fastdounut

Just took the biggest loss on my small account. Lots of rules broken. Held on to a loser HOPING it would come back up. Another mistake is buying premarket again. I had trouble with another stock buying premarket before and it tanked right from where I bought it. 1. Need to stop buying PM. It's not working for me. 2. Stick to your plan. 3. Sell the damn losing stock even if you waste your BP for the day. Oh well. Better than losing 20%-30%

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fastdounut

Much needed green day with GPMT ! I have been getting crushed chasing because of FOMO and wanting to grow my small account with corona volatility. Today was the first time I showed restraint and not buy a random breakout. I almost bought $MFA's break out and would have gotten rejected right away. I told myself yesterday that I need to wait until the stock moves and holds. Let's see if I can keep this going. I don't want this to be a one-time thing and then I go back to my old habits. Something I tried new was building a watchlist premarket instead of the day before. I have a habit of making the WL the day before and then just never trading those stocks because of the new runner for the day so I don't see a point.

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fastdounut

Update from my last post. After reviewing my mistakes on my trade with HOTH, my thesis was correct with that stock. I didn't realize it because it moved so fast but I was up a maximum of 61 cents a share from my buy. I did sell a small amount at 30 cents a share profit to lock in some profits but should have sold half or the whole amount. Since my account is small, getting 30-60 cents a share is huge. Especially when I am only getting 1 trade every other day in my cash account. My emotions got the best of me because I haven't been able to make money like most during this corona volatility but messed that up today because I wanted "MORE".

fastdounut
fastdounut Mar 23, 9:05 PM

I wanted HOTH to keep moving up and sell small amounts along the way. I had 120 shares and sold 30 at 30 cents a share. Since my position is so small, just sell half or the whole thing honestly.

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fastdounut

Another red day today. I had a good plan and didn't go with my plan. I had stocks on my watchlist that I was tracking premarket. $MEDS was one of them. Had the key levels drawn out and thought it might rip out the gates. For some damn reason, I decided to focus on HOTH. It was a virus play so I thought it would move once volume came in but ended up gapping and crashing. I was up like 30 cents at once point but was expecting a much bigger move up towards premarket highs. Yes, $MEDS could have crashed and HOTH could have been the big move out the gate but I rather go with my plan and cut losses than pick some random premarket mover.

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fastdounut

Being able to go in and out without wasting a day trade or buying power, since I'm using a cash account now, in a paper account is so much easier than live trading. That is one thing I am struggling with. If I am wrong, I have to wait for my cash to settle in 2 days. That is messing with my strategy so much. Held on to a losing position because I didn't want to waste my buying power. SMH

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fastdounut

APRN at 19$ today. SMH. That little back to sleep nap cost me a lot now. The plan was to hold that position for the ride multiple days if it held it's gains because the float was 38% short. I knew the short squeeze was coming with the beautiful chart set up. Since my account is a cash account, funds will settle tomorrow. Also, I have a really small account so I need to fund it to 2k ASAP.

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fastdounut

Man, I had APRN on my watchlist, starred up, with the number one stock to look at for the next day. I wake up at 5:30 as usual but with my work schedule , went back to sleep because I was "too tired". Well that back to sleep nap cost me about a 26% gain on my account. Just wake up... Would have traded the first 30 mins, hit my goal and went back to sleep. So frustrated. Instead I made 2% on $INO

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fastdounut
1
fastdounut Mar 11, 10:07 PM

paper trading is the way to go when you are new man. I was the same 5 years ago. I blew up my account like 3 times. Now this year after studying, I said F it, I'm going to paper trade until I am profitable. It really does teach you the setups and price action. If you can consistently make a good amount of profit per share, then you can use the same skills for real money. Focusing on the best setups and maximizing your profits is all you should be worrying about. Worry about the big bucks later.

StevenHoechstenbach
1
StevenHoechstenbach Mar 13, 10:48 PM

Totally agree with you. My biggest weakness is longing setups right now so going back to the drawing board and tracking some different stats with paper trading again. A big reason I struggle with longing right now is that I still need to become more comfortable with dip buying into weakness. It's a current mentality that holds me back quite a bit

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