January Recap

 

January was my first month with my small account and I’m up $88.51. I took nine trades, had four wins and five losses. My biggest win was $212 and my biggest loss was $95. Overall, I think it was a good first month. It was good to get some live trading experience with orders. I was able to put a lot of strategies that I’ve been practicing into play and I was able to see what I need to work on.

Things I’ve been doing well at:

·        I’ve been cutting my losses pretty quickly earning me a couple losing scratch plays instead of some bigger losing trades.

·        My entries have been OK for the most part but not great.

·        My exits have been good, whether its cutting losses quickly or cutting at the top of a move to take profits.

Things I need to work on:

·        I know I need to work on my emotions for sure but I know that comes with having a small account and will get better with experience. For now, I just need to continue refining my process and stick to my plan.

·        I need to work on my entries being closer to support as opposed to buying breakouts. I usually don’t get filled where I want to when I try buying breakouts leaving me with a less than ideal average.

·        I also need to work on not FOMO-ing into some of these plays that are lining up with part of my checklist but not all of it. I will be getting some sticky notes to put on my computer like Roland suggests and reading my plan every morning before the market opens.

·        I need to remember that I don’t have to trade every day. This is a marathon, not a sprint.

 

Conclusion:

Four of my five losing trades were on listed stocks that I got shaken out of. I’m way more likely to get shaken out of a listed stock than I am an OTC that lines up with my checklist. All four of my winning trades were on OTC cannabis stocks with good volume, that I stuck to my plan with. I need to stick with what works for me for now, and what sector is hot, then when I have more capital and have back tested more strategies, I can try playing low-float listed stocks. I just joined Roland’s Wolfpack too so I have lots more information to study thanks to him and all of the great traders in there! February let’s get it!