Review of #traderchecklist Instructional DVD by @timothysykes Chapter 3

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technical

Table of Contents for Review of TraderChecklist

This chapter finally starts getting into some pretty decent nitty gritty of trading. It starts out with some basic technical analysis training. Which while somewhat basic is very useful education for newer traders. While technical analysis is by no means a silver bullet every trader at least needs to be able to quickly recognize key levels. Especially multiple time frame support and resistance levels. For a lot of us that have been around a while it is second hand to pick them out. But as a new trader you HAVE to be able to see these patterns and price levels.

The majority of this chapter is based around charts Sykes has traded in the past. Tim gets pretty in depth and recaps each one of these setups and how he traded it. He has always impressed me with his ability to remember specific tickers and the trades he makes. Unless I write notes down I can’t remember how I traded a stock 2 days ago much less 2 years ago.

Tim also begins to discuss a lot of trading psychology such as never believing the herd and only trading price action. As well as a good discussion of FOMO, which is one of the biggest and hardest vices for new traders to defeat.

“Trade the price action, ask questions never” – Tim Sykes

The recap for this chapter is a little shorter since you really need to see it to get Sykes thoughts on each chart. Also if you are curious the tickers he covers I go over them all below.

Notes:

Charts intro
     -support/resistance breakout/breakdown
     -Simple but effective chart description
Example charts, wedge etc.
Basic description of buying breakouts and selling breakdowns.
Cup and Handle
     -messy
Recap of TOPS
Low float discussion
Use chat/alerts for trade ideas, NEVER follow alerts or other traders
     -think on your own/be self sufficient
XXII recap – breakout explanation
Beginning of “earnings winner” description
Penny stocks, NEVER try and buy breakdowns, most low priced stocks never come back.
     -Can work with real stocks
$KONE – low float, squeeze setup
“Trade the price action, ask questions never” – Good quote
Most penny stocks are junk that is fine, but the price action is what makes them traceable.
Recap of more low float runners/charts
$VLTC – Recap of big move then breakout over NHOD
Discussion of watching multiple time frames
$SPU – recap
Good discussion of FOMO and why it is tough for traders.
     -focus on just the best plays
$ESI morning spike and late day push example
     -Research Float/market cap etc, not covered here.
$YOD recap
Recap of Seeking Alpha and the history of it, then the failing of it as a catalyst – adapt.
$GRNH – Weed stocks
     -Men’s Journal interview NOT Men’s Health
Be willing to adapt and go long or short and change even during the same day.
Figure out what works for you, study and paper trade till you find it.

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