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You Are Probably Closer Than You Think!
By Cliff Clark

I often get private messages from traders in the trading room asking me questions or for assistance with a problem they are currently dealing with. Sometimes these are simple questions that I can answer on the spot. Other times I can tell from the question or questions that I need more information. When that's the case I ask the trader to send me an email with detailed information about their experience level, whether they have a plan, etc. In many cases when I ask for that information I never hear from them again. In some cases however I get an email with the requested information and agree to help the individual. Some of these traders are relatively new just starting out so it's easy to set them on the path, write a plan, pre-trade check list, track your progress, etc. Then there are the guys that have been trading for a year or longer and just not able to get past the break even level. These are the guys I like to help because they are often times just a minor tweak away from making it but they are so wrapped up in what they are doing that they are missing the what needs to change.

I recently received and email from one of these trader's. I could see from the email that he had a obtained the education, had lot's of trading experience and was very close to making it. I made a couple of suggestions for things he could try. He made the changes that I suggested and sent me the following email last week:

“After taking your advise on the book, fine tuning my plan and lowering my risk I’m pleased to report my best month ever (+33 R)

I also made another 6.6 R trading my options strategy

I’m sure you mostly hear from people when things go sideways so I wanted give you an positive update. I had one bonehead day for the month and was able to limit the damage so it’s still a work in progress.”

It always makes my day when I get an email like this. It not only shows me that I'm not wasting my time helping these guys out but that I am making a difference in peoples lives. That is a huge reward for me.

It also shows me that people who are willing to put in the time and effort can make it in this business. A lot of you are very close to making it. I don't know why people are afraid to ask for help, maybe fear of looking stupid or of being criticized? Who knows. But reaching out can be the best thing you can do for yourself. Reach out to Jared and Anmol if need be. That's what you are paying them for. Sometimes a second set of eyes on what you are doing is all it takes.

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February 04, 2021

2 trades for me today with +1.5R total

1st Trade QCOM +2R
148.39/149.97 exit 143.25
12% gap down under pivot support and 50ma after a strong daily double top rejection,. I took it on a congestion breakdown with a fairly wide stop, leaving my 2R target 50c over its ATR, slow but consistent move down with great RW, hit my target on the penny before it bounced.

2nd Trade AQB -0.5R
9.40/9.70 exit 9.56
I rarely trade stocks under $10 and even more rarely short them. I liked this daily chart as it broke its uptrend channel and stayed under a strong 9.50 support line enough room to its daily 50ma. I entered after a pullback with a fairly wide stop but only 1/3 of its ATR used at the time. It failed to break down with the strong market open and stayed in a narrow range.
I actually broke my plan with this trade as I lowered my stop to a pivot where price made a big bounce earlier at 11am with a large seller sitting there. My thought was that if it breaks that level again then it will likely...

February 04, 2021

1 trade for (-1R)

I took a BD on QCOM. I was worried about the target being close to the daily range, so I took a tighter stop on the 2 min chart. I am looking through PTS right now, most of the examples have 2 options for where to put your stop. It looks to me like one of the stops would be at the bottom of the main consolidation area, and the other at the bottom of where there has been a shakeout or turnaround bar (if there has been one). Due to the daily range I took the tighter one on this. In hindsight it seems obvious to take the wider stop, but in the moment it looked ok.

I was then looking at the 15 min 3BP on QCOM, but the reason I used a tighter stop in the first place was because of the range. The 15 min 3BP would have needed to have gone even further than the wider stop on the 2 min BD, so I didn't take it.

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