when they miss, but there are so many things that can go wrong.
Most of my recent trading is not really planned. It's working because of the extreme volatility. I'm averaging down about 15 stocks with many small purchases. Some of them rip higher the next day or two. I have no confidence the spike is gonna hold, so why not sell a few shares off in a non-taxable account? I can buy them back tomorrow. I'm selling covered calls on some of my shares when they fly, as a small hedge, buy to close a few days later if that happens to make sense because the premium is mostly gone. It will work until it doesn't.
