I'm still recovering from my concussion I got snowboarding last weekend so studying was a bit tough for me this week. It has been hard to focus/think for long periods of time. However, I came into this week much more prepared and confident than I have been my first three weeks of trading, so I was definitely excited for this week.
This week I was much more disciplined after my huge 16% loss on my account last week of $400 in one day because I didn't cut losses. I was so messed up in the head after that so I took a break to clear my head and went into this week prepared. I was much more quicker to cut losses on all except one trade in which I let it run long... I was also a bit greedy this week which cost me larger profits after the trades started to go down. But besides that one big loss I was very excited to see that my watchlists are getting much closer to Tim's watchlists. Also, I am beginning to see patterns and potential plays instead of just relying on alerts and the chatroom.
I am going to study hard this weekend and get ready for next week. I wish it wasn't a shorter week so I could practice more, but maybe it's a good thing since the markets are crashing. Anyways, here are the lessons I learned and engrained into my mind and emotions this week, as well as my trades for the week.
1. Profits are just a number, lock them in and move on to the next play.
Don't get greedy.
2. Learn the patterns with a small account and have patience.
3. Don't chase morning spikes.
4. Cut losses quickly.
ENTRY: I was looking for the technical breakout at 0.015. I knew if it broke out it could go until 0.02 which seemed to be the next big resistance.
EXIT: I got greedy at first and didn't sell at my goal of 0.0165 very soon after my entry. So I ended up being in the stock far too long but the next time around I put in my order without even second guessing. Took profits and I'm happy this came straight from my watchlist.
LESSON: Don't be greedy, lock in profits and move on to the next play.
ENTRY: Was a premarket % winner. I was scared to buy in premarket but I was sure it would spike at the open. However after I put my order in I didn't get executed for some reason and the stock went higher. So I chased into the morning spike.
EXIT: It did go up from my entry price but I wanted 10% and I missed my sell, I was greedy. And then it crashed and I didn't cut losses quickly.
LESSON: Don't chase morning spike. Cut losses quickly.
ENTRY: This opened at my breakout and buy level at .0195, so I didn't have the best entry but I waited for a dip and bought. If it breaks out it can keep running.
EXIT: A few minutes later I sold for 10% locked in profits and watched it go higher. SO glad I was on the right track.
LESSON: Don't be greedy lock in profits!
ENTRY: spiked premarket past my breakout level entry I was hoping for. I waited for the open and it had a nice morning panic. I bought the dip but missed the bottom.
EXIT: This wasn't the bottom because it kept panicking. The second dip was the one to buy. It had a good 15% bounce. I cut losses quickly but didn't get my full execution so my my loss was bigger than intended.
LESSON: I was on track with the pattern, a bit early. Cut losses quicker. Look for better support to dip buy.