This week I am watching the following stocks: $WFC, $SAVE, $CCL, $TWTR, $DVAX, $SQ, $SDC, $FLR, $COTY, $GE, $ACB, $CBRL, $AVGO, $CMD, $EVRI, $GPS, $MTN, $RH, $PENN, $TRIP, $YELP, $HAL, $APT
I am following 10 stock picks by StockDweebs who shares them every Sunday. I want to see and learn what methodology traders like Eric are using. Keeping track of how these picks perform give a better understanding. However, I don't want to blindly follow someone else's picks. That is why I try to look at each stock charts individually and determine for myself if would trade them and what positions would I take. Among Eric's 10 picks, I ended up liking only three, and marked as "No-Trade" for the other seven.
Just like last week Eric's picks performed really well the first day of the week. Impressive. Eight out of ten of Eric's stock picks gained price as expected. Only two of the picks dropped in price. This picks are for the entire week, so those two stocks may play out as initially expected. I will continue watching.
Besides, StockDweeb's picks I came up a list of my own 20 picks. Nineteen long positions, and one short position. To my surprise out of nineteen of my long position picks fifteen went up in price, and only four dropped lower. Even those four didn't drop too much in price. Which is also a good sign. Losing in trades is ok, as long as losses are kept to the minimum as possible. Again these picks are for the entire week and there is still four more days to see how they will perform.
Lessons learned from Monday price changes:
I am not sure if it is a good idea yet or not. What I am thinking to do going forward is, to reevaluate my picks on daily basis and possibly adding different metrics as a confirmation to the original bias. If the original pick and the position is still valid and there is an additional confirmation, continue trading/watching. If there is no confirmation drop the pick.
What I don't want to do is, I don't want to change the original position like from short to long and vice-versa. Instead probably better to drop and focus on the ones that show confirmation of the original trade idea.
Read the previous posts:
1. Amateur Trader's Diary - Reentry to the Stock Market
2. Amateur Trader's Diary - Getting Ready for the Trading Week