It’s good to assess, evaluate and refine based on feedback, performance and instincts… that’s what I’m doing today, the last day of June 2011.
Having said that, I’m done with chat room day trades and flips for now. It’s fun to gamble and flip but it’s not my style and to be honest, the feedback I’m getting from my subscribers is that the day trades don’t work for them, are hard to follow and weren’t what I built this group on. So even if it were my style, it’s not something the majority of my subscribers can follow easily and I’m here for them.
More importantly, the day trading is distracting me from reading and searching for 2-3 really good trade ideas per week. A strategy that made me close to $7,000 in 3 days on LOCM when we first got started.
So moving forward I’ll be spending more time looking for solid short term trades with powerful future catalysts that could net us $.50 to $1.00 per share.
Bottom line: moving forward any trade I make will be based on a solid short term catalyst with clearly defined entry, exit and stop. Alerts will still go out in chat first, then text followed by email.
My daily watch list will be reduced to 1-3 stocks with entry, exit and stop loss data as well as why I think it could go up.
I think this will be well received, easier to follow and produce more big winners.