Terrible day, good lessons.
First, the day: First day where I was free of the PDF rule. I over-traded by buying $YTEN 3 times as it spiked and $XNET once as it spiked. $YTEN was a supernova, yet I was able to capture the top in all 3 cases, losing money.
I took a break and analyzed what happened. Here's the lesson: I recognized the breakout all 4 times. I was slow on the trigger, and by the time these were breaking out, I saw I was right, and then had to chase them. By the time I caught them, it was the top.
Lesson: Find a way to be faster on the trigger rather than chase.
Lesson: Being right doesn't mean it'll be right 1 second from now. It's only right when it's at that price. Once it goes up, it's no longer right.
I came back in at the end of the day, looking at the market. $RIOT and $MARA were moving together, both breaking out, then falling. They were reacting to the crypto trading that had just started.
$MARA looked like it was clearly a breakout. Bought once... Spiked, then fell. I lost patience after half an hour or so and exited with a small loss. Immediately after it spiked. Bought again at the next breakout, since it had massive volume. It did break out eventually, but very slowly, fighting for every cent.
Lesson: This is what a breakout in a bagholder-filled stock looks like. Know when you're entering.
Exited a moment before the end of day with a very small profit: $50 or so.
Had a loss overall, but not too big. Overtraded, but learned a lot. In spite of the losses, learned that many times I spotted things well. Need to find a way to be faster when buying.
@GoshdarnitTrade Have you tried hotkeys? havn't myself but alot of the top traders use it - One tip is to always preper the order - i always have it ready abit infront of the price action just to be ready when it pops - that has helped me alot
@Torkers I appreciate that! Thanks! I think it's mental with me: I ask myself if it's a fakeout breakout or not, if it needs to prove itself after breaking to new highs or not. With me it's mental. And with yesterday's trades I did a lot better.
Good luck!
Thanks! You too!
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