Traders Daily Plan: Chance favours The Prepared Mind

Whenever I hear a trader say that they “left money on the table” or “if I had only held” or any number of laments or what we call regret-ometers, I think to myself that this trader does not have any plan and if they do they are clearly not sticking to it.  Tonight I look myself squarely in the mirror on this one.

How can I be so right on CSCO and NOK and make $1,753 total today? The answer is simply a lack of a clear plan. The bottom line is over the last three weeks I have been in a number of stocks that have made huge moves, of which I have benefited from and yet I find that I am not nearly capitalising on these ideas enough. 

My trade setup has been names that are oversold on the 14 day RSI with a fresh positive line cross in the MACD. The idea is to wait for the breakout day, then buy the pullback and keep adding until the trade stops working. The names it has produced are F, NVDA, LVS, AKS, STLD, POT, CSCO, NOK, YGE and I am sure a few more that I am forgetting. Go back two weeks on the daily chart and see the moves they have made, you will be amazed.

Click Here for full article.

http://www.hedgefundlive.com/blog/traders-daily-plan-chance-favours-the-prepared-mind

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.