Day Trading Results : October 24, 2016

Robinhood Profit of $57.78

Today I only traded during the opening trading hour [between 9:30 AM to 10:45 AM].  A lot of professional day traders caution about day trading during this hour because of the uncertainty this hour offers and they are right.  This is when panic selling occurs and it can cause stock to be very volatile.  They are right which is why I use caution when I trade during this hour.

My strategy is simple.  You see, this week is the earnings release of a lot of SPY components.  I think 80 companies will report earnings.  Based on my readings these past few days, a lot of these companies are expected to beat earnings and revenues.  When companies beat earnings, generally, I think the market rallies up.

So my strategy is to find one of the SPY components [not necessarily reporting today] or any stable or blue chip stock that may have experienced a drop in price this past week.  I ended up with BRK.B [Berkshire Hathaway Class B]  which lost about 1%-2% these past few days.  I thought this will go up today so I purchased 50 last Friday in anticipation for a rally this week.  So this morning, as soon as it went up to my goal profit of $50, I sold it.

Day trading done for the day as soon as I hit my profit.  There is still tomorrow.  Besides, I already have 3 day trades.


Day Trading Lesson:  

When trading during the opening hour, exit as soon as profit goal is reached.  

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About Robinhood Day Trader

My name is Robinhood Day Trader. I day trade using the Robinhood day trading app.

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