Not a great week. S&P down almost 2% and sustained spikes were rare. I trade very small to limit risk while learning. Made 13 trades and lost on 11 (unusual). I ended this week with a loss of $228. Lack discipline to have the patience I need to enter and exit at key levels. Probably was a tough week for a lot of traders. I continue to update and improve the process I use to trade. Learning how to leverage Google Sheets with Pivot tables to help track data. Watching and re-watching webinars. I feel like I am improving but my P&L doesn't show it yet.
I joined the Millionaire Challenge the last week of October 2020. Today, I experienced my first day of profit over $500. My account is now green. I made 477 trades and I have and continue to learn how to be a better trader. I realize I didn't make bank but at least I know that I can make $500. I am slowly increasing my size. I am also trying to do a much better job of letting the trades play out according to my plan. I am learning how to accept losses if my mental stop loss is reached. I didn't realize that day trading would be such an emotional roller coaster.
I feel like I am actually starting to climb up the learning curve. I was amazed when one stock spiked up on news that the stock price and market cap were too high. They go up when there is news that the company is being investigated. I am learning to accept reality and react properly.
Not sure if I'm looking at this correctly, but it seems that there is a dip buy almost every drop in $SLS today around Dec. 15th, Dec. 14th, December 11th. It increases about $1.5-$2 each time. Could someone confirm I am looking at this pattern correctly?
Today was another frustrating day. I trade the right stocks however I accidently purchased 1,000 shares of FPAY instead of 100 shares. This increased my loss over $65. I also failed to follow Rule #1 and I sold two stocks at a 15% loss each.
The choppy stocks are difficult for me to trade. I felt confident that the stocks I traded like NNDM, EVK and LIZI would be up for the day; however, they dip more than 5% and I exit early.
I am learning from my mistakes and stupidity.
Today was very frustrating. I spent the entire weekend listening to videos and taking notes. I rated the stocks on my watchlist and spent more time preparing for the day. I started the day with several losses and I should have gone back to studying. I did take a break for a couple of hours to l listen to more videos. However, I reviewed our chat room and I did trade based on a couple of these alerts. My very last trade was OBLG and trading was halted and when trading resumed the stock tanked.
I won't give up. I believe that the time I spend studying will pay off in the long run.
Today, I focused on the Dip and Rip pattern and taking a position after the stock rises above the former resistance level (e.g. prior high for the day). I feel that I am doing a better job of recognizing the opportunities; however, I have a tendency to avoid riding out small dips. I am afraid that they will turn into big losses. I made 13 trades and won 5, lost on 4. I also broke even on 4 trades. I believe I am slowing learning.