Try tracking all 83 of your trades on an excel sheet. Categorize them into different buying strategies. (dip buy, breakout.. etc.) then do the same for all stocks you find on your scanner.
@TradeSmall How long have you been trading penny stocks for?
Not long. Started the Pennystocking with Tim Sykes in 2016/2017. Didn't trade for a few years, just got back in the game end of Feb this year.
just always remembering rule #1, even if it costs you a day trade, doesn't matter, just cut losses. that's the first thing you HAVE to get down. Being able to just CUT IT! With that, comes the patience piece. It's always fun to think about chasing a home run, but there are slower, smarter ways to grow. I all you made is $100.00 for the week it's better than ANY negative. hope this helps.
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Appreciate you. and oooohhhh trust me. This is why I trade. I'm the fucken Gladiator.
With all these plays its easy to forget about the PDT.. same thing happend to me this week with Etrade. Definlty a huge learning lesson. We will definitely bounce back
Oh for sure! I'm glad that I'm able to coach myself and correct the behavior! Definitely looking forward to next week!
"... I didn't cut my losses because but I didn't want to 'waste' another day trade..." That was me Friday, my 5-7% risk turned into a 26% loss. LOL
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I don't recall hearing Schwab recommended but I am quite satisfied. I use their StreetSmart Edge app. It is exceptionally versatile. My only beef is that there have been a few times when Schwab was unable to get me the stocks I needed to short. When I can make enough money, I plan to use an additional broker as a backup but still using Schwab as my goto app.
Thank you guys for giving me options i really appreciate it
etrade for long, cobra and speedtrader pro short. im no us resident, so i use IB. im happy with it, super stable and fast, but pay some commisions.
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That is a market maker balancing their books. OTC stocks do not trade afterhours.
I thought so lol. Thank you!
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When entering a trade, it helps to have a stop loss price pre determined just in case things don't go my way.
You are right - reacting to price action is better than trying to meet your expectations about a trade.
MYSZ failed morning spike got me too, and I didn't even chase but got an excellent entry. There are times where you should be patient and there are times where you shouldn't.
thanks for the replies, good info!
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Good post, thanks. Your last comment was needed. Would you do any vlogs?
I trade small and comfortably until I've proven myself to myself with performance consistency and by account growth.
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@Kharidouglas just became a fully transparent trader today!
Welcome aboard bud!
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Great analysis of your own trades. Just a quick comment on #4. Would you have been able to see this stock on your scanner the prior day? And would you have known it would spike?
Yes. I did scanned the day before and had a feeling it still had room to run. 52 week chart looked great. Very bullish. I'm just a rookie and learning the fundamentals. Knowing when to buy is important. If you can't get a good entry, then it's hard to make any money.
I see. I totally agree. Good entry also means lower risk level
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NVAX is a Healthcare Sector stock and in the Biotechnology Industry. https://finance.yahoo.com/quote/NVAX/profile?p=NVAX
@TradeSmall Thank you so much for your help
@hr_tetra Thank you so much
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Thank you for this post. This is the pattern I like the most as well. I did not know it was called ABCD. Does Dux have any video lessons out?
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@williammorris16 Yeah, thank you. I guess it does really come down to being a new trader. 1. my confidence isnt great 2. Im not properly planning before trades. Thank you for the help.
I miss dozen of them a day. You can’t trade them all and you need accept the idea your eyes can’t be everywhere. If you miss trades on stocks you are watching closely then its another problem : you might have the fear to pull the trigger when things are setting up. That means you’re most likely not prepared enough. Prepare your trades more. If the things you’re looking for are lining up, you shouldn’t be hestitating. Try visualization. Be in the trade even before it actually happens. Good luck
don't focus on what you've missed. that'll destroy you. focus on opportunities.
Having a plan will help. I had the same problem and got pissed off i kept missing opportunities so i wrote this blog: http://profit.ly/user/TradeSmall?id=2713354
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Very helpful information and reminder to always have a plan in place before the trade. Love the examples as well
Thanks dude!
Good stuff man, i like the having a plan before you enter a trade, most importantly is having a stop loss and knowing how much ur risking at that stop. So thats one of the first things i do. Draw out support/res. And find the percent diff between my entry and my stop. Then i choose how much money im willing to lose at that stop. So the equation is "Risk '$' diveded by risk percent. That will give you how much money you can enter that trade with to lose that amount at that percent.
Thank you for your tip. I agree 100%. Once risk is figured out along with the support level, it's very easy to get out of a trade without having to think too much
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Damn, it definitely could have been worse! Glad you identified it quickly and cut the losses before it turn into a disaster...
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@rabueton just became a fully transparent trader today!
Welcome aboard!
Thanks, excited to be here!!
hmm...video failed...3Q earnings report Mar 30.. almost 340M shares changing haaands...whats in the news?
I don't trust it. I seen what happened friday but I also remember what happened like a month ago when all shipper stocks randomly started pumping one morning and within 2 hours they all dumped from green to red into new all time lows. Be careful.
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