Keep hitting base hits and eventually you’ll hit a home run. We hear the phrase a lot in trading and in life. For the past few months I have been grinding out small profits little by little. Up $180, down $90. Up $120, down $85. Sometimes down a little more than I’m up. After commissions and all is said and done, I get about +2-5% of my account a month on swing trading. It gets tedious at times. It gets frustrating. When can I make enough to buy a mansion and nice cars? All this work and time to extract a few hundred dollars a month. But if you think about it long term, doing this type of work day in and day out, for a few years and you have yourself a sizable return.
Well, finally, I hit a home run. Months and months, grinding. Scanning, analyzing, putting out orders, managing stops, taking profits, pulling my hair out on losers.
This was a stock I had on my squeeze list. All my criteria fit, the technical pattern was good. All that is left is to put my order out there.
I put my order out on Sunday night. A stop-limit order to buy should it break the top of that range. I was triggered in Monday morning while I was day trading. I heard the British accent from my IB account “order filled.” Focused on my 9:30-10 quick-as-shit moving trades, I didn’t even look over at my swing trade account. Once I was in and out of my day trades, I took a peak over to see how my swing trades were doing.
“WHAT…. that must be an error. Did I enter in with an extra zero? Holy shit!”
CAR had spiked up $4 in a matter of 20 minutes. I was so ecstatic that I immediately took off 3/4 of my position. Luckily it was near the peak of the day. I still have 1/4 of my position on and moved my stop to break even. My biggest trade of the year so far.
Extra motivation for me to keep doing what I’m doing and hopefully for some of you to keep at it.
What a sweet Monday.