After my first two days of prop trading, I'm down about $350. It may not seem like much to you but its a lot to me when my goal is to make $100 a day! Clearly something is wrong because the stocks on my watches that have triggered have done fairly well for day trading. So whats the problem?
The bulk of the trades I have made so far have not come from my watch list and have been fairly random trades. They have not been well thought out and are not set ups that I am used to trading. Further, in the type of market we have now, you simply can't afford to deviate from your trading plan or you'll get hammered!
With that said, I made a note to my self to guide me back to the right path: "Avoid taking random trades. Trade only set ups that you know. Over 90% of your trades should come from your watch list. Otherwise, if trading stocks with fresh news, let them base intra day first before attempting to trade them. All trades must be well thought out before they are taken! Intended entry, stop loss, position size and initial target must be known well in advance. If not, pass on the trade!"
Here are my watches for tomorrow:
Good luck and good trading!