I have a ton of to do’s today so I’m not going to trade. I’ve also decided to modify my watchlist procedure, my morning routine dictates I build it at 8AM. But lately so many of the trades I’ve either made or watched are moving pre market. It seems increasingly difficult and distracting to try and build a “quality” watchlist with useful commentary when I keep flipping back to my trading platform.
So starting today I’ll be building and posting the watchlist between 4PM and 5PM. Good way to review the day and be able to take the time to think a little more.
I’m taking this week off, and glad for it, though as a trader its impossible to stay completely away from the markets, even when you have no positions.
I saw all the noise on $NDRM and $NRX and thought, “Wow glad I’m not on the front side of those moves”. Especially for a low risk hopefully consistent trader like me its amazing how just waiting a few days can truly bring the “easy money”.
Sure shorting or even buying these crazy low floaters the first day can make you money, but IMHO its a coin flip. Just chill, trade your watch list and wait. So many times I’ve got caught up watching the hot stock of the day or the hot stocks of the day, then during my daily review, look back at my watchlist and say “Fuck, I missed 2-3 layups today”. All because I was locked in on some screaming low floater that never gave a good entry.
Nate’s tweet below really hit home, trade your plan and ignore the 150% movers the first day.