I’m not focused on the popular stock of the day but which stock I expect will be next.
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Key strategies that can improve your trading.
- Downside risk should always be considered to be a significant part of your trading plan. Be careful thinking that you can know what a stock is going to do, only to end up over time seeing it go considerably lower than you had ever expected and then thinking it’s just too late to sell. It only takes a few of these to put you potentially into a catastrophic situation. Don’t let this be you.
- It’s not so much about calling exact tops for me but rather locking in nice gains when they are there to be taken. One in the hand is far better than two in the bush. “Assure profit”
- Having a mechanical stop loss at the open or just prior to the close is almost like asking to be stopped out.
- Be careful about getting caught up in short term action. The trend is your friend and when it’s on your side, time also is on your side.
- If the news and/or fundamentals coincides with what I’m seeing on the chart, then all the more confidence in the chart.
- You want to buy low, however to buy based only on a stock being lower without other (bullish) evidence is high risk.
- Probability says that after a stock breaks out above the $90.00 mark, it’s likely heading for $120.00 and then some.
- Waiting for a good (the better) buy signal is essential but waiting too long for the stock to go considerably higher only insures that your entry is at a higher point, therefore higher risk.
- Make decisions based on the evidence seen, one day at a time, because one never does truly knows what the next day might bring.
- Be careful about continually raising expectations/targets on stocks. When a stock rallies so high that you can hardly believe it, it’s most often a good time to start locking in some profit.
- Find a mentor.
Which charts should you believe?
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A true story…
How we trade (LIVE) in chat.
General Chat Transcript
Note: Much of what occurs in chat is done in audio and not recorded here.
Date and Time: October 16, 2013 08:58:16
[09:03 am] Ioan S : scott, nice call on SCTY
[09:13 am] Scott : SCTY Confirming strong (just above $48 (key pivot point) Expect higher. No real resistance till the 52 week high of $52.77Pulling back some now at $47.70
[09:17 am] Stan B : gm Greg and Scott
[09:18 am] Kim M : volume perfect today awesome
[09:18 am] Manuylov M : I’m in DANG,RMTI, temped to enter SCTY from yesterday
[09:20 am] Kim M : SCTY alerted Monday 47.18
[09:41 am] Scott : VIP, huge break out
[09:55 am] Scott : Some recent alerts that are still quite low and alert still QUITE valid!DANG, BIOS, WEN, NBG, RMTI, SCTY, XONEI would suggest to NOT wait for them to go higher to first believe they likely go higher. Good (solid) set ups poised to move, eventoday!
[09:55 am] Scott : LIVE Alert Update sent
[09:59 am] Chris M : CNBC reports they are very close to a deal in the senate
[09:59 am] Chong W : SPY big spike
[10:02 am] Eugene B : RMTI – big volume spike
[10:02 am] Manuylov M : god bless you, i’m in ))
[10:02 am] Guan Wen Z : gogo RMTI
[10:03 am] Waqas K : i got $6.000 in rmti
[10:03 am] Woo : ha I m in RMTI at 11.09 just now
[10:03 am] Guan Wen Z : 11.5 next
[10:03 am] Waqas K : right here at 11.42
[10:03 am] Waqas K : OK
[10:04 am] Woo : this morning
[10:04 am] Scott : nice entry woo!!
[10:04 am] Guan Wen Z : beautiful daily chart RMTI
[10:07 am] Manuylov M : RMTI hit triangle resistance on a daily, always wandering what will happen next
[10:13 am] Patrick I : Scott im in rmti and dang and looking for one more
[10:14 am] Manuylov M : Lol, just like to see something from Russia to trade )
[10:17 am] GTradz : DANG nhod’s
[10:28 am] Robert S : In BIOS
[10:28 am] Moritz S : woke up late again sheesh
[10:34 am] Moritz S : RMTI scott nice
[10:35 am] Moritz S : already up 6%
[10:36 am] Scott : BITA, b/o (Break OUT)
[10:45 am] Eugene B : vol building again on RMTI
[10:47 am] Scott : RMTI is pretty 🙂
[10:47 am] Scott : and still LOW
[10:53 am] Scott : Charles, welcome to the room! 🙂
[10:53 am] Robert S : welcome Charles
[10:53 am] GTradz : welcome charles
[10:53 am] Kim M : Hi Charles
[10:53 am] Moritz S : yo
[10:53 am] Charles Y : hanks guys – novice watcher at the moment.
[10:53 am] Scott : RMTI
[10:53 am] Scott : SCTY
[10:54 am] Scott : DANG
[10:54 am] Scott : VIP
[10:55 am] Waqas K : dont forget WENDY
[10:55 am] Scott : BIOS
[10:55 am] Waqas K : slow and steady
[10:56 am] Waqas K : i added 4000 on rmti around 11.20
[10:56 am] Waqas K : now got bout 10k in it
[10:56 am] Waqas K : i sold half my apple at 500
[10:58 am] Charles Y : do you guys call you buys and sells?
[10:59 am] Kim M : Senate deal reached per CNN
[10:59 am] Waqas K : heres what i got AAPL BBRY BIOS CTSH DANG RMTI SA SCTY VIP WAGE WEN XONE
[11:01 am] Scott : SCTY break OUT (likely)
[11:01 am] Scott : even today
[11:06 am] Waqas K : i got 5000 in scty
[11:07 am] Waqas K : no i talk in $
[11:07 am] Waqas K : i added rmti tho
[11:07 am] Waqas K : 11.20 $4000 now got $10,000
[11:08 am] Bruce S : market looks strong?
[11:08 am] Bruce S : at these levels
[11:08 am] Bruce S : that sawesome
[11:09 am] Bruce S : Scott that was great, love it
[11:12 am] Bruce S : headline into a bad press release
[11:12 am] Waqas K : add what ?
[11:12 am] Waqas K : scty
[11:13 am] Scott : SCTY
[11:13 am] Scott : yes
[11:18 am] Scott : DANG, poised
[11:19 am] Eugene B : RMTI looks ready to test 11.38 again
[11:19 am] Arlene R : In VISN for a mo mo play
[11:20 am] Quoc N : hi everyone, im a new member. good luck to all!!!!
[11:21 am] Eugene B : RMTI 🙂
[11:21 am] Waqas K : u think 12+
[11:21 am] Scott : RMTI
[11:22 am] Chris L : lets go rmti
[11:22 am] Eugene B : in big with DANG & RMTI 🙂
[11:22 am] Arlene R : Hi Quoc
[11:23 am] Quoc N : yes!!!
[11:23 am] Scott : welcome to the room Quoc!
[11:23 am] Scott : 🙂
[11:23 am] Kiran A : in RMTI ,SCTY , VIP
[11:23 am] Kiran A : thanks scott
[11:24 am] Scott : RMTI
[11:24 am] Scott : SCTY
[11:24 am] Quoc N : bot VIP SCTY thx
[11:27 am] Guan Wen Z : #1 problem with this chatroom: too many good alerts, not enough capital
[11:32 am] Bruce S : Scott to ur point, another trader is just putting scty on watch now
[11:33 am] Scott : there you go
[11:33 am] Scott : 🙂
[11:39 am] Kiran A : scott do u see SCTY as short term trade or good for long term too
[11:43 am] Guan Wen Z : Arlene u long VISN?
[11:44 am] John W : Already up 8% on SCTY puts 🙂 Thanks Scott!
[11:46 am] John W : SCTY – since my calls are for Dec there shouldn’t be much decay in the next 30 days so I’m holding
[11:54 am] Scott : VIP bottomed out last at $12.73 , next support at $12.60 so if it holds above this last area, OK but want to see follow through
[11:56 am] Scott : SCTY, expect higher
[11:57 am] GTradz : wlcome acr
[11:57 am] Scott : ACE, welcome to the room!
[11:57 am] Scott : 🙂
[11:57 am] Ace H : just been watching so far, and learning
[11:57 am] Ace H : thanks everyone for the welcome 🙂
[12:01 pm] Eugene B : Scott, picked up more RMTI on that pullback to $11.23 – go Rockwell – 🙂
[12:02 pm] Helen G : back again..thanks for rhe SCTY alerts!
[12:03 pm] Scott : helen 🙂
[12:06 pm] Scott : VIP, $12.73 to the penny , now bouncing
[12:10 pm] Scott : SCTYWould take (some) profits at $51.22NOT calling a top here guys…Up 8.6% since alert.
[12:11 pm] Scott : LIVE Alert Sent
[12:11 pm] Scott : SCTY
[12:22 pm] Helen G : RMTI 🙂
[12:22 pm] Scott : RMTI, b/o
[12:23 pm] Scott : as mentioned earlier, this one just gettn started, still LOW
[12:23 pm] Moritz S : that was a good catch off support scott RMTI
[12:25 pm] Moritz S : up 9+% now RMTI
[12:26 pm] Moritz S : selling some here
[12:34 pm] Helen G : I concurr with Guan– not enough capital …
[12:43 pm] Scott : $SCTY Just to be clear, I’m in NO way calling a top here. Only think it prudent to assure (some) profit. VERY bullish on this stock!
[12:46 pm] Helen G : I know a lot of you dont like stocktwits but there are alot of good people on it– just have to be discriminating..so much better than yahoo boards.. I only found stocktwits because yahoo finally shutdown the boards for leverage etfs and i was forced to look at market pulse which is stocktwits
[12:46 pm] Helen G : Its how I found scott 🙂
[12:58 pm] Kim M : We need to get you on the suggested list on StockTwits, you totally qualify
[12:59 pm] Scott : RMTI
[01:08 pm] Kim M : have a plan, trade and believe in your plan = profits even if you get 6 losses in a row, trust your system
[01:11 pm] Manuylov M : RMTI trying to break HOD
[01:14 pm] Scott : SCTY, as mentioned reversal, there goes (again) 🙂
[01:15 pm] Scott : RMTI, new HOD 🙂
[01:24 pm] Guan Wen Z : I spent 2 hrs on FU’s chinese website and still have no idea what they do for living
[01:24 pm] Michael C : got in n got out of SCTY already. booked a 100% option gain on that last swing up.
[01:24 pm] Scott : very nice 🙂
[01:24 pm] Helen G : options.. got so much to learn…congrtz
[01:25 pm] John W : Michael what contracts were you using?
[01:25 pm] Michael C : Nov 16
[01:25 pm] Michael C : I typically do one strike out of the money
[01:25 pm] John W : Thanks, I’m in the Dec $49’s
[01:26 pm] Moritz S : stocks that are eady to read
[01:26 pm] Michael C : nice
[01:28 pm] John W : I am still holding the calls
[01:28 pm] Scott : on SCTY? sweet 🙂
[01:46 pm] John W : BITA – just sold my calls +82%. Thanks Scott!!!
[01:48 pm] Scott : nice!!
[02:11 pm] John W : SCTY – assure profit – sold calls. +29% in one day. Thanks Scott
[02:12 pm] Scott : aweseom
[02:12 pm] Scott : $$$$$$$$$$$
[02:12 pm] Scott : 🙂
[02:12 pm] John W : kaching!
[02:13 pm] Helen G : goota truly learn options
[02:15 pm] Arlene R : Scott, my best money was made in SCTY today – thank you
[02:16 pm] Scott : 🙂
[02:16 pm] Scott : awesome arlene
[02:16 pm] Arlene R : yes – since this morning
[02:16 pm] Arlene R : tooks some profits and back in again
[02:17 pm] Scott : nice
[02:17 pm] Arlene R : Made 3K in it today
[02:21 pm] Scott : SCTY nearing HOD
[02:21 pm] Arlene R : 52.77 a b/o on SCTY
[02:24 pm] Scott : DANG basing nicely with a higher low
[02:26 pm] Waqas K : squeeze on what DANG ?
[02:26 pm] Arlene R : right
[02:27 pm] Arlene R : BITA new highs
[02:35 pm] Manuylov M : gn all, it’s like hour to midnight here in Russia )
[02:36 pm] GTradz : seeya manu
[02:36 pm] Scott : manu!
[02:36 pm] Scott : great having you here 🙂
[02:36 pm] Manuylov M : Thanks Scott )
[02:36 pm] Scott : have a good night
[02:37 pm] Helen G : russia.wow..gotta luv technolgy..
[02:38 pm] Manuylov M : Feeling crazy sometimes, but luv u guys ) See ya tommorow
[02:41 pm] Charles Y : what a romance for you guys that got in SCTY
[02:49 pm] Paul S : Hello, Scott
[02:54 pm] Scott : Paul, welcome back! 🙂
[02:54 pm] GTradz : wb paul
[02:55 pm] Helen G : Hi Paul..Im relatively new
[02:55 pm] Paul S : Same here, been playing a lot with nugt and dust
[02:55 pm] Scott : DANG settn up
[02:56 pm] Scott : WEN back to HOD
[02:56 pm] Paul S : Joined back today. Not as good as you are in finding great stock set ups
[03:01 pm] Paul S : Any great live trade I should get into today
[03:04 pm] Paul S : okay, will wait for your set ups
[03:05 pm] Scott : DANG
[03:06 pm] Scott : WEN
[03:06 pm] Paul S : k
[03:08 pm] Scott : DANG, poised
[03:10 pm] Stan B : Just bought DANG Scott
[03:12 pm] Scott : DANGWENBoth very good set ups (right here) and still low with very good upside potential AND low downside risk.
[03:12 pm] Scott : LIVE Alert Update sent
[03:12 pm] Stan B : In BIOS DANG RMTI. Loving it. 🙂
[03:12 pm] Scott : $$$$$$$$$$$$$$$$$
[03:12 pm] Scott : $$$$$$$$$$$A signal that I at times use in chat. Implies that stock is likely (poised) to run higher. Still considered to be reasonably low and very bullish in my opinion.
[03:13 pm] Scott : DANG
[03:13 pm] Scott : WEN
[03:14 pm] Charles Y : in DANG
[03:18 pm] Helen G : in DANG @ 10.44
[03:36 pm] Helen G : took profits in SCTY 52.03
[03:36 pm] John W : Helen – congrats!
[03:52 pm] Charles Y : DANG worth keeping overnight?
[03:53 pm] Paul S : done deal
[03:53 pm] Helen G : good
[03:53 pm] Scott : charles, yes
[03:54 pm] Robert S : added to DANG already have lots of WEN
[03:56 pm] Patrick I : RMTI ?
[03:57 pm] Eugene B : DANG looks to be closing well above the daily 10.45 pivot
[03:58 pm] Paul S : dang being bought in the close good sign
[03:58 pm] Scott : DANG, hot ticket, just settn up
[04:00 pm] Bob VG : also bot DANG at 10.5
[04:00 pm] GTradz : gn all
[04:01 pm] Scott : have a good night guys 🙂
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