Trades Wed. March 10th 2021 - Lessons, don't trade poorly and break rules, then get all mentally shaken out and miss out on opportunities you have been preparing for. I was a little off my game mentally from loss on BBKCF and failed to carry out my trading plan on $GME, leaving behind a lot of profits. Learned today though, big time!
OZSC exit wrong, correct price but was about 10 mins before lol
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Week one stats by trade, did not include the all in accident in the dipbuy breakdown, although I will remember and review that trade I feel it is an outlier when it comes to this kind of analysis. Could be a mistake but last week looked promising for dip buys for me, if I can become more disciplined overall.
Week one of March 21, -$4800, losses really just eclipsing my gains. Most of the time I am chasing a breakout, buying what is clearly much higher than any sane person would do. I am buying into the hype or the selloff and losing big, almost any time I buy above or near VWAP I lose money, but especially if I buy any time near a big spike, during. Need to stick to the patterns that work for me, or lose little. I also keep adding in and testing the edge of my total risk allowed. I also get to chasing and then miss the best opportunities. PATIENCE!!!!
I will not chase technical breakouts, I will not chase other people's trades, I will verify position size after placing an order, I will not risk more than 4% of my total portfolio. I will only take the best morning panic setups, I will not add in a third time if I am early on the entry. I will cut losses quickly if wrong."remember your goal is to trade well, not often"
First day of the month - wow didn't know I would slip back into overtrading so easily. Not sustainable with these gains and my small position sizing, if I was overconfident I would size up X10 and it could result in some decent gains. BUT this is looking at very short term performance - unproven yet. So I will stay small and seek to be more disciplined. Could have done better cutting losses but did better than in the past. Watching the colussussquiggly video 3 X helped.
Lessons from first month or two of trading: I tend to chase alerts / breakouts so I am no longer pursuing breakouts unless catching the news early on a small spike into a technical breakout with great action + history of great runs. I tend to overtrade - solution to overtrading is posting every trade AND making spreadsheets... absolute cure for me to overtrading. Biggest losses have eclipsed even my best trades and gains - Rule #1 ever so important. Have seen many times after cutting losses, stock not doing what I want / expect, it often tanks. In order to be successful I will need to hone in on discipline, avoid overtrading, and as always cut losses quickly! I will continue to remind myself of these by looking at some of my worst trades / best trades / best losses, but also continuing to post and review every trade.
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Thanks Ellis.
Thanks Ellis.
lets win
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I really appreciate your video... so much useful info!
Hi, I recently started listed stocks trading. I would like to trade OTC stocks. May I know which is the best brokerage company to trade OTC stocks. Thanks!!!!
thank you kyle!!!
Thanks for the lesson
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@BreakOutBill just became a fully transparent trader today!
Do otcbb stocks trade after hours? https://www.youtube.com/watch?v=vHUPWLM8o7A
:)) :))
Ok that is good.
haha
lol!
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