As I am trying to gain more knowledge about how markets work, reading the charts, and trading, I also would like build a habit of documenting the journey. This is something I have not considered in the past. Without proper record keeping when it comes to stocks I watch and trades I make, I am not able to fully evaluate the mistakes I am or will be making. So, one of the rules I decided to follow is to only participate in trading if I continue documenting the progress. Of course, that doesn't mean I would post on a public blockchain everything I document. But tools like LeoFinance help to share the journey, learn from others, and keep records for future reference.
For the following week I would like to again watch stock picks by StockDweebs who shares 10 stock picks every Sunday. In addition to that I went through my stocks watch list and picked some that I would consider to trade. The list ended up being long. Which is good, because it will give me a better idea where I am failing to read the charts. At the same time I wouldn't be able to trade all of them. Maybe I won't trade any of them. It will depend how things go on Monday.
Below is the chart of the Stocks I will be watching. First 10 are picks by StockDweebs. Out of those ten picks I only like last three and would probably consider going long. I came up with 20 more stock picks from my watchlist. Most taking a long position, and only one going short. This is interesting to me, because last week I was mainly considering short positions.
I am not planning to trade stocks. What I am planning to trade is stock options. Especially for short positions, I would most definitely have to go with stock options. Robinhood does not have stock shorting available. Moreover, I want to learn more how options work. To start, I will just consider only buying call or put options. Not ready for any complex options strategies yet. But they do seem interesting.
As I was writing this post, I received couple of notifications that Bitcoin price went down and that Dow futures plunged pre-market. It will be interesting how things play out in the morning when markets open. I won't be trading at the opening but will watch for the right time and right opportunities if they are presented.
This is the plan for the week. Let's see how it goes. I am ok to stay in sidelines and watch and learn. I won't be rushing into trades. Three more rules I am will following: only trade if direction is clear, don't follow emotions like greed or fear, cut losses as soon as market tells me I was incorrect.
Stocks to watch this week: $WFC, $SAVE, $CCL, $TWTR, $DVAX, $SQ, $SDC, $FLR, $COTY, $GE, $ACB, $CBRL, $AVGO, $CMD, $EVRI, $GPS, $MTN, $RH, $PENN, $TRIP, $YELP, $HAL, $APT