I guess I should introduce myself as this is my first post on Profit.ly. My name is Stefan, I have been studying for the past 2 months. I became really interested in trading from a friend at work. Once I watched my first video lesson on YT I became addicted to learning about the stock market. I am currently still saving money to fund my account but as of right now I have a Robinhood account (Trust me, I'm leaving this broker as soon as possible) that I funded with $300. This is mainly to test the waters on everything I've learned so far. My first trade was last week on SORL. Horrible trade. But, I learned so many things about not only the stock market, but myself as well from losing this one. I took a tiny position at only 12 shares, I thought I was going for a dip buy, but little did I know I had no idea what I was doing. I was at work during the market open because we were really busy and I was starting work earlier than normal, not an ideal time to trade. I also went in without any sort of game plan other than convincing myself I was going to NAIL this dip buy. I'm extremely happy that I lost this one for multiple reasons. 1. When you trade based on emotions, it will likely turn into a disaster. 2. We've all seen what has happened to the Cleveland Browns over the past few years and when there wasn't much logic being used the results were clear at the end of every season. No game plan= No trade no matter how much you may miss out on. 3. Watching morning panics happen more and more is the best education you can get. When I was watching Tim's videos on morning panics I thought I was really getting the hang of the concept. Tim is teacher and will help you further your knowledge of this market. It's up to you to execute his teachings! Completely different ballgame when you're betting your own money on it. The one thing I did right was I cut losses quickly and didn't let this thing go completely against my position and I'm glad I did because it dropped about 45 cents below my cut loses point.
Now to the good part. I've been making game plans every night before I go to sleep since that loss as to what stocks are on my watchlist. Today I realized the potential of a good game plan.
SPI $1.38- Ended day around it's base in the $1.30s. After hours its back up at $1.46. High of 1.87
Had 3 green days dropped for 2 days before it picked back up. High of $2.40 on last run up. Needs to break above $1.50 to possibly break out again. High volume, 54.12 mill float. UP on no news. Premarket spiking above $2.00 6/1
Now I didn't write down how I wanted to play this one, I woke up a little later than I wanted to but I did catch the PM news and it's spike. Right at market open I watched the stock tank down to $2.00 and quite honestly I panicked and didn't buy the spike. It spiked up to a high of $2.35 within the first three minutes of market open. I didn't get down on myself for missing it because it was yet another learning curve for me. Then I watched it dip back down to the 2 dollar area and hold. I bought at $2.08 set a mental stop at $1.95. Watched it go against me at $1.96 then it spiked up to $2.15 and I sold my 45 shares. It did go up to the mid $2.20s, but with how this one played out I got out as soon as I was green. This one had me on the edge of my seat but I stuck to my plan and it worked out. I'm still not impressed with my abilities on this one. In my opinion I should have watched the weakness for maybe another minute or two and see if I could catch it on a little bit more of a dip. I did somewhat trade this emotionally again, just in better control of it this time. The morning panics in the first few minutes have constantly been the strongest dip buying patterns and I'm learning from studying the past that that is almost always the case. Sure, I only made $3.15 cents on this trade. I'm not worried about the profits as of now because once I can prove to myself I can control my trades I will be adding more into my account, just with a different broker, and I can take bigger positions. I'm happy with the green trade today, although I understand that I need to REFINE, REFINE, and REFINE these processes to really take control of my trades.
This is more so for myself, but if anyone has a comment feel free! Happy trading and good luck to everyone out there! Never stop learning, dedication is the key to success!