Just a quick post while the information is available to everyone who trades.
I have found it very helpful to model and study big gainers and see what kind of properties they have.
Surprisingly, whether it is CNBX, RIOT, GBTC , all of these share the same or nearly similar traits when going parabolic.
When the time allows, I highly recommend those who go long especially, to capture the recent chart data from $UVXY and $TVIX for reference (1 min, 5 min, 15 min charts).
Study these. All of these share similar traits that are repeatable.
These traits are the foundation of the components that make up a good trading plan.
Use the traits you find to assemble your trading plan.
Once you have your plan, you need to gather data (more than 100+ samples), preferably 300 or more.
Once you see what works for you, you will have confidence. Once you have confidence and seen the same thing over and over more than 100 plus times, then you start trading it. When you have confidence, you know where you set risk points. When you cut losses using this method, you don't mind cutting losses quickly as you know seeing the same thing more than 100+ times. If you are having trouble being successful at trading, repeat the process above until it clicks.
If it doesn't click, it is possible you are not doing the same things enough or have enough data that confirms what works and doesn't.
Hope this helps at least one person.