Trading is easy and hard at the same time. As someone who has been trading for only a year and trying to learn this on my own through every free source I can find while working full time supporting a family, it's not easy. My biggest struggle right now is trying to not chase every trade idea I come by and justify by telling myself "I'm just testing new ideas." Not saying this is an absolutely terrible idea, because how else are you suppose to learn something new, just my approach is all wrong. I need to size way down on these types of trades, or rather cut them out all together if none of them are working. Everyone has a gambling side deep down, some just don't realize it. I'm just trying to responsibly feed mine, but yes I have to give it up until I find the right one. I'm not too ashamed to admit that I still have no solid idea what I am doing currently but every day I am trying to: learn something new, listening to something new, expand on winning habits that I have now, refine, refine, refine.
I have had some success with buying at support and a few over night trades so focusing on these trades are probably going to be key to my success. I have to work these around my schedule and fortunately, I have Mondays off and can figure out a Friday afternoon trade from my phone while at work. Mondays seem to have nice movers from Friday as a weak open red to green and I have been seeing a lot of squeezers on Friday afternoon after fading all day. I know I like the carnage of shorts getting squeezed and stocks can squeeze soooooo much faster and harder without getting halted. So I want to be where shorst are getting squeezed, so I need to learn where to short even though I'm never going to short anything (never say never, always be open to different ways of making money)
I learned a few lessons from trading $TOP after hours out of FOMO. $TOP was up from $6 and ended the day around $20 and that is where the magic happened. I was considering buying around $70 but thought I was just chasing. Had the same thought @$150 and missed out. Decided it was going to squeeze hard past $200 and chased it, 2 shares for safety and to feed the gambling. It dropped to $150ish and I froze. Then to $118. I'm down $200 on a $1300 account. So many bad decisions all just because I wanted to get a piece of action.
I knew I had to calm my mind and looked closely at what was going on and noticed support forming around $100-$120. So I took 4 more shares @$118 and was going to cut @$110. It held support and broke out again and I got out for a $200 profit. I learned to respect the power of a pullback to support and feel more comfortable trading that way.
I have run out of funds for pennystock silver but found the videos well worth a month or 2 of good study. Also Roland Wolf has a free live event on his Youtube page where he describes his process that is golden.
So this is me getting out there and trying to grow and learn. Wanting a life not having to pick which bill to take a late fee on so we can buy groceries (happens every once in a while). I hope to get better at this and will practice every day. This is kind of a scattered sort of post because that is how my brain processes things. I am not the most focused person at all and am using this to kind of hold me accountable for my process.
I don't know if I will be a millionaire one day or not, but I do know you gotta start somewhere.
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