If FOMO is an issue for you then the forums and alerts will eat you up. Check them in the morning and then close them at the opening bell and rely on your own trading plans.
@oddmanout For sure appreciate the advice
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Rule #1 is cut losses quickly and today is the first convincing down day, odds say it collapses tomorrow, hence why I'm short...sorry!
learned a hard lesson today
When in doubt, get out...
Since yesterday's high each attempted spike is a bit lower each time. It may run Little bit, but if it starts the day down... or starts up and then makes any red candle, I'd take the loss there ASAP
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Nice to see somebody using spreadsheets for more than just making cells to type into
Awesome!
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Good advice on saving up to have a proper account size before starting. Too many people try to trade with very little money, and they never give themselves the chance to succeed
Nobody said that trading cryptos was bad. They said that you did not devote sufficient study to penny stocks. Cryptos just lack some of the plays that stocks have. (Opening and closing bells, earnings reports, analyst upgrades and downgrades) that set-up many stock plays. The only general play that I can say is amost always true with cryptos is the price drops most weekends. A good play is to convert to USD Thursday PM and buy back Sunday AM.
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Out of curiosity, what's wrong with etrade?
I'm in a similar position in regards to commissions eating up profits as I just started with a $1,000 account in TD Ameritrade account. I think at the beginning commissions are negligible because you need to focus on developing your strategy and figuring out what setups work for you, then you can size up when you have seen this type of play multiple times before.
@berbj20 If you only have $700 to start off with, you should not be trading penny stocks yet. Save up money by trading cryptocurrencies and getting a job. Once you have at least $5,000 start shifting more towards penny stocks.
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Hmm... Interesting title.
I thought ALQA was going to be a good setup too. Lots of people talking about how it would spike when Yahoo.got the news posted. I'm still holding for a possible small spike in the AM. If it fails to go green at the bell I'm out too
Part of me wonders if this is why Sykes doesn't trade biotech? I've seen several biotech stocks do similar patterns. I might just need to start crossing these off mentally unless I can catch them on a spike. Seems like a lot of these also go big in pre-market hours and regular trading hours just.. sit around. :/
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@oddmanout just became a fully transparent trader today!
It's all about finding what strategy/Nish that works out best for you. Congrats that you have found yours!
True they have potential for a large gain, but they have the same potential forbigger losses. Many expire as worthless taking all of your investment. If you are a seller of options you have the potential to lose more money than your entire portfolio. Options can profit, but they're not all fun and games either.
Option loss is very small and limited. Loss could be $100 and gain 3-10X more.
I play both stocks and options. Another strategy for option is called straddling where you buy call and puts on the same stock.
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