I don’t think you can consistently be a winning trader if you’re banking on being right more than 50 percent of the time. You have to figure out how to make money being right only 20 to 30 percent of the time. Bill Lipschutz
Traders thinking they can be right more than 50% of the time are dreaming. I teach how to be very successful with the realistic 20-30% success rate. DOE
Update: the next part of my analysis focuses on the Asset Allocation Worksheet. You can find your sample in the Members Vault.
Today I highlight trading candidates from my Simple Simon Plus Scans. The purpose; discover HPTs-higher (probability, profitability) trades, some before the SS signals hit.
Simple Simon Long Candidates
ATTBF, NPTN, SCSS, SHO
Simple Simon Short Candidates
CCXI, HQY, MSCC, MOD
I highlighted different levels of Support and Resistance on each candidate.
Study each candidate then transfer your favorites to a SS Long and SS Short watch list. Determine your trade conditions and set alerts at your broker or Stockcharts.com.
For example, if a trading candidate goes through a hard support/resistance level or jumps in volume by X%, then have an alert to give a heads-up when this happens.
When your buy or short signals hit, you know what to do. No trading unless protective stops are in place.
Here is the link to setting alerts at Stockcharts.com. Online brokers may have a trademarked name: for instance, “Trade Triggers” at TD Ameritrade. For setting alerts at your broker, contact them and have them walk through the process.
Enjoy your evening,
David O. England
Plan your work, work your plan, and share your harvest! 1 Timothy 2:1-2
This information is for Educational purposes only. It shall in no event be construed or interpreted as an offer or recommendation to buy or sell securities of any kind.
DAVID O. ENGLAND is the founder of the Eye on the Market-Training Academy and Associate Professor Emeritus of Finance. This column is presented for educational purposes only and not intended as financial advice.
If you have a question or comment, contact David England at firstname.lastname@example.org