I was in on this one at 1.92, sold yesterday near EOD at 2.15, i thought i had seen the end of its run looking at the L2. Had reached 2.65 that day but i failed to take P because i thought the same as you.. should have been more patient...
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i was so gutted that i had my scanner set to 0.01 minimum, by the time i found it, it was too late, still 40% gain isnt bad either but wow what a monster. wonder what it will be like tomorrow
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I thought having tight risks are good for protecting small accounts, because one good trade can wipe out your losses. Anyway how are you planning proper levels of risks?
I base my entries on support levels now. I use an area where if i were short, i would enter as my risk. my goals are set to a combination of trend spikes and resistance levels minus a few cents in case of failure. I have a custom spreadsheet i have designed that i use to calculate weather the price points i enter make it a viable trade for me.
Starting with my anticipated entry price, my dollar value of position, that calculates the ammount of shares i enter. Then i have 3 "key areas: where i input the goals determined by the above mentioned and the risk as well. this auto calculates my risk/reward and generally if its worth the time and fees associated with the trade.
And as for the opening my risk, it allows for the trade to play out. +/- 80% of my losses are accounted for closing out a position too early (tight stop) as they all had played out for gains had i stayed in longer. I would be up substantially had i started doing this earlier. lessons learned.
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I had a mental tally of what i would have had gained today if my plans excecuted properly and i adjusted my trisk, somewhere between $800 and $950. That would fix this lingering RED feeling my chart has....
check out my video on these stocks, don't make plans and just react to price action. making plans without taking in price action will help you pick the wrong stocks to trade
Just got started on here. Where do you guys go to get news on potential stocks?
@aidan222sharpe aiden nice videos!!!!!!! you got yourself your first stalker
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