As I'm closing in on my third month in the challenge I can definitely say I am not even close to where I want to be, I am behind on my goals, and I'm still down in profits. But, I'm closer than I was yesterday, last week, and definitely 2 months ago. Obviously my goal is to become a millionaire. Most likely I won't be Tim's next millionaire, as there are people much closer to that benchmark than I am, but I am certainly working towards that.
Some major things that I have improved on up until this point are learning the first Green Day pattern. I have come to be really familiar with it and I hope that I can use this pattern to really start growing my account. The only thing that sucks right now with the pattern is that it seems to not be working so well in this market. But, as long as I cut losses quickly I should be ok.
My biggest downfall is still cutting losses quickly. Becoming disciplined in this game is so important, so in a way I am glad that instead of getting lucky with a lot of plays, the market is kicking me down until I really learn the rules of the game. Which is why I am kind of glad we are in a crazy volatile market right now. If the markets were going up exponentially right now and I wasn't disciplined I know I will lose big time when things shift.
My hope for next week is to be green on the week, as I've not done that yet and would be my biggest accomplishment so far. Let's see what happens!
Now a recap of my trades and the lessons I've been learning this week.
1. Cut losses quickly (recurring lesson every week smh).
2. Don't be cheap for a few pennies/don't chase.
3. Adapt to market changes. Be flexible with patterns.
4. Don't play market open for now (I suck at it right now).
5. Wait for consolidation to see what the stock will do. Don't guess
ENTRY: Complete crap on my part. I missed my entry at 2.30. It only dipped to 2.33. It broke out to 2.80 so I chased it at 2.60. This time it wasn't consolidating, but looked more like fading.
EXIT: The stock faded and cracked very far down to 2.05 but I didn't cut losses. Somehow it spiked into the close.
ENTRY: First Green Day. Good catalyst. I missed the bottom of a good dip into the close but got it near the middle of the dip. I am holding overnight and will take any profits I can get in the morning.
EXIT: Stock panicked in the morning. I held on too long and should've cut losses quicker.
ENTRY: Bought this premarket winner at the close on a dip.
EXIT: Stock panicked after it broke support. I didn't cut losses quickly.
ENTRY: First Green Day. Didn't have huge volume on the day but spiked 40% on the day, was uptrending into close and was at it's highs. I waited for a good dip to buy into. Spiked huge into close and I thought about taking profits but really wanted to see it play out.
EXIT: In the morning it panicked and I wasn't able to get my full position executed at the top so I came out with a much lower average
ENTRY: Up huge premarket, waited for market open to see what would happen. It panicked, so I tried to buy the dip.
EXIT: Bounce failed and I got out at support right before it panicked hard again. Stock never came back. Followed my plan and cut losses quickly so good trade.