Hey guys, I'm relatively new to trading, and I'm trying to develop my strategy. I'm mostly sticking with paper trading in ThinkorSwim for at least the next 6 months, but I wanted to share my strategy. What improvements or modifications would you make?
**Scanners I use:**
All of the following:
Volume > 100,000
Close price > $1
Close price > 10-day SMA
Any of the following:
10-day EMA crosses above the 20-day SMA
50-day SMA crosses above the 200-day SMA
Exclude all OTC Stocks
**Chart studies I use:**
10-day EMA
20-day SMA
50-day SMA
100-day SMA
150-day SMA
200-day SMA
Volume w/ VolumeAvg line (20-day)
RSI (Wilders, 14-day, overbought=80, oversold=20)
**Indicators I use:**
Channels and trendlines
Chart patterns (i.e., flags, triangles, wedges, triple bottoms, triple tops, etc.)
I've been using candlestick patterns, but they're not really working out for me
**Trading journal:**
Since I'm not making many trades right now, I just document my trades in an Excel spreadsheet for the time being with the following details:
Ticker, quantity of shares, entry date, entry price, exit date, exit price, stop loss, profit target, capital at risk, P/L in $, P/L %, reason for the trade, reason why the trade did/did not succeed.
**Entry/exit strategy:**
Enter when candlesticks or chart patterns, close price clearly breaks support/resistance,
Exit when stop-loss triggers. Typically, I set my stop-losses between 7-10%.
Risk no more than 1% of capital per trade.
***Please don't rip me to shreds-- I just want to have financial freedom for my family someday. My strategy doesn't seem to be working well for me right now, and I'm just looking for constructive criticism and insight from more-experienced swing traders.***
