Sunday, October 20, 2019

Trade Book & Calendar

     This post is a continuation of the $50 a month stock challenge I started October 14, 2019.  Click on, "No Commission Stock Trades", on the right side of the page to read from the start. 

1:50pm (CDT)
     I know your trades are on your brokerage account but please keep a "trade book". A simple spiral notebook works great. I record= day, time, stock symbol, number of shares, price. I just check my "trade book" without having to open my account. A closed trade is drawn thru with a highlighter, red for losing trade and green for profitable trade.
     If you have one or more open trades that are days old this really comes in handy.

     I also use a regular calendar to record my "day-trades". A simple "X" for each day-trade and I can till at a glance how many of the 3 day-trade allowed in a 5 day rolling window are still available to me. Violate that rule and your account will be restricted (cash only trades that you should be using anyway) for 90 days.

     I use "Limit Orders" and never know "if or when" they will be filled. I keep them on a small (3x5 spiral notebook) scratch pad until they are filled (or I choose to change them) and I can transfer them to my "trade book". The scratch pads is also used to record any future trade ideas.

     These are not rules, just suggestions and your record keeping will evolve with experience.

Disclaimer, I am not a professional.

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