DISCLAIMER: this is mostly for me. You probably won't learn much from it
Yesterday was awful to watch VLTC skyrocket. People talking about making 4-5K or some people who were in it since 2$ and still in it at 13-20. That's ridiculous and congrats. However as always fuuuuuuck.
Today I was greeted with a vid in my inbox titled How to think during a losing streak. What I got from it is that, if you do what I was doing and "punish" yourself by not trading near sure things then that's the wrong attitude. I do still think stepping away is a good idea at times but like i said: I'm an addict and any little thing could have let me off the hook and back into trading.
So I took it as an omen that I could/should start trading again. I'm happy to say that since watching more dvd's things seem to be clicking again. At the very least I am not rushing (too much) and I can see patterns clearer and have a better understanding on what will happen and when and am not as controlled by my emotions...so far.
This brings me to GBSN. My first trade back. I saw a breakout +cup and handle in the early morning and wanted to get my feet wet with perhaps a little scalp. I knew that the top would be $6.15 but I had high hopes it would reach that when I bought at $5.84. Quite a ways above the support line but I think I had a plan. When it broke 6 a few minutes later I loved it. But I keep hearing Grittani's words from one of his webinars. He said that usually things don't break big on the first try. $6.15 is the highest it's been in months so i knew it wouldn't crack and took a little money at 6.05 as that was where it was high-ing. It was looking to dip and so I was looking to sell but fat fingered it and bought instead. I sold not too long after and since it's all small positions my $50 profit turned into $15 after taking a small loss. Still good. Cut losses quick and paid myself on the way up. A solid, smart trade that I adjusted to well after a mistake.
I then also saw that later it was looking to go head and shoulders, a pattern that caught me for a loss a few weeks back. So I was ready. The mistake I made which I will correct was that I planned to buy into the next shoulder and sell at its peak or near it. Got in too late (5.50's) with another fat finger mistake (only bought 100 shares at what i wanted and had to buy in again). As it started to fade a bit but was still holding, noon arrived.
Noon is always the worst period of time for me. People sell out like idiots (i call them lunch time idiots or LTIs). It always creates the most volatile time for me because things could be going one way and they seem to turn the tides. Luckily I noticed this at 11:58 and was prepared for what would happen. Tank. Expected it though. It was, as I had predicted, the shoulder. I was calm and didn't yell or break a table, as custom dictates, I simply saw what would happen and with my new found patience and calm waited for the stock to tank. It was too late for me to get out without a terrible loss and I expected it to go near $5 or at least the low $5s. I re-bought at 5.22 bringing my avg to 5.41-ish. Now I'm just holding until I the pattern emerges. I still expect it to hit $6.15 or more in the day or the next few. I've made money in the market for years as an investor so patience is my virtue. I just have to get used to time frames in pennystocks. I would flip/panic if things didn't work out in a few minutes or an hour, I know now there's a bit more leeway. I wish me luck. I'm currently down 5c/share nearing the end of the lunch break.
All this writing probably saved me from selling for some serious losses as well.
Update: I found out GBSN's IPO was in oct 2014 and though google finance says it's all time high is $9 i can only see it at 6.15 on charts but there's a report that says it hit $7. So it's nearing what I'll call all time highs to simplify it for me and I did what I said and got some out at 5.74. Now I have a big margin to sit on, and a support level at around $5.6. So far so good. hope it gets better. It's nice to feel validated/vindicated and know it's not bullshit luck...well not all luck
UPDATE part deux: It started crashing. I had set my ultimate limit to 5.56 since it kept testing 5.6 and I had leeway. I'm glad I did. It crashed fast. I'm still surprised/maddened by how fast things tank vs when they go up (for my trades). So I'm out at a 4c profit because it dipped so quickly and I refused to use my mental stop when I had the chance. I always have hope it'll pop back up. It is now down 4c from where i bought. So, good deal for me, sad it didn't go where I wanted but glad to be out even if it's 40c from the top on this run (greedy and convinced it would hit 6+). Tomorrow's another day and for once, I'm up.
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