Today was a good day! Once again finished with all winners (2 small ones and 1 decent one that I will discuss below). I took it easy today with the goal in mind of making $170 to put me over $10k in profits which is a goal I have had in mind for a couple of weeks. Today, I did it! You can read my previous two blog posts here if you missed them:
http://profit.ly/user/Ike/blog
Anyway, the best trade I made today was a $130 $EYES play, which I realize isn't huge, but it is higher than my average winner so I am happy about it. This was really not a great play but it highlights that one can make money very simply by waiting for the right opportunity. I know a lot of people have problems with overtrading so I want to suggest just keeping smaller watchlists (i only watch 3-5 stocks at a time). Anyway, here is the trade and my thought process below:
I actually alerted in the chat room that I was looking for a dip buy on $EYES about 10 - 15 minutes before I decided to do it. The price had been down trending all day, but had a bullish 5 day chart which I often look at when trading stocks. I didn't want to rush into buying because there was a lot of pressure going down and I wasn't sure how far it could go. Thus, I waited for a higher low. On the pic, you see my entry was where i found support at 15.25. This was the higher low I was looking for! For this trade I had a very conservative exit area because I saw a lot of resistance on the day's chart. Thus, I played pretty big size, got an average buy at 15.26 and sold quickly under resistance in the low 15.40s. Again, this is not the greatest trade, but it shows that if u have a good idea and a realistic goal, there is no reason to not be profitable in the stock market!
Thanks for reading! My next goal is to reach $25k in trading profits. I have no idea how long this will take me, but I WILL NOT STOP UNTIL I HAVE BECOME A GREAT TRADER! Follow me on this journey. Let me know if you like my blog posts or find them helpful so I decide to keep doing them or not.
Great job Ike!
$axpw looks like its hot again this morning. Gonna watch that one.
Super!
Congrats! Keep up the good works.
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