Like millions of others, I lost my only source of income during COVID-19. It was tough, I couldn't sleep...and the bills were piling up fast.
I remember thinking "So this is what depression feels like?"
I wasn't used to it. Nor was I planning on getting used to it.
So instead of crying myself to sleep, I decided to leverage 15 years of trading knowledge and experience. I've probably read over 100 books on the topic and was an active trader during the 2008 crash. I just find the psychological aspect of trading very fascinating.
After several coffee-fueled, sleepless nights, I created a tool specifically for trading stocks during COVID-19: StockGains
I was an "avid" trader during the 2008 crash. Since then, I've taken notes (on Google Docs) about key parameters and metrics that the top traders looked for (fundamental, technical, and psychological). FYI, relative price strength was a big one. I did this in hopes to automate my investments somehow. As you've probably guess there are many perspectives when choosing stocks. So, with COVID-19's plunge, it was time to dust off these notes and put them to work.
With the February drop, I was targetting the $SPY 230 level. The speed of this drop was incredible...and it went to 220. Mama didn't raise no fool, so I offloaded a majority of my cash at that level. My first thoughts were to buy $WING and $AMZN. I love Wingstop (don't judge) and I spend most of my money on Amazon. I also bought more $ETSY when it was downgraded. It was the closest I could get to having a creative spirit.
I noticed that having an idea of how much a stock has dropped, I could determine how much I have to gain for stocks that are "safe."
I initially used a Google spreadsheet but that got a bit out of hand, especially due to the real-time functions. It was difficult to share with friends without confusion so I resorted to screenshoots. My friends ask if I could just turn it into an app. It seemed simple, but was much more involved (server, app, and database optimizations) than I had anticipated.
Nerd Alert: I did have fun playing with MySQL 8's new window functions and learning how to deploy my first Ruby on Rails app - so that in itself was rewarding. I'm currently fine-tuning some of the filters, performing more backtests, and incorporating machine learning. Users will be able to create and share their own watchlists soon.
Anyway, this tool has helped me stay afloat with my bills. It has saved me dozen of hours of research. And now I only spend probably 10 minutes setting up my trades everyday.
I've passed StockGains to many friends and they've all found it useful. Some have even made six-figures! Good for them. Consequently, I was pressured to charge for it. But to me, the world is in a tough enough place as it is...and I think this will help those who are in my position.
This tool will especially come in handy if we're looking at another massive market drop. So, if you've found it helpful, share with family, friends, and social media. That way we all exercise prudence and build a strong long-term portfolios for our families.