[SLOW PLAY]
This tactic seems to be working quite well at the moment, as well as the strategy I mentioned yesterday, I've reduced my usual position size by about 3/4.
I've noticed that since I've started covering these stocks, I've hardly spent anytime watching the UK market - and I feel a lot better for it. The stress in trading has been significantly reduced.
Today I'm trading BAY which I think could be a candidate for inclusion in the top 25 given I don't really have any airlines in it. BAY is a solid stock, and todays paper trade is based on the fact that it has recently gapped down at open and recovered. The 196/200 range is strong support here too.
I'm spending a lot of time analysing US stocks, the movements are a more free flowing than the UK stocks I tend to watch. I'm going to continue this method throughout the day, and then spend some quality time on the weekend going through the 30 minute charts looking for some very clear setups.
For anyone who plays poker, the style I play most is "slow play", where I'll slowly add to my position when I have strongly implied odds or a nut hand. Generally, I don't try to buy the pot out, rather I'll make bets that people will see, or I'll call bets based on a pot:odds ratio. In the latter stages of play, I'll raise my opponent or fake a buy out. This usually amounts to a bigger prize pool, and 9/10 times I'll win the pot. I'm trying to apply this to trading, as in starting small and constantly calculating my odds of success, while looking for solid albeit not spectacular profits.
Off all the time I've been learning the game, this week has provided the biggest lessons.
I've noticed that since I've started covering these stocks, I've hardly spent anytime watching the UK market - and I feel a lot better for it. The stress in trading has been significantly reduced.
Today I'm trading BAY which I think could be a candidate for inclusion in the top 25 given I don't really have any airlines in it. BAY is a solid stock, and todays paper trade is based on the fact that it has recently gapped down at open and recovered. The 196/200 range is strong support here too.
I'm spending a lot of time analysing US stocks, the movements are a more free flowing than the UK stocks I tend to watch. I'm going to continue this method throughout the day, and then spend some quality time on the weekend going through the 30 minute charts looking for some very clear setups.
For anyone who plays poker, the style I play most is "slow play", where I'll slowly add to my position when I have strongly implied odds or a nut hand. Generally, I don't try to buy the pot out, rather I'll make bets that people will see, or I'll call bets based on a pot:odds ratio. In the latter stages of play, I'll raise my opponent or fake a buy out. This usually amounts to a bigger prize pool, and 9/10 times I'll win the pot. I'm trying to apply this to trading, as in starting small and constantly calculating my odds of success, while looking for solid albeit not spectacular profits.
Off all the time I've been learning the game, this week has provided the biggest lessons.
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