Played SBET and EBET today. Sold both too early but made up for the stupid play from yesterday. Early morning breakouts have been good for me. I'm basically playing premarket low float top gainers. I like when they have retracted a bit and are heading back towards their premarket high so I can play for the breakout.
Made a good trade for a nice gain. Then got sucked into a failed breakout on HLIS and didn't cut my loss. Instead, I averaged down and was given multiple opportunities to take small profits. But I didnt. Instead. I wanted to make money because I have a cash account and it would take 2 days to settle and use again. I always get into trouble because I only have 1 day trade left or no more cash settled. Can't wait until I'm over PDT so I can trade freely, in and out.
Stayed discipline. Took one good trade today. I learning that the "Cup and Handle" pattern might be my new favorite., or basically any pattern that curves on the bottom then retests a high. It allows me to see the curling upward and take a good position risking off of the bottom of the curl and aiming for a target of the high retest for a breakout.
Today, August 14, 2022, I'm at 55 wins, 55 loses, -$1205.80. I have had some good gains, but bigger losses. I can be positive with less than 40% of wins, but I must have bigger wins than losses. I've sized down dramatically, sometimes, just one single share. I'm focusing more on the process and making sure I'm getting good percentages on my winners.
August 12 Watchlist 1. AERG- Watching for a big panic.. overextended on 6 green days... if it continues up.. I'll consider the breakout at the multiyear high... 2. IBGR- getting toppy.. backside of move approaching.. watching for panic for a dip play... 3. IPRC 4. MYLF... 5. IPNFF - First Green Day, volume, news A
I am not a good one to ask about risk as I'm currently in a 1-year experiment where I don't care about risk generally because I only trade OTC former runners as they usually run again and I'll always get out for a profit. I have 467 consecutive wins with the strategies outlined in my 10/31 & 2/27 blogposts. I also have 47 open positions! When I learned that Jack Kellogg had 60 open positions, it made me not worry. What I've learned from Sykes and other mentors over the past year, if buying a dip buy, you might commonly cut if it goes below LOD. What I've learned is that, as long as I'm buying former runners as daily Big % Gainers with Volume, if it goes lower I'll usually do another dip buy and then hold. My trading weakness isn't cutting losers... I proved I could do that quite well as I lost $15k in my first 15 months as a trader ($7.5k to start in Tim's Challenge). My weakness is greed and that's what I'm focused on until Sep... learning how to shoot winners before they fall back below me. Back to your question, another way I've learned from Sykes and the mentors to cut losses is when the price falls below a strong support price. You can always find those by looking back at the 2-mo, 3-mo, & 6-mo charts. You'll see me in Challenge Chat calling out the support prices because if I'm up 10% profit or more, that's how I decide to get out is when the support prices break... then I get out on the very next bounce.... this helps me with my greed problem.
nice analogy for one year with Sykes, I'm around the same time as you now , but still figuring it out, good post thx
I just came to check your trades after you told me about PUGE today, 4/6/22. I wondered how you were able to hold through a roughly 15% at one point. Interesting concept! I'm definitely going to look further into this! Thanks.
Hi Troyman I got a work day off figured look at the market. Had not been trading in a while but my co worker got me started and looking again. Had some expensive plays not and some OTCS. Overall some wins and losses but nothing to major. Two decent wins on VAPR. Since I work 9 to 5:30 hard to trade but I do what i can. Thank you for the karma.
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I stalked this low float ticker after it was already very extended, but still liquid. I watched it come down and hit a key level at $4 then climb over $5.15, so I stalked it for a while and noticed it was forming an ascending triangle and knew another big move could be ahead. It suddenly jumped form the $5 to the $6 in one candle. I stalked longer and it suddenly dropped back to the $5 level. I took this as a sign that it was about to make another move, but unfortunately, I was wrong. I took position and it dropped. I should have cut losses quicker, but this was my very last day trade and I wanted to be sure it wouldn't reverse and perk back up. It didnt.
@JJackson just became a fully transparent trader today!
Thank you for making this video Ellis. Your children are truly blessed to have a role model and father such as yourself to teach them what hard work and the right mindset can do over time and in overcoming challenges. Thanks for all your help and in giving back to the community.
Thanks ellis
good stuff
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Good one. I'm still struggling with taking small gains..which eventually turn into losses.
Thanks Big E.
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