Trading CRM Salesforce-COST Costco Earnings 5-28-20
One of the most common mistakes traders make is trading too many stocks.
Jumping from one hot stock to the next makes it very difficult to have conviction. A core belief needed so that you never hesitate.
Would it surprise you that most million dollar traders trade the same stocks over and over again?
Stocks don't wear out, as long as they have liquidity and volatility (traits of stocks that have smart money activity) you will always have opportunity.
Today's trading lesson shows you how I create my week-to-week universe.
How I use the general market to amplify my conviction. And the process I use to add or subtract stocks from the core universe.
Did you catch yesterday's big trade in NFLX?
Let's work together for the next 30 days.
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Trading Game Plan: 5-28-20
The stock market is showing signs of sector rotation and distribution.
Watch: Today's Best Stock Picks
New buying opportunities will be found but I believe we have seen a short-term top.
Despite the fact that we continue to close higher, we are not seeing the bullish consistency that was obvious during the rally.
This does not mean to sell your profitable trades. Think of it more as an alarm to move trailing stop losses higher.
Especially for those stocks now called "stay at home stocks."
The upside is we have spotted several new industries showing signs of smart money activity. (Discussed in today's video)
Today we have earnings scheduled for CRM Salesforce and COST Costco Wholesale Corp.
I have chosen one of them to trade and I've outlined the exact scenario I need to see.
Jobless claims have thus far not adversely affected the bullish tone, let's see if we see a different type of price action today.
Have a great day.