After several months of studying I started following the market consistently for the first time this week. I have a full time job so I got up early, made watch-lists, watched the market open, then went to work, checking periodically throughout the day to see how the stocks I followed did.
- I didn't trade! This might seem silly but I'm actually really proud of myself for not jumping in. I saw several stocks move the way I had predicted or even better than the plan I had in place but I didn't jump in. This is really big to me because when I tried trading a few years ago I couldn't stop myself from hitting the buy/sell button and jumped in and out over and over with no plan.
- I picked some stocks and made some plans that would have worked. These included $AVEO, $SGMO, $YRIV, $THCT. I am still new and didn't feel confident enough to pull the trigger and my mental state wasn't quite right... but it was exciting to see the stocks I had chosen move in a desirable manner.
- Overall, I didn't give myself enough time to prepare for market open. I made watchlists and had plans that would have proven successful but I was not in the right mindset to make it happen.
What I need to work on:
- Consistently getting up early, having my plans ready and rehearsed and going through the checklist of what it takes to be ready to trade.
- Selecting the right stocks - maybe this is something that comes with years of experience or maybe it's simply to hard to get all the right picks, but I feel my weakest skill right now is picking the right stocks to follow.
- I noticed stocks moving throughout the day like $AVEO and $SGMO making new highs even around lunchtime. It seems anything can happen at anytime so you have to be ready to move if you want to get in.
- I noticed some stocks went above and beyond my conservative plans, I assume expert traders or those with more experience can pivot quickly to adjust in order to take advantage of the gains. This seems far-fetched to someone like me right now who wants to 100% stick to my plan, but I'm sure a year or two of screen time will change that.
Goal(s) for this week:
- Get up every morning at the same time and feel 100% prepped to trade the stocks I selected in my watchlist
- Learn how to pick the best stocks available
Profit/Loss: $0 (no trades)