Today I'm trading into my IB account with approx 40k set aside for Penny Stock trading.
Friday was a -$1600 day for me. Didn't stick to my rules. Followed an alert when I shouldn't have on a stock that I didn't prepare for.
Remember NEVER follow alerts EVER from ANYONE, use them to learn how others plan and execute trades so you can learn to plan and execute on your own.
Friday's biggest spikers under $5 were BIOC, BLFS and TRT, all trading at least 50c above the previous close at one point in the day!!!
Today my sole focus is on MEIP. This is a huge earnings winner and multi-month breakout candidate that has so far gone unnoticed! As soon as some volume comes in behind it this could pop 50c or more!!!
Rules today are:
- Max of two open positions at any one time
- Only trading for target profit of 50c per trade
- Only trading for risk/reward ratio of more than 2:1
- Only trading stocks I've prepared a plan for
Lessons from Friday
- DON'T FOLLOW ALERTS without your own game plan
- Don't dip buy unless there's a good enough risk reward ratio
- Don't trade ANY stock without a good game plan
Categories Basics, Price Action: Breakouts, Price Action: Morning Spikes, Supernovas, Trader Checklist, Trading Mistakes
Received 4 Karmas