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Monthly Trading Performance Reports
So for February I only placed 5 trades and all 5 trades were losses. Weird month for me considering i found this month to be a really good educational month yet it was my worst financial month to date. Almost all my losses were just dumb mistakes. The first trade was a short in the afternoon on $APHA and i don’t ever short and it was just unnecessary and thankfully i cut it as it was coming back for a 1 cent profit on 100 shares ($10 stock) so my etrade commissions made it a loss, if i had a ton of shares it’d be win but that’s beside the point. My second loss was one week later and a lot more dumb. It was when all those penny OTCs were going crazy (that has never been my skill-set). I tried to buy $CETY as it was falling thinking it was gonna do a double-bottom but there wasn’t even support at where i was buying so idk where that “double-bottom” idea came from, so i bought (with full size of $1000+) and it immediately dropped and i had to cut for a way bigger loss than i wanted, i got in .1019 and out one minute later at .0912 for a $122 loss (-11.85%) My next loss was just stupid, I tried to buy just 100 shares of $SOLO the day after it ran up big https://imgur.com/a/bUsizqd . I didn’t fully mean to place the trade, like i had the order pulled up and i clicked on the submit button and held the button and i tried to drag my curser to the side and not submit it but it submitted and executed immidiately and i was like okay sure i’m in it I think i just had FOMO because there was multiple plays that i had missed the past few weeks and i just really wanted to nail a play and i had wishful thinking that $SOLO would keep going and run huge again even tho it was the second green day and it was soooo overextended. https://imgur.com/a/NVzCdJN But nevertheless i bought 100 shares just in case it spiked and my plan was to buy another 100 shares at a lower price if it fell and i swear i was in some state of oblivion because pretty much the entire time i was down money and like the loss was just unreal to me and i just watched it go down and i was just thinking about buying another 100 shares and then it dropped a lot and i was thinking, “should I buy 100 more shares or should i sell my 100 shares” and then it collapsed and halted and i said during the halt that i was gonna sell as soon as possible but then when it unhalted i wanted to try to give it a minute to spike up instead of selling and sure enough it fell more and i finally cut the loss and for the first time ever i lost over $1 a share and lost over $100 on less than a $700 position. Those were just dumb moments that i wont happen again. My next loss wasn’t a dumb trade, it was just a dumb mistake. I tried to buy the morning panic on $CLSK and I hesitated before placing my order (300 shares at 4.66) and that caused me to not get filled. It then went up (i could’ve made money if i didn’t hesitate) and i FORGOT to cancel my order and i quit watching the stock and then like 20minutes later i saw on my phone that my order had executed and i quickly pulled up the ticker and i looked at it and i was already down 6cents and i thought it might be about to bounce but i thought it would be bad discipline to stay in the trade especially because i had gotten sloppy and lost on my $SOLO trade. And so as i was thinking i should get out of $CLSK it dropped another 2 cents and i immidately sold for a 8cent loss and it wasn’t bad. $CLSK minutes later went up and i could’ve sold for a profit, but that wasn’t my trade plan and so i didn’t really care. It was just an accidental trade that i was able to get out of with minimal damage. My last loss was yesterday and It was me playing the $SHMP morning panic, this by far was my best loss, here’s why. Throughout this entire month there was a lot of plays that i wanted to trade and almost traded but simply didn’t because of my fear of losing more money and lack of confidence. Almost every single one of those trades i wanted to take that i didn’t would’ve resulted in at least 10% gains and so I’ve really been trying to place orders when i really think i should. So i had set an alarm on $SHMP way lower than the price it was at so i would be alerted if it panicked and sure enough it did so i started watching it closely and i saw the reversal and was like oh shoot is this it, this looks like its it and i hesitated then it jumped up in price and i was like screw that im being apart of this and i placed an order at .35 (the bottom was .32)(a 9.37% difference) and i was really happy i was in the trade (2000shares) even tho i had chased it a little but this stock has bounced a lot so many times so i was fine with the little bit i had chased, but then it dropped down into the .32s and i wasn’t expecting that and i didn’t want to be apart of its panic so i sold, literally my sell was $0.006 from the bottom and then it bounced to .4 in less than 20minutes then later came down to .35 and went back up to .425 and ended up closing at .405 SO i was so close to nailing this play but chopped it up and most importantly i placed an order when i thought it was a good time and it really wasn’t that bad of an entry although it could’ve been better. All in all i lost $348, my worst financial month by far but yet if i traded all the times that i wanted to and should have but didn’t due to lack of confidence or fear of losing more money then i would have came up hundreds possibly over a thousand dollars, and thats what i’m really happy with. Today i should’ve traded $BPTH see here. https://profit.ly/user/Jakestocks52/blog/how-i-went-about-trading-bpth-i-never-did-trade-it
I think that very very soon i’ll trade when i think i should and i’ll make money which will give me my confidence back and make me less scared to place trades again and i’ll start making a decent bit of money rather consistently. I think the number one thing i have to work on is not being afraid to take the risk when i believe that a trade has good odds and good risk/reward. I truly believe that i have enough knowledge to trade and be consistently profitable like in December and January but as long i need to keep doing better with my patience once im in a trade (which i think is getting better but i need to trade more to really tell) and once i’m doing trading when i think i should and i’m patient on those plays then i’m gonna start growing my small accounts.
Now of course I have sooo much to still learn, but i’m fairly confident that i know enough to make money consistently.
Once i can get this mentality and i’m making good trades again then i definitely want to try and expand my skill set but for now i should focus on dip buying Low Float spikers and morning panic dip buys. I think that i’m gonna try to trade in the afternoon as well as the mornings, but for now my number one think i’m trying to work on is my confidence and placing the trades I am fairly confident in.
Now this was a lot longer than my last one but i feel that i had much more to explain and learn from this month. I am still 100% confident in my ability to do this for a living and make millions. Absolutely no doubt in my mind about that and I am so happy to be doing what i’m doing and i’m very proud of how i’ve managed to maintain my thousands of dollars and only be down hundreds and not thousands. I know my breakthru is right around the corner and I truly feel that i’m like halfway around that corner. Very very excited for the upcoming months/years.