What a day with NNE. I'm a 68 yr old newbie trader. Been in IT since '77.
Things started on Monday when I was a little green. Had fun trading NNE channels with small amounts of money.
Keep in mind that I'm new to this, and I don't have all the terms straight in my head. When I speak of channels, I'm referring to very short duration trends in a larger trend. These trends don't last long. I draw a trend line on the highs and lows, forming a narrow "hallway". These lines need to be moved, or redrawn frequently. Price bounces in this hallway. Buy the lows and sell the highs. These channels go on for hours. The percentage gained will vary, but I lose interest in anything less than 2%. This is not easy money. But there is absolutely no emotion! You are wrestling with the market. For now, I enjoy this exercise.
Then Tuesday happened, and I was more comfortable. I traded more channels with a little more money and ended up greener. Yay!
Then Wednesday happened. It was a sad day because of that early sell off. Worked 4 hours in the up channels of an overall declining trend. I wanted my money back! I gained some, but still down a LOT. I was really bothered by this. I thought, this is not for meI didn't give up, nor did I sell to minimize my loss. I held onto a loser (I know). I said to myself, "I'll never do this again."
So, Thursday happens. Things got worse. Nope, I'm holding on. Did you happen to see my 380 shares in L2 for $25.71? That was me.
Then Friday arrived. I should have checked my email, but my family needed me. At 11:30 CDT I read my email. Really good NEWS ON NNE! AAAHHHHH! I open ToS and TradingView (amazing tool). Yikes! NNE up 40%. Wife comes into office and looks at the chart. She says, "That looks nice." ROTFL. I go to work late (old Sys admins can). I log into my tools and watch the action. NOTE: find a news source and sign up for their emails. Start with Global News Wire. You're welcome. I was not doing this on company time.
For fun I trade a channel and gain $30. (Still learning folks) The ups are really nice! RSI looking awesome. Everything is above the 21, 50, and 200. Will it make it to my $25.71 limit? Closer, closer, so close! I removed my limit. Maybe it will move a bit higher. (Wife suggested I do that) Price got within a nickel of where my limit was and petered out. Arghh!
Should I have sold at market and took what I could? Nope, I'm going to give ETH a try. Reset my limit for GTC/ETH and did some IT stuff. Came back a few minutes after the bell and woo hoo!
I got some great experience this week and trading channels was a riot. Maybe I'll have to retire after all. I was planning to work until I no longer could. However, God miraculously gave my current job to me(ask me about that). I will not remove myself from something my Heavenly Father gave me. If it is His will that I leave my day job, He will make it obvious.
Ross said in one of his videos, "You got to work for it." Yep, that was work. But it is was also an education that did more for me than a lot course work. If I had a suggestion for others who are new, or unsuccessful, it would be this. As Ross says, take it slow and work in a simulator. Simulators are good tools, and I've used them, but there's nothing like putting small amounts of real money into a trade and then work hard to make it grow. What I did on Wednesday was an "In the trenches" day. My life has been full of those kinds of days. I was once invited by the University of North Dakota President Emeritus Tom Clifford to take the lead on a big project. At the time I was the manager of UND Aerospace Technical Services. Shell Oil had recently donated two Cray super computers to our division. The first was an X-MP, the second was a Y-MP. The school wanted to sell time on those machines to regional businesses. I was asked to lead that effort. I told Tom that I was uncomfortable with that responsibility because it was WAY out of my wheelhouse. I don't remember exactly how he put it, but it went something like this. "The best way to get comfortable in a new, or larger wheelhouse is to jump in and do it." I declined the opportunity for other reasons, but he was right. Jump in, you'll get used to the water quickly.
One more bit of advice for those who have "Ears to Hear." Subscribe to Kyna Kosling's Substack and read everything she has. "Your edge is inside you." Go find it!!
Ross, thank you for everything you're doing. I appreciate your spirit and openness. I wish the best for all you traders.
Hope you enjoyed my story. I am going to relax this weekend and take my wife out to celebrate 🥳 a wild week.
Thank you very much for the coffees! And thanks for sharing the above. Keeping a weekly diary like this is a great habit, and sharing it like this presumably helps with accountability :)
Great Article Kynaa...Loved Your Work
Keep Posting more about Trading and Stock Markets.
Thanks, Rahul. Doing my best!
Good morning Kyna!
A couple coffees coming right up!
Maybe you'll be interested in my week's diary, that I also put on YT @ https://www.youtube.com/watch?v=GsWezWAoh2c It was fun writing that.
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What a day with NNE. I'm a 68 yr old newbie trader. Been in IT since '77.
Things started on Monday when I was a little green. Had fun trading NNE channels with small amounts of money.
Keep in mind that I'm new to this, and I don't have all the terms straight in my head. When I speak of channels, I'm referring to very short duration trends in a larger trend. These trends don't last long. I draw a trend line on the highs and lows, forming a narrow "hallway". These lines need to be moved, or redrawn frequently. Price bounces in this hallway. Buy the lows and sell the highs. These channels go on for hours. The percentage gained will vary, but I lose interest in anything less than 2%. This is not easy money. But there is absolutely no emotion! You are wrestling with the market. For now, I enjoy this exercise.
Then Tuesday happened, and I was more comfortable. I traded more channels with a little more money and ended up greener. Yay!
Then Wednesday happened. It was a sad day because of that early sell off. Worked 4 hours in the up channels of an overall declining trend. I wanted my money back! I gained some, but still down a LOT. I was really bothered by this. I thought, this is not for meI didn't give up, nor did I sell to minimize my loss. I held onto a loser (I know). I said to myself, "I'll never do this again."
So, Thursday happens. Things got worse. Nope, I'm holding on. Did you happen to see my 380 shares in L2 for $25.71? That was me.
Then Friday arrived. I should have checked my email, but my family needed me. At 11:30 CDT I read my email. Really good NEWS ON NNE! AAAHHHHH! I open ToS and TradingView (amazing tool). Yikes! NNE up 40%. Wife comes into office and looks at the chart. She says, "That looks nice." ROTFL. I go to work late (old Sys admins can). I log into my tools and watch the action. NOTE: find a news source and sign up for their emails. Start with Global News Wire. You're welcome. I was not doing this on company time.
For fun I trade a channel and gain $30. (Still learning folks) The ups are really nice! RSI looking awesome. Everything is above the 21, 50, and 200. Will it make it to my $25.71 limit? Closer, closer, so close! I removed my limit. Maybe it will move a bit higher. (Wife suggested I do that) Price got within a nickel of where my limit was and petered out. Arghh!
Should I have sold at market and took what I could? Nope, I'm going to give ETH a try. Reset my limit for GTC/ETH and did some IT stuff. Came back a few minutes after the bell and woo hoo!
I got some great experience this week and trading channels was a riot. Maybe I'll have to retire after all. I was planning to work until I no longer could. However, God miraculously gave my current job to me(ask me about that). I will not remove myself from something my Heavenly Father gave me. If it is His will that I leave my day job, He will make it obvious.
Ross said in one of his videos, "You got to work for it." Yep, that was work. But it is was also an education that did more for me than a lot course work. If I had a suggestion for others who are new, or unsuccessful, it would be this. As Ross says, take it slow and work in a simulator. Simulators are good tools, and I've used them, but there's nothing like putting small amounts of real money into a trade and then work hard to make it grow. What I did on Wednesday was an "In the trenches" day. My life has been full of those kinds of days. I was once invited by the University of North Dakota President Emeritus Tom Clifford to take the lead on a big project. At the time I was the manager of UND Aerospace Technical Services. Shell Oil had recently donated two Cray super computers to our division. The first was an X-MP, the second was a Y-MP. The school wanted to sell time on those machines to regional businesses. I was asked to lead that effort. I told Tom that I was uncomfortable with that responsibility because it was WAY out of my wheelhouse. I don't remember exactly how he put it, but it went something like this. "The best way to get comfortable in a new, or larger wheelhouse is to jump in and do it." I declined the opportunity for other reasons, but he was right. Jump in, you'll get used to the water quickly.
One more bit of advice for those who have "Ears to Hear." Subscribe to Kyna Kosling's Substack and read everything she has. "Your edge is inside you." Go find it!!
Ross, thank you for everything you're doing. I appreciate your spirit and openness. I wish the best for all you traders.
Hope you enjoyed my story. I am going to relax this weekend and take my wife out to celebrate 🥳 a wild week.
>>>>>>>>>>>>>>>>>
Thank you very much for the coffees! And thanks for sharing the above. Keeping a weekly diary like this is a great habit, and sharing it like this presumably helps with accountability :)