Today I made two trades.. The first one is one that I shouldn't have even made and the second I got too impatient and got out just right after to see the stock do EXACTLY what I thought it was going to do.
-First Trade - I bought 100 shares of $PSTR at $5.65 and I was out after it broke multi-day support at $5.42. Ideally I was looking for it to squeeze but there just wasn't enough volume and I've been trying to stick to the rule of only buying after 3pm EST because the majority of fakeout breakouts that I've been in tried to break btween 2-3 in the afternoon but then it'll pull back and I'll have to cut my losses.
-Second Trade - I bought 700 shares of $BLFS at $2.19 and sold at $2.17. I was anticipating an afternoon squeeze because the only reason I could find for it being up was earnings. It had a long fade all day then at 3pm it started to hold 2.15 and change it's trend. It held till 3:30pm then squeezed upto 2.30-2.35 area where it got choppy so I would've gotten out but I got out too early. Atleast I was right there with the tought process...
~~TAKE AWAY LESSONS~~
-The rule that I shouldn't try to but before 3pm just keeps proving itself right over and over. Instead of anticipating the move like $PSTR and wait for it to come to me more like $BLFS.
-Stay away from stocks that aren't liquid enough because for the stock to make the type of move that I would expect, it's gonna need some decent volume.
-Create a plan AND Stick to the plan!! Whether it's having a plan and getting emotional and holding past my risk level or... like $BLFS not holding long enough to let the pattern play out. Especially when it hasn'e even touched my risk level. I think I got too scared that it was going to squeeze because $PLSR didn't but in all reality I just anticipated it realy waiting for it to show me.
Please if you have any thoughts feel free... I'm always looking for advice, concepts, and ideas to get better!
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