I've learned more stuff today.
I held VYST overnight at .14 and it was a mistake. I had no ground for my decision. A theory, I suppose. It dropped on me before market closed yesterday and I didn't get out like I should have. This morning, it bounced back up (as I thought it would) and I sold at .13 so the loss wasn't huge, but it could have been. Plus, after brokerage fees I basically paid $12 to lose about 10%. I do not like that. Pain is an excellent teacher.
Speaking of pain being an excellent teacher... I bought CRMD at open. My P.R.E.P.A.R.E said it was good, but I am an amateur so... I came in at $2.45 and while I was busy winning with BCCI, my CRMD crashed. I sold at 2.40 I'm glad that it bounced a little I dipped at 2.40 and sold at 2.49 so that was cool, but of course it kept going up. Two things:
1. ONE TRADE AT A TIME
2. DON'T FUCKING REVENGE TRADE. THAT MONEY IS GONE. LET IT GO.
But I did have a great victory with BCCI. It wasn't on my chart this morning, so I didn't PREPARE, but I did glance at the chart when I saw the news and didn't notice anything horrible. I had about 3 minutes to consider it, so I went through the checklist REAL fast in my mind and decided the catalyst (Supposed Amazon deal) was sufficient to spike the stock. I got in at .03 and out at .05
Not too shabby! My first win over 10%! So, I broke even today.
And that's my 3 trades for the day. (2 on CRMD since VYST was overnight and 1 on BCCI.) I was surprised how hard it was to not keep playing. Good lesson there, too.
I know there's a function for posting trades, and I want to show, share, and review my learning curve, but I want to keep my real money trade track pure. So, I'm going to keep blogging my papertrades so as not to taint the sample.
Alright. Happy Trading, all. I'm gonna go make some gauntlets.
Oh! And here's a picture of my PREPARE. Please feel free to comment with tips, questions, etc.
Quick bounce on that one, and nothing but new lows after that so good thing you got out. I've heard of success in overnight holds but I don't know how. I guess getting in on a solid news story before most people catch on would work. Or maybe after first day of a sector mania when some gains have already manifested?
Yeah. Looking at it now, down nearly 50% Wow. Did you short?
I did not. Although I do see that the 13th of February was the first red day after 3 greens and it was a huge panic, which sounds like a good short candidate, however I still don't understand the timing of when the short order goes in. TOS has not been very helpful for shorting anyway, so I am just on a cash account until I break PDT
@jspinoza3 Margins and Leverage trading are dangerous AF, especially without PDT rules. Here's how I think the timing on shorts work - keep in mind I'm an amateur and I haven't practiced shorting at all. When the set up is right, the price will climb to its peak (usually a resistance level). You know it's not about to breakout when the chart goes sideways and the volume dries up. If too many people short it'll breakout into a short squeeze. So be careful.
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