Yesterday, I discussed how CLDN failed to make it through my funnel and on to my watch list.. However, I want to show the other side of the coin with my journey on ULTA Nasdaq, a stock that survived my criteria and ultimately led to a trade plan..
The Importance Of Planning
As a general rule, I make decisions based on data. As the saying goes “if you can’t measure it, you shouldn’t do it” and this holds true when trading stocks as well. A well thought out trade plan gives you the ability to set yourself up with a goal, and measure your progress towards it.
ULTA Nasdaq is a stock I’ve been watching for several weeks. It’s shown me all of the fundamentals I like to see and it meets all of my must haves in terms of it’s RS rating, daily volume, etc.
Knowing that ULTA Nasdaq is a good opportunity for me isn’t the whole story though. I don’t want to be hyper focused on the profit side of the trade because I need to protect myself from a potential loss as well. Thus, my trade plan needs to be holistic in nature – I’ve got to plan for both the best and worst case scenario’s.
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