 12/29/2020 The Trade Is the Plan ✔️ Trading ideas are everywhere … My resources for the hottest stocks. ✔️ The plan you need to follow if you're trading hot plays.  The market's delivering hot stock after hot stock this year. It's not hard to find a hot play.
You can follow me on Twitter and get some great stock ideas. But it's not so much about what stock you trade ... The most important part is how you trade it.
Swing trading isn't a buy-and-hold strategy. I'm not interested in being a long-term investor. I want to get in, take the meat of the move, and get out.
That means when I'm wrong I take the loss. No holding and hoping for me.
Let's talk about where to find the hottest plays — and what you need to do before you can start buying and selling. Sponsored Ad ⚠️THIS VIDEO WILL REMOVED TONIGHT AT MIDNIGHT⚠️
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So, after some big losses, hard lessons, and a lot of studying - he finally figured it out (and just crossed the $1M profit line).
Finding the Stocks
It's actually not that difficult to find hot stocks, but there's a lot of trash out there too.
It can be as simple as following me on Twitter. I constantly tweet and retweet about my favorite stocks. That's one way you can start building your watchlists.
I don't trade every stock I tweet or talk about, and you shouldn't either.
You can't just look at my Twitter feed and then go all-in on a stock I mention. That's not how trading works.
Don't blindly follow anyone's trades. You need to make sure you believe in the trade and are comfortable risking your hard-earned money.
Finding a stock is just the first step. You then need to do your own research.
This is what I train my students to do. How to Conduct Your Research
Before you trade a stock, you need to know a little about the company and the stock.
I'm not going to tell you everything you need to know about researching potential trades today. That would take way too long...
But I'll let you in on a few things you should do before you get into a trade.
First, read the filings. Those long boring forms that every company's required to file with the SEC … read them. They're loaded with information.
You need to be up to date on a company if you're considering trading its stock.
Once you've read a few filings, you'll start to get the hang of it. You don't need a law degree to understand these forms. But you do need to take the time to sit down and read the whole thing.
Then read the charts and study the data. Is the price rising or falling? What's the average volume?
What's the overall trend in the market? How has the sector performed?
Also, compare the current price to historical price levels. Where a stock's been can give you clues about where it's going.
A rising tide lifts all ships. Make sure you know the direction of the market and the stock's sector.
Once you understand the stock and the market, you're on the right track. But you need to know yourself, too... Sponsored Ad  After making over $6 million trading penny stocks over his career...
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Get Personal
Trading is highly personal. Make sure you know what you're willing to tolerate in terms of risk.
Not everyone can stomach a 20% drawdown. And you shouldn't always allow a trade to fall 20% before you cut your losses either.
Read the chart. It will allow you to make an educated decision about the risk you're taking.
Always make a plan to be wrong. If this stock goes against you, how much will you lose? Are you OK with that?
If you're having trouble sleeping, that means you're trading too big. Never take a trade if you can't afford to take the loss. Any trade can go against you.
Self-sufficient traders aren't always right. But self-sufficient traders know how to manage their trades with a plan. Trading Plan
This is actually the most important part of the whole trading process.
Anyone can get lucky and pick a big winner. But anyone can bet it all on red and get lucky too.
But the traders who survive in the long term are the traders who trade with a plan.
Never enter a trade unless you've thought about your entry point in advance and two potential exits: a stop where you'll get out if you're wrong, and a profit target where you'll exit and take profits if you're right. Sponsored Ad "Want to work with me closely in 2021?" (This is designed for my most select group of readers)  I'm tracking +$2 million in verified trading profits in 2020...
And I expect next year to be even better.
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A Smart Trader Is a Prepared Trader
Hot stocks are a dime a dozen in a hot market like this one.
Research is what separates traders from gamblers. The information is out there for those who seek it. So do your due diligence.
Most importantly, have a plan and stick to it — whether you're right or wrong.
Not every trade will work. Not every stock will go up.
One trade probably won't make you rich. But one trade can bankrupt you. So trade smart. Cut losses when needed, and take profits when the trade reaches your goal.
Self-sufficient traders aren't always right, but they always follow a plan.
Find, plan, repeat,
Paul Scolardi Editor, Swing Trade Millionaires
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