So today was pretty good, as far as practice and experience go. My bank account didn't move a penny, but my knowledge account grew. I'm an Electrical Engineering student, but I know I would much rather take the path Tim Sykes has paved for his students.
Today my main watches were $SARA $SGMD and $GRVY, in the morning. The pot stocks were all looking like they would go down, but I had my eye on $SARA. I was busy with school stuff yesterday, Senior Design, so I completely missed $SARAQ. I had a feeling this stock would surge this morning because there was so much interest last night for this morning, and it's coming out of bankruptcy.
I was watching $SARA and $SGMD the most this morning. I was watching $SARA like a hawk. There was no history, that I knew of, to base entry points on. No support or resistance levels. I knew I would be flying blind here, but 9300% the day before was too juicy to ignore. I thought .38 would be a good entry point, based on level 2, but the price dropped at first. Then all of a sudden someone bought a lot of shares and the stock blew right past the b/o at .38 and I didn't want to chase it. I mean, it gained 30% in 2 seconds. Would you chase? I then started watching for a pullback, but it flew to .70. I did the math real quick, that could have been a gain of 78%. That could have paid a lot of bills, and I could buy my own TV so I don't have to keep doing my roommates dishes haha. $SGMD didn't really do anything, so I ignored it.
Then I noticed $GRVY was inching closer and closer to the b/o point at $12.25. Again, I chickened out. I keep hearing my mentor's scared little quire boy voice saying, "trade like a coward" lol. I had plenty of time to get in at $12.25, but I hesitated again. Of course, $GRVY surged. The gravy train made a lot of people, a lot of money! Good for them! The stock even had a price halt because, I'm sure, everyone was thinking the same thing I was, "Come on gravy train! Hit that $12.25 b/o point!" The stock surged up to $14, I could have made 14.3% on that. I could have also shorted it up at the top, because that was just a ridiculous move and only happened because it broke the $12.25 resistance level.
And finally, I took my eye off the pot stocks today. $CNAB would have been an excellent short at $2.26. That was a multi day support point. The stock hit that support twice yesterday, so I should have recognized that was a great indicator to go short.
I missed a lot of opportunities today, again, but that's not really the point. The point is, I grew my knowledge account and that will pay dividends in the long run. I'm getting better and better at understanding what a stock will do and why. I'll keep studying and keep practicing. I get up at 6am M-F and 7am or 8am on the weekends. Daytrading and daily motivation from Tim have really changed me and given me hope for the future. I really like this and it gives me a good reason to get out of bed in the mornings. I'm in it for the long haul!!! It's already been 4 months and I'm sooo much better than I used to be! Thanks Tim Sykes! I really feel like you genuinely wanna help us!
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