GooniesTrader81

I told myself I would at least write monthly on my wall and haven't so I will do better. I'm now in month 7 of my pennystocking journey, and this month has been my largest month of losses ever. So I'm taking a small break to analyze all of my trades as to what I did right and what I did wrong. I bought the book that Jamil recommended about The Psychology Book for Traders. I'm loving it! What I've been going through in July with my losses relates 100% to what the author is saying, so I know this book is helping me. My experience account is definitely growing, same with knowledge, so eventually my trading account balance should catch up.

Join now or log in to leave a comment
GooniesTrader81

So another month behind me. Month 3 trading penny stocks. As I study more, I've noticed that my trading skills improve and my trading results for March reflected that. This month I had my largest gain of ENRJ ($232.40) but also my largest loss of POTN ($103.50) by blindly following Tim's alert. So definitely I LEARNED A LOT this month of what to do and what not to do. Only traded 10 times the whole month which is in line with my plan of 2-3 trades per week or 12 times per month. Had a net gain after commissions of $74.09, so my account is slowly growing one trade at a time with the right mindset and trading habits that I'm developing. I purchased Penny Stocking Framework Part Deux, and I'm so excited to learn much more from that. Have only watched the first 3 hours at this point. Tim posted more, so guess what I will be doing all this week at night? Studying, studying, studying. My trading goal for April is to double my overall profits from $74 to $148.

Join now or log in to leave a comment
GooniesTrader81

So I thought each month I would write a journal entry post to tell myself how I did that month. One habit that I've developed that has helped my trading is on my 40 minute drive home from work I ask myself talking out load "what did I do right? What did I do wrong?". I do this every day. I know that this daily self reflection exercise has helped me because my first month of trading penny stocks in January, I traded 19 times (42% winning) but only made $0.05 in profits but an overall loss of $264 after commissions. Bottom line: I over-traded. In February, I went back to studying more and more and finished watching Tim's How To Make Millions DVD, and watched all of his videos he sent out in February. A big take away for me in February was "sometimes the best trade is no trade at all." So I taught myself patience all month looking at the best setups I was comfortable with. In February I traded only 6 times (67% winning) and made $42 in profits but still an overall loss of $42 after commissions, but still I AM DANG PROUD OF MYSELF for trading less and making more money than my first month working towards slowly building my account $50-100 at a time. I keep telling myself that Tim tells us "1000 trades x $1000/profit = $1M". That is my marathon goal. In March I want to focus solely on buying morning dips.

Join now or log in to leave a comment
GooniesTrader81

@GooniesTrader81 just became a fully transparent trader today!

GooniesTrader81
GooniesTrader81 Feb 10, 18 6:41 PM

On January 3rd I bought my first penny stock CANN and made $58.50 (23%) profit before commissions. Boy was I excited! My excitement caused myself to overtrade all of January for a net gain of $0.05 before commissions and a total loss of $264 after commissions. Told myself I would study more and trade less in February. I want to trade cowardly and cut losses quickly.

Join now or log in to leave a comment
Page
of 1