Filtering by Tag: grittani

Comments on Grittani Trade Recap: Short IFON

Added on by C. Maoxian.

Tim Grittani has started doing recaps of selected trades on YouTube, which are interesting to review. Here's an annotated chart with my comments for his short trade in IFON, initiated on July 26, 2017. IFON has done two reverse splits since then so the scale has been multiplied 25 times.

Position size: ~$35,000

Click to enlarge

Comments on Grittani Trade Recap: Short AEZS (win)

Added on by C. Maoxian.

Tim Grittani has started doing recaps of selected trades on YouTube, which are interesting to review. Here's an annotated chart with my comments for his short trade in $AEZS, initiated on July 21, 2017. He swung this one for two days, risked $7500 to high of previous day, made 74 cents or 5R on this swing trade. Multiple R trades are more likely on swings than day trades.

Click to enlarge

Notes for Chat with Traders, Episode 10

Added on by C. Maoxian.

Episode 10 ... Tim Grittani (52:48)

  • Finance major at Marquette

  • Learned that he didn't like finance

  • Was into poker and sports betting in high school

  • Opened account with ShareBuilder(?)

  • Started randomly buying and selling 30 cent stocks

  • Lost half his account within a couple of weeks

  • Joined Tim Sykes' "Silver Package"

  • Blindly followed trade alerts from "gurus"

  • Had emotional trouble once money was on the line

  • Hiding his P&L helped him become less emotional

  • Went full time after six months of struggle, $1,300 in the hole

  • November 2011 (?) back to breakeven

  • Made a new mistake, learned something new every day for six months

  • Learned to focus on a couple main set-ups

  1. OTC Pump and Dumps

  2. Buying multi-week or 52-week breakouts

  • Frustrated with listed stocks because too many factors affecting stocks

  • OTC stocks trade in a world of their own

  • Learned to understand promotions run on OTC market

  • Promoters have email lists with thousands of people on them

  • Understood all the connected promoter websites, subscribed to all of them

  • Would try to act on emails he received as fast as possible, beat the crowd on the spike up

  • Would also buy breaks of daily highs on the pumped stock

  • Fine line with fraud regarding stock promotions

  • Learned liquidity all important

  • Began short selling promotions instead of buying them

  • OTC promotions would get halted and would re-open weeks later down dramatically

  • OTC market dead until marijuana stocks ran in 2014

  • Began short selling listed stocks in the same way he shorted OTC promotions

  • When he sees patterns forming, he knows what to do

  • His edge is his experience

  • Spends 15 minutes every night putting together the next day's watchlist

  • Lost $290,000 on a single trade, LAKE, 9.90 entry, October 2014 (chart below)

  • Refused to cut his losses when mis-timed his entries, would always look to add higher

  • Before LAKE, trades would always work out for him in the end, developed a bad habit

  • LAKE experience taught him to cut losses

  • You need the right broker for your trading strategy

  • SpeedTrader best to buy OTC promotions back then

  • Only trade liquid, volatile stocks

  • Identify and focus on your niche

  • Traded only two OTC set-ups (new promotions, breakouts), nothing else

  • Trade charts and price action only (not hype)

  • Everyone knows OTC stocks are garbage, but just as many listed stocks are also garbage

  • Never hold and hope

  • Cut losses intelligently, not necessarily quickly

  • Base stops on chart, not some preconceived dollar or percentage amount

  • Figure your size from your risk level ... dollar risk is constant

  • "Trade the ticker, not the company" -- a Nate Michaud saying

  • Couldn't live without a market scanner -- how he finds his plays

  • Top percent gainers with dollar volume requirements is his main scan

  • Hasn't read any trading books, but interested in trading psychology books most

  • Don't waste your time following trade alerts or mimicking trades

  • Just make your own trades, win or lose, figure things out on your own

  • Be mindful about volume and liquidity -- avoid thin stocks

  • Blog: tradetheticker.blogspot.com

  • Twitter: @KroyRunner89

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