August 14, 2017
In response to Bitcoin spiking to newer highs over the weekend Bitcoin sympathy plays were super hot today. Unfortunately, I was not able to capitalize on any of their volatility. I was originally aiming to buy $MGTI @ $1.50 support this morning but was thrown off by a gap up to $1.66. My reasoning for not acting was that I couldn’t identify a support level and the price was to close to my $1.80 resistance level. This one play made me flustered for the rest of the market opening. I didn’t think that Bitcoin's spike would have this great of an affect on sympathy plays. So I ended up watching these stocks keep making newer highs. I had several good entry points ready but hesitated on each one.
The non-play I’m most frustrated about was $BTCS. There were several great dip-buying opportunities both before and after the morning run-up but I just sat there and watched them go by. My fear of losing kept me from acting on these potential plays. A large Part of this fear is caused by not knowing what to risk while the market is moving. The only way to overcome this fear is repetition repetition repetition. Next time I will also need to take into account the sector influencers and incorporate that into my plan. Despite missing out, I am glad that I didn't chase.
There will be many more chances..
When Youre not sure Its better to sit out The trade - great discipline!! Next time You will be ready and nailing it
I use handy profit it gives you a idea of shares per price and what could you lose or gain. By this I get a idea of how much I want to risk if the stock dips to .10 the goes to .20 and does it again and again you can gauge and make a play between those levels. If it breaks out great! If not cool you made your entry exit point.
Be patient tho I still have problems with this and want to trade and I end up messing up the setup.
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