Hey guys I've been trading for 2 weeks and today I had one of my worst days so I'm wondering if I just have the wrong mentality or bad luck. Here are my trades for the day.
EBIO - I bought EBIO @ 1.57 Friday and held it over the weekend thinking it would continue to upward trend on Monday. I had to take a loss @ 1.15 when I sold it after the market opened.
AMD - another stock I bought @ 3.64 on Friday to hold over the weekend with the same mindset as EBIO. It crashed this morning and I felt it was going to bottom at 3.66 so I bought more shares and right now I'm probably going to hold on to them overnight because I don't have any more day trades left.
NEOT - bought today @ 1.47 Because it was also up and showed no signs of stopping. I had to sell it @ 1.35.
EXEL - Shorted at 4.66 right when it spiked thinking it was going to go down based on the past history where it would spike and then fall shortly afterwards. Currently it's moving up.
What am i doing wrong?
EBIO chasing. AMD should have took profits on friday or taken profit premaket today when it wasn't going strong towards 4. NEOT chasing. EXEL just got FDA approval, maybe too early to short. Seems like you are entering without a plan, really bad risk/reward ratio, basically just randomly guessing. I think you need to study more and stop chasing. I know the feeling when you don't chase and it keeps on going but that won't teach you anything long term wise. Maybe do some paper trading until you fi
until you find something that works for you, Good Luck.
One thing I've learned from Tim is to wait for floor or ceiling. In my experience rather then short at 4.66 (resistance), id wait till negative at 4.63, for the failed breakout (assuming volume is in sync with the breakout having failed). Same play had buy potential near market close in my opinion, but at 4.66 its just gambling, at 4.69 its decisive trading. (No professional advice contained, just opinions)
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