I am a new challenge student of just 3 months. I study about 5-10hrs per day in-between my busy schedule as a Correctional Nurse. I am hard working and dedicated to everything in life. I am going to start posting lessons that I am learning as a reminder of my journey. I hope some of it helps others too! Just remember, I am in no shape to take advice from. I am a learning student and most of my lessons come from me learning the hard way instead of just listening to Timothy Sykes! We females are hard headed right? lol

Lesson #1: Never put stop-losses in when placing a trade. Like Tim says, Mental stop losses only! I made this mistake when I first became a student before I found out why Tim says not to do it. He is obviously right. I got stopped out of 4 trades immediately when I tried using this tactic. Even though it made me feel safe incase the stock moved too fast for me to react, it caused me unnecessary loses. Good thing they were only $25 losses at a time.

Lesson #2: Seriously, NEVER follow other peoples alerts, patterns and never compare yourself to others and their success. We all learn differently and at different paces. This caused me to take losses because I didn't understand the mindset of the play. Comparison caused me to chase and increase the size of my positions in order to compete with profits. This is not a competition! 

Lesson #3: This is not a complete science. YES, They are right lol but as students, we start off the game being hard headed. In the very beginning, I tried to find a consistent niche. There are no consistent niches. There are just some that work better than others and work more often than not. Never follow only 1 indicator.

Lesson #4 OTC market is so much more predictable than the NASDAQ, yet, I started trading the NASDAQ first and ignored the OTC market. 

Lesson #5 Twitter pumps go straight up and come straight down. I will never be a part of one of them.

Lesson #6 Pre-Market and After-Market pumps nowadays, do not extend into the Market hours. When I was making consistent profits, I would use the big % gainers for the day and play them during market hours waiting for panics off their highs. Unfortunately, it seems like these plays exhaust themselves so quickly and early that it runs out of steam during normal market hours. I took my most recent loses when the market started doing this. I had to stop trading and adapt. Now I'm back to paper trading until I can back into my comfort zone.

Lesson #7 Watch your size! I learned this the hard way. I am only willing to lose $50 per play. I am a scared trader and usually blow up my plays by trying to take on a big position and having very tight mental stop loses. The problem with this is, I don't give the stock any realistic healthy pull back room. Because of this, I am ALWAYS scared out of my position once my dollar loses hit that $50 or $100 mark. Once I sell, guess what, the stock does EXACTLY what I studied and wanted it to do. This means that, in order to take profits instead of leaving with losses, I had to size down and instead widen my risk tolerance. This means if a stock is $2.00 per share and I am only okay risking $50, I can only buy 250 shares and allow myself a .20 cents wiggle room. On every play that I've looked back on, that 15 to 20 cents wiggle room would have allowed me to stay in my trade long enough to get big profits instead of chickening out and taking losses. This is my best lesson yet. 

Lesson #8 I HATE FRIDAYS AFTER 11am! This is just how I feel. None of my patterns work Friday after 11am. I just won't trade at that time for now. It feels like Mars lol

Tip: The RSI set to 10, helps me find the possible bottom of dip-buys. I look at the chart, then the news, then the RSI. If the RSI is very oversold, it helps me know that we are possibly at the bottom. This works for me but maybe not everyone!

Tip: Technical analysis so far is my favorite indicator of them all. I am usually dead on when I use trend lines or break-outs of certain trends. Also, support and resistance! My best friend!

Tip: I am studying, option trading on earnings run up on YouTube. Cool stratedgy! 

Tip: Stocks like AMD follow the NASDAQ to the Thee! Be careful option trading this stock, even with awesome news, the stock mimics every move of the market. When I am trading this stock, I put the NASDAQ graph right next to it!

STUDY, STUDY, STUDY. Don't give up! We will all succeed at our own pace :)