I bought Tim's Millionaire's Masters Program on November 5th after I had been following him on Instagram for over half a year. Then recently I started watching his stories more often and was shocked by how many of his students seemed to be banking on trades. After much more research I registered for his webinar on the 5th and then bought the program right after. I started studying right away as I wanted to start learning and becoming a profitable trader and millionaire soon. That's when I came across his Challenge course and got extremely excited. I knew this was for me right away. I wanted to become a millionaire, I wanted to be overly dedicated and study my butt off. I knew that this course was designed for the best of the best and I knew I was one of those. So I bought the course and have been studying about 40 hours per week on average.
Three weeks later I felt comfortable enough to start trading. Little did I expect how crazy and different everything is when you start trading. Everything seemed to move so quick. The chat room had so many stock picks. And the worst thing was that my mind went crazy and I disregarded all the rules I had learned from studying. The following is a recap of my four trades this week and the lessons I learned. I can't wait for the next week of trading.
This was my first trade ever. I've been studying for a while and finally felt comfortable enough to trade. The stocks on my watchlist weren't doing anything. ANY came up on chat and spiked big in the morning. My first mistake was going into the trade without a good plan. I tried to use the hod of about 7.52 as a breakout point, however it was a fakeout and dipped much lower. At least I cut my losses quickly. If I held 20 more minutes I would have been up 0.70 a share, but I was impatient and didn't have a plan so I was scrambling.
Entry: 7.56. Exit: 7.22. Size: 30. Loss: $9.97
Plan: Buy 7.35, sell high 7's. Risk at 7.02. I placed my order at 7.35 into the morning spike but didn't get executed. I chased to 7.63. MISTAKE. Waited into intraday to be able to sell for profit. Risky and terrible. However got lucky and ANY broke 8. I accidentally clicked buy 50 orders, twice instead of sell. Kill me lol. But once I saw that I sold all shares at 8.05. Small lucky gain for 2nd trade ever. Learned to never chase. Profit $25, but commissions on averaging 4 trades result in loss.
Entry: 7.88. Exit: 8.05. Size: 150. Loss: $3
I BROKE so many rules today. Woke up at the market open (terrible). My plan was to buy 6 month B/O at $2.70 and sell into the 3's. I was scared to pull the trigger and the stock went past 4. After consolidation around 5 I dip bought I thought it could spike into close. But it cracked and I kept holding onto hope and finally sold at $3.45. --LESSON: Just click buy. Don't chase after morning spike. Cut losses quickly!!--
Entry: 4.71. Exit: 3.45. Size: 150. Loss: $203
A nice win for me! ADIL was the highest on my watchlist from the night before. I made a plan and stuck to it. I missed the first breakout at 3.50 but got in at the next breakout at 4. Took profits quick within a few minutes at 4.50. I didn't try to go for anything higher because I wanted to lock in profits. Was the smart move in my opinion.
Entry: 4.00. Exit: 4.50. Size: 300. Profit: $136
1. Do not go into a trade without a plan/research. Don't rely on picks from chat.
2. Never chase morning spike.
3. Review purchase order before submitting.
4. Don't trade if you sleep in.
5. Pull the trigger. Don't be scared. If you have a plan, execute on it.
6. Don't buy a stock intraday.
7. Cut losses quickly if the stock goes against you.
8. Lock in profits. Do not be greedy for big profits.
9. Stick to your plan and take the meat of the move.