How to plan for a successful market week
Every Sunday (and friday after close) i like to go back over what happened this past week and just overview what happened as well as what my goals are for this week coming up.
Stocks covered in this article: AMZN, GE, KMI, F
Planning: Ask any day trading guru, millionaire/billionaire, basically anyone with success at all, generally it comes from planning. If you don't set reachable goals and steps to reach them it's like trying to drive across the country without GPS, you may get there eventually or you might just end up in a place you don't want to be.
Every week at Fridays close i like to just look at how my portfolio has performed and how my daytrades were executed. Entry/exit points, did my chart analysis predictions line up with the end results? and again in general it has paid off, literally. If you're beginning the stock market journey i highly recommend starting out with a plan, a realistic plan. Something like make 100 dollars a day or increase my portfolio 1% per day/week, small goals to obtain a larger one is much more successful than taking a shot in the dark.
Investopedia has an excellent article with similar information to mine and i'll link it below but before you start this investment week set some plans and more importantly STICK TO THEM. I cannot tell you how easy it is to become emotionally invested in a stock to the point you are willing to take a much greater loss in hopes that it will come back up, this is also true when buying. Fear of missing out or #FOMO is a real thing as well. So again STICK TO THE PLAN, because at the end of the week you can re-evaluate the plan or tweak it for success.
This coming week I will be watching Amazon carefully to look for a good entry point recently this has been extremely volatile, i do not currently have a position with amazon but have had ups and downs with it, if youve ever been to Stocktwits.com then you know what im talking about, sentiments are all over the place. With the holidays coming up i beleive it will be a strong player.
GE, oh GE, this stock has been hammered the past week even with good hopes of a profitable future the stock wants to end on its lowest day in years. I currently have a position and am reaching my sell target range however until it is reached i am averaging down my position.
KMI, Kinder morgan started the week with a drop however finished stong and i belive will continue upwards overtime. I'm happy with my position and intend on staying with it for a long time.
F, Ford has been making a lot of changes which will make it more profitable i think especially in the truck segment with the return of the ranger and then the highly anticipated ranger raptor with bring sales up for sure. Currently ford is trading under 10 dollars and i might make a move before the 2019 models come in.
So, have a plan, understand how much of a loss you're willing to except and know when you will leave a position are topics I've covered in these blogs, check my social media pages for more, i hope to have a Youtube account up and running soon!
I will be posting around 5 times a week on hear and daily on instagram and facebook, my wife uses pinterest a lot so thats a possibility, what do you think?