Finally! After some troubles with trying to get registered for Thinkorswim Paper Money, I was finally able to see the trading platform and execute me first trade. After fixing firewall problems at my high school, I was able to see the chart of my first trade: $EFOI. Saw the chart shortly before its second spike in the morning as I was notified by Tim and I decided to go in for 100 shares at 17.99 thinking it would be a breakout instead of anticipating a double top. I feel stupid looking at it now since I got waaaaaay too excited and wanted to execute my first trade, but I ended up breaking Tim's rule of taking profits. Luckily, since I knew this was an earnings winner, I decided to hold onto it thinking that it would eventually gain some upwards momentum. I feel proud of being able to spot failure to break the first-spike low at 17.15 so I got in 300 more shares at 17.45 on the way up. Unfortunately, my stupidity told me that the stock was going to fall quickly when it dipped $0.5 from $19 so I sold all 400 shared at $18.50. Finally I came back to my senses and got back on at $19.17 and now I'm planning to hold for a few days.
I feel like I make waaay too many orders and I should be confident with my decisions. Not the greatest trade, but at least I took some profits ($305!!!!!!). I think some of my mistakes were: not sticking to my guns, not going with an initial plan, and not respecting an earnings winner. I'm purposely trading small positions so I can get used to trading and so that I can see the types of trades I would do when I start trading with real money. I'm hoping to make more of these posts so I can look back, see how I've progressed, and review mistakes that I could fix. I kind of see how much emotion gets in the way of sticking to your gut... I'm anticipating that it'll get worse in the future.
@dfrias I found that think or swim doesn't have many trades. By accident I shorted today on think or swim paper account. You probably know this but click sell to open and it should short. It will usually prompt you with we don't have these shares to short, contact our desk if you want us to find these shorts.
Nice Stig. I was doing the same thing, Just start looking at where your support and resistance are being created so that you don't feel like your chasing it all over the place. OR at least that was my take on it after reviewing what I did! nice blog
Thanks! Yeah it's hard when I'm watching the stock like a hawk, nervous and full of emotions. Gotta learn to control it over time I guess
Thankyou @viodave21
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