Do you ever just feel like giving up on this trading thing. Trades are not working out as you thought they would. You work very hard on a trading plan and you think you got it and then the trade goes against you right out of the gate so you close it for a loss and you don't feel so bad but then the SOB stock go's super nova and you just want to hang yourself, metaphorically of course, then you think to yourself, If I would have just held out a minute longer.
Does it seem like whatever trade you enter whether its long or short as soon as you enter into the live trade the price action suddenly turns and goes the opposite way of your trade, grrrrr.
Well join the club. You are among a large group of people that have chosen this course that have had those feelings and experiences. You study so hard your brain gets bruised, you watch so many videos that your vision starts to blur. You spend more time with your trading station than you do with the family that you become a stranger in your own home.
Well my fellow trading enthusiast if you ever thought you would get this trading thing quickly because you watch one of those BS YouTube videos showing some young guys riding around in a high priced car tossing $100 bills around and saying that this could be you it's easy just sign up for my program and in no time you'll be rolling in $100 bills just like me.
NOPE, it won't happen. I've checked out a few other penny stock trading mentors on the internet and they have their niche in the world of trading but for me Sykes is the only one that tells you how it is and that is Study Study Study and then more Studying.
The problem with learning how to trade penny stocks is that unlike many other trades that are tangible, trading these penny stocks isn't cut and dry you can't touch it there is no hard set formula that takes you from A to Z. In my opinion and mine only and I am no mentor or guru by no means but I think it takes an abstract thought process and incorporate that into your historical analyst in order to come up with a legitimate trading plan that has a high degree of success.
You definitely need to view each ticker with an open mind and start out looking at the charts with a broad view, analyzing the price action movements and how they correlate with the financial fundamentals and market sentiment not to mention the effects that the SEC and social media has on the most current price action.
And therein lies our dilemma as penny stock traders, how in the world do you figure all of that out, hence the Sykes Mantra of Study Study Study, there is absolutely no short cut. You need to devise a strategy of studying that will give you the highest rate of market knowledge that you can apply to a trading strategy.
Sykes recently posted on Twitter that new and seasoned traders need to have patience when trading and that in my opinion is a hard fast rule. For me that means to utilize what I deem as the safest entry point to enter into a trade and that might mean missing out on some good trades because my rule is to wait and let the price action come to me and not me go to the price, of course I have broken that rule from time to time just to be taken to the proverbial wood shed.
Patience is not a natural trait in most of us, we want it now not later. But when it comes to trading patience is a virtue highly sought after yet difficult to attain at times. We can start out with a trading plan that you might consider is solid but you find yourself staring at the Lvl 2 and the charts and then FOMO hits you and you try to fight it but then the dark side over powers you and you loose your patience and enter the trade outside of your trading plan and it goes against you. The market can be merciless and unforgiving in circumstances like that.
Do not despair my fellow trader, whenever you are thinking of giving up keep in mind that this trading thing is for real and in saying that it will take a lot of studying and a lot more patience to become consistently profitable. Market knowledge can be expensive so it is ultimately mine and your goal to reduce that expense by immersing ourselves in all the lessons available to use on Profit-ly, Sykes videos and the videos of the other successful traders and any book endorsement that are mentioned.
Here is a little trick I have learned about myself when trading, If I am a nervous wreck when I enter a trade then something is not right with it, I've missed something even though I think I have covered all my bases. When this happens I close the trade no matter which way it is going and will sideline myself and regroup my thought process about the trade and more often than not I find that I missed a very important level maybe a year earlier than I checked before or a more current news/PR just posted something was amiss with the trade. My best trade setup is one where all the planets are in line, the tide has ebbed, the wind is out of the north and the toilet paper rolls from the back side not the front and price fell into my web and then I can feast on the profits to be had.
As always fellow trader may you have a profitable day