All successful traders will have positive trading metrics. Trading is a career of statistics. You either have statistics that generate returns or losses. When I work with students I review their profit loss ratios (average winners vs average losers), and their percentage of success.
This will tell me if they have the potential to be profitable, without even looking at their total P/L. Once you finish each week you have to analyze your results to understand your current trading metrics.
The best traders keep meticulous trading records because they know they’ll be able to data mine these records in order to understand what they should to to improve their trading. I use Tradervue to monitor my trading stats which has been a huge help in fine tuning my strategies.
Want to Keep Learning? I Teach ALL my Momentum Day Trading Strategies in our Day Trade Courses
In our Day Trading & Swing Trading Courses you will learn all the details of this trading strategy. In our Day Trading Chat Room, you be able to hear me while I’m trading. When I see a stock that has extremely high volume I look to get in on the first or second pull back. Pull backs should take the form of a Breakout Chart Pattern such as Bull Flags or Flat Tops.
I am an extremely active trader in the first 2 hours of the market and then I slow way down. I usually don’t trade in the afternoons. Stocks on the Surging up Scanners that are candidates for the Momentum Trading Strategy can be traded as early as 9:31.
Sometimes a stock that wasn’t gapping up and already on my radar for a Gap and Go! Strategy trade will surge with volume out of the gates and come into play for a Momentum Trade. These stocks may have news or may be experiencing a technical breakout or be a sympathy play to another strong stock or sector.