I did a wrap up blog post on the eighth class of the Foundations of Stocks and Options Level 1 series, where I showed all my trades which I placed while taking the Foundations of Stocks and Options Level 1 classes and writing the accompanying blogs. Therefore, it seemed prudent to stick with our philosophy of rigorous authenticity and follow up with a second post covering my trading journey since I have reached the end of Foundations of Stocks and Options Level 2.
I am still using TradingView for virtual trading and if you have not opened a virtual account yet, I highly recommend you set one up there, as you have nothing to lose and virtual trading experience to gain. My focus during the FOSO Level 1 classes was learning to open a trade, close a trade, set stops on my trades, and plan my exits. If I made profits along the way, that was great, but gaining experience was the primary driver. All in all, I did surprisingly well with this approach thanks to the recent volatility in the market as thirty-seven of my forty trades ended up in the green and you can see them all here.
As for my trades during the Foundations of Stocks and Options Level 2 series, I placed nineteen trades and two of them lost money. Overall, that is rather good entry for the Level 2 class session. However, I tried to do more this session then just the ‘ride the tide’ method I employed on FOSO Level 1. I looked at more than just what a stock was doing first thing in the morning. I looked back at the history of the stock’s candlestick chart and tried to apply what I had learned regarding technical analysis.
I did well enough on paper but felt lacking when it came to picking companies to trade. On a side note, I followed mostly film/entertainment companies and a few tech companies as that is my background, but I found myself stumbling when it came to looking for companies to trade in other sectors. So, to rectify this problem, I have started watching Anna’s Market Updates.
Twice a week on Monday and Thursday, Anna breaks down the current health of the stock market. She tracks the performance of such metrics as the Dow and the S&P 500 and she even covers a few alerts on companies she is watching; companies, which are outside of my wheelhouse. All in all, good stuff for someone in my position who is ready to broaden their horizons. If that sounds like a great next step for you, which it has been for me, then give it a try here.
Check back with us next week as we dive into the next chapter of the Foundations of Stocks and Options with a look at class 1 of FOSO level 3. As always, if you wish to learn more regarding this topic, please consider signing up for our Foundations of Stocks and Options class, which you can do here. Thank you!