1. Start with daily chart, 5-day chart, see what key resistance areas are. See if you like overall picture setup.

2. On big day 1 spiker you want to be safe, take quick predictable pull, if you want to short them.

3. Base your entry on a daily chart shorting day 1 spiker.

4. Wait for precise entries, so you could play with confidence.

5. Ability to take losses differentiates successful traders from non-successful.

6. Know your plan when the trade is working, and when it's not working.

7. When you're using a certain risk level to short, that doesn't mean you cut it into strength, means you wait for it to pull back and it has to hold that level first.

8. You can go long with good chances when a stock is trying to break its key resistance for a few times/days and fails, and when it finally breaks through, it's a buy.

9. If it's spiking straight up off of a much lower level, then multi-day resistance is going to hold. And it's gonna have a pullback off that level.

10. When there's a lot of consolidation before spiking, and this consolidation is from a level not very far a breakout, a stock will very likely break resistance.

11. When you look at key numbers on chart, you have to consider whether there was volume on the days you're looking at.

12. When you're trying to short on Day 1 with no clear resistance level in mind, you will probably get squeezed.

13. Have confidence in a stock because it's something you have seen before, because you have a plan on it, because you have an idea of how it is going to act later, not because of any kind of news.

14. When you're looking for a perfect entry price, you have to know what your ideal play is going into the day, and make the chart give it to you. Don't feel like you have to make a trade. If you don't get what you want, don't take it.

15. Don't trade IPOs right as they get in play. Let it trade for a bit, let it build a chart.

16. Don't look to buy overextended charts.

17. If a company has news, it doesn't have to go up or anything.

18. When huge runs crack, they fall hard usually.

19. ARCA is the best route to trade premarket of afterhours. The only one for OTCs.

20. Buying Day 2 on a huge multi-month breakout, look to buy when Day 1 resistance breaks.

 

The Lessons I've Learned from My First Trade:

1. Don't chase stocks; when you've missed the single best moment, just leave it.

2. Cut Losses Quickly

3. When you see a stock wasting the bullets, just leave it till there's a better setup.

4. Act quickly on quick decisions.

5. Watch a stock like a hawk, don't interrupt your attention with anything.

6. Play VERY small, so that early mistakes won't wipe out your account.

7. Follow your plan. Why have it if it is not followed.

8. Don't hold and hope.

9. Be scared of anything that goes against you.

10. If a stock is not doing what you want, get out.

Looks like I've broken every single rule I could there. Good lesson for myself. I was so disappointed with how I traded it. Studying for so long, and dedicating so much time every day to this still didn't help me. But the second trade I had was much better, I followed my plan, I didn't let the loss get big, it just didn't go my way. At least I know now that you really have to make those mistakes to learn from them. It doesn't hurt when you see other people take losses, and it has to hurt you for you to be careful next time. No Pain No Gain.