So this week I am trying to really work out this whole self control thing and become a more disciplined trader. I can make this happen, just need to focus and really learn from what I am doing. So I want to try to type these up at least once a week just to keep tabs on me.
I closed out all my positions last week and didn't hold anything over the weekend because things were hectic. I got to study more and trying to actively take physical notes in a book to build a process. Still trying to put all of this information into a form that flows with my personality. I can't just watch or read something once and understand it perfectly, not even after multiple times. Going back and reading some of the first eBooks I got from StocksToTrade, there was so much I just didn't understand at the time.
I took 2 day trades and a swing trade this week. $IMPP was the swing trade that I was hoping for a breakout. If it had broken $4 then it would have been great but just not enough momentum and no extra PRs. Lost ~$8 on it but that's ok because it kept going down and I had no real risk of panic. The VIP of the week is $MBOT though. Bought a little early in premarket but it had news of "100% success rate" so it had to become a morning spiker. I held it even though it dropped at the open but not a lot. I was ok with the $20 loss as long as it didn't break below a support level I saw. It looked great and holding but not really going anywhere, until 10am and it broke out. So I was actively watching and trading a dip and rip and got excited when it broke out. Sold way too soon on this one and lost out on a few hundred dollars (which is crazy for me, that's a lot of money) on a position size of less $170. Made $26.46 on it and was happy. But this really set me up for $SHPH. Same kind of morning spike and opening action, still a little early on it but better. Still hadn't broken down by 10am and started testing the breakout level. I could have added another 100 shares around $150 for a bigger size but I wasn't fully sure of my strategy and ok with taking more of a breakout than $MBOT. The Catalyst wasn't as great as "100%" but still a contract win with details so I didn't expect for it to run all day but I knew it could run further in the morning. Locked in $58 on this one and couldn't be happier. I really like this strategy and plan to keep trying to refine it.
If someone is actually reading this and is new to trading and struggling, keep at it and don't be afraid to try different things. Write stuff down and review to try to get just a little better every day. It is ok to fail at first, that's how we learn. Full disclosure: this is my 4th attempt at a trading journal, hopefully this format sticks. Also I'm open to suggestions on anything, really, trading is very lonely and no one around me is doing this.
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