I closed my BFCH position at 9:32am at .39 with a fee adjusted exit of .387395 for a 3.8% loss. This one panicked right from the open as bitcoin was down considerably right at market open. I should have sent my sell order before the open but I was dealing with trying to close my SWRM position and it took a minute for it to execute. I can’t hold 2 over night positions right now because I am not experienced enough to be able to exit both positions quick enough. Of course I sold this one right at the bottom of the panic and could have ended up with a decent win if I would have held another 5-10 minutes, but that’s not the point. I should have sold this one into the close on Friday when it was spiking and I had a 30%+ gain. I was telling myself to sell on Friday, but I didn’t want to use a day trade because I already had 2 day trades. Lesson learned, next time I am selling into the spike at the close when I have such a nice % win. Entry and thesis on this one was right on, but my exit was total shit. I need to keep working on these issues.
I closed my SWRM position at 9:31am at .0408 with a fee adjusted exit of .040033 for a 0.5% loss. This one wasn’t gapping up and looked like it was going to fall apart at the open so I sent my sell order for the remaining shares just before open and got filled within the first minute of market open. This was an early forced entry on this one, but a decent exit as it really fell apart after my exit. This is a good example of why you shouldn’t hold and wait for a bounce when there is a panic at the open as I would have lost even more on this one if I had tried that. That’s why I just exit my position as soon as possible at the open because it seems to be 50/50 on getting a bounce. I tried too many plays at once and should have never entered this trade. If I hadn’t taken this shitty position I could have got out of my BFCH position faster and then been ready for the dip buy on it after the panic with my cash account. I’m done trying to hold 2 positions overnight, especially over the weekend. On to the next.
I opened a position in LTNC of 25000 shares at .0272 with a fee adjusted entry of .027398 at 2:48pm as this big % gainer was on a dip off its HOD/52 week high and appeared to be setting up for a bounce. It seemed to have decent support at .025, so that is where I set my risk. Looking back, this was midrange when I took this position. If I would have given this one more time I could have caught a dip right around .025 instead of being in midrange. I set my sell order at .0245, but it blew right through that order and panicked below .024. I noticed that the panic was getting over extended and clicked to modify my sell order, but it spiked off the bottom of the panic too fast and I got filled on the way back up. I’m ok with that as this one really just didn’t do what I wanted from the moment I got in. I was trying to have patience with it to not use a day trade, but hindsight being what it is I should have just cut it when it was bouncing around my entry price. I’m encouraged that Sykes took a position at .0249 and is holding overnight, so I was on the right track, I was just in too early and midrange. I have tried entering these a little earlier to give myself more opportunity, but I think I need to get back to only opening these positions in power hour. My exit was at .0245 with a fee adjusted exit of .0241832 for a 11.7% loss. This one got away from me again. I need to get better at getting entries closer to my risk as looking back at this one my risk level was 8% below my entry. This one really hurt because it cost me my 3rd day trade, but most importantly I didn’t cut when my stop was hit and tried to hold to close.
I’m feeling pretty bad about these last 3 trades as I’m making entirely too many mistakes and not selling BFCH into the close on Friday was a huge mistake. If I would have done that I probably wouldn’t have taken a position in LTNC because I would have had 3 day trades. I just need to be smarter and take the profits when I have them. I know I’m still really new at this though, and I have grown my account 138% since the beginning of February even with these 3 losers. I just need to be better all around and keep cutting losses quickly. It hasn’t even been a full month of trading yet, I just need to calm myself and keep working. I am going to transfer the majority of my margin account into my cash account and scale my position sizes down for the time being. On to the next.
INND put in a FGD but I was tied up with LTNC as it had news and decided not to play INND. It actually closed better than LTNC so I probably should have just stuck with my watchlist. This one will come off watch for now.
The other tickers from my previous watchlist are still either putting in red days or are slightly green with low volume. I will continue to watch them.
CRYBF, CBDL, ECEZ, HIPH, & ABEPF
The below are two different tickers that have had a multiday/week run that are putting in red days. I will start watching these as well.
CLIS & WKSP
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