Well, feeling discouraged. Been studying everyday for 3 months and watching videos, 2 or 3 times. Have blown my initial account and now trading with paper, I don't deserve to trade with real money. Can't even win with paper. Timing is for shit. I am more confused today than I was when I first started thinking about penny stocks. Just sooooo much going on. Overwhelmed I guess. The going is getting tough. If I am supposed to trade like a sniper I should only have 1 target. But it seems there are 70 moving targets. Head is spinning. Trying to learn to trade and work full time as I'm sure most of you are too. LOVE the market but it is kicking my ass. When I see mutiple stocks rocketing 1, 2,3,4,5,6 HUNDRED % in a day and I can't catch any of it.... what the hell man? Made many stupid mistakes but thats a good thing I am learning. But just am losing SO consistently. My wins have been more luck than anything. #help
Keep pushing, learn from every mistake, reduce your position size, and focus on low downside plays. Forget about the 100%+ gainers and maybe focus on some slower moving stuff for some respectable small % gains. It’s something I struggle with too. Just need to look for singles, and take doubles triples and HR as they come. Don’t chase. Only buy close to major support like the other guy said, if it breaks it, your downside will be limited. Hope this helps! It’s all advice I need to follow myself!
Next, I would highly reccomend using ThinkorSwim, and learn how to chart, draw resistance/support lines, and start keeping track of the hot plays of the day. Take lots of notes so when things come back in the future, you'll be prepared. Read my recent blogpost/watchlist on TCS and look how I hit my first morning dip buy almost perfectly to how Tim teaches all because I kept track of the stock from May, watched it fail in August, and watched it today.
Even though it's the type of trade that won't present itself opportunity wise for a lot of stocks but a few times a year, understanding when and why to execute the trade is all part of the process of trying to improve and once you start getting it, you can apply it to others during earnings seasons. Now is the time for earnings related plays, so that's what you can focus on the most right now. Good luck!
Thank you all so much! I will keep pushing forward. I know it's still early in my career as a trader and I do LOVE it. I will take all of this advice and apply it. Thanks again!
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