This blog is coming out late because I was out of town for the weekend and didn't have time. Also, I had a concussion snowboarding and it has been difficult to recover and be able to focus on studying.
This is my third week trading and was the most brutal week I've had. It's crazy how hard it is for me to actually be disciplined and follow rules. Knowing the rules is completely different than actually following them. After studying now for over a month I thought I had learned the rules and it would be easy to follow them, but controlling my emotions has been the bigger challenge. I had my biggest loss this week of $400 which was 16% of my account and I was completely devastated. I also relied on too many alerts which resulted in terrible entries for me. From now on, I won't be using the challenge chat room until I know I won't follow alerts. It seems like learning the rules and the patterns is going to be much easier than controlling emotions during trades. The following are my lessons and trades for the week.
1. Take profits even if they don't hit goals.
2. Never rely on alerts.
3. Cut losses quickly.
4. There will always be other plays. Do not get attached
to any one play.
ENTRY: Missed the morning spike. Waited for consolidation to get back in the afternoon. I Didn't want to buy mid-day, but huddie alerted his buy and so I bought. I shouldn't have relied on his alert because it broke mid-day support and got me scared.
EXIT: I held overnight into the morning spike, but was greedy for gains. I was shooting for 10%. It ended up dipping hard and I got out as soon as I could to break even. Who knew it would keep running intra day. Lesson: Take profits, even if they don't hit goal. There will be more trades
ENTRY: RISKY PLAY! Overextended. I went in at the dip at the close hoping for a gap up or morning spike. 2nd day runner so I was chasing. Overall bad play but I got a good entry and many stocks seem to be running for multiple day right now.
EXIT: Premarket I was up as much as 15%. As soon as I made my goal I put my sell order in but didn't get executed until after market open which was pretty scary as it was choppy. Kind of a lucky play. It could have gapped down or panicked.
ENTRY: F*** myself lol. I was waiting for it to dip, but relied on Tim's alert to get in because it panicked twice yesterday. I was hoping for it to go much higher.
EXIT: I basically bought it at the top of the bounce and it panicked hard. But instead of cutting losses I held on in hopes of it coming back. LESSON: Never rely on alerts.
ENTRY: I bought 600 shares overnight to test out the first Green Day play. I rebought into the morning spike.
EXIT: After the morning spike, because it didn't go up very much from my entry it panicked. I held on for dear life as I watched the stock go lower and lower and lower. A small bounce then lower again. I held on until I couldn't cry anymore and got out. LESSON: Cut losses.