Okay, my trading hasn't been on point the past 2 weeks. Today, I tried two trades, both pre-market gainers on news.
1) $ATOS - this one I think i played exactly how I want to play early morning spikers. I wait for the first pullback, then buy as it ascends, looking to cash out around 10-15 cents/share. I got in a little late on the resumption (waiting for that green candle to be solid), but bought near the top and it began to collapse immediately. I cut my losses quickly. Sound hypothesis, IMO, and got out in time without incurring major losses. of course I could've held and gotten that second spike later, but who can tell if that's going to happen? Otherwise it could look like:
2) $CAPR - another pre-market gainer, but it tanked out of the gate. It finally found support mid-morning around 2.35 and started slowly trending upwards, making a nice little U. I decided that this could be a slow day gainer, 10-15 cents was my goal, and I bought in at 2.45, which, par for course, was basically the top of that upwards trend. It quickly dropped to the 2.40 level, where it held for a long time. Soon it was oscillating between 2.38-2.42 and eventually dropped below 2.38 and threatened 2.35, my risk, so I got out at 2.37 with a tiny loss. I am somewhat vindicated by the fact that it's broken 2.45 here near the close; I was just too early and needed to wait for the pullback to 2.35 for my 10 cent gains.
Yeah yeah, 10 cent gains, pathetic, but I just want to trade more patient and try for a couple singles.
I didn't chase $BONT. I wanted to, so badly, and I would've done alright with it, but I just didn't trust that action. Too many swings, too many reversals, just couldn't handle it. I was content to watch the other traders cashing in on it, knowing that I can't lose what I don't put in. I'd like to think I learned my lesson from trading another 300% gainer in less than 2 days and took the rational approach. I missed my entry yesterday and I don't feel bad about it at all. Learn every damned day. Just say NO to FOMO.
If I can keep my losses in the $15-25 range and keep my wins in the $100+ range, I think I'll be on the right track. I'm still hurting from $ENRJ and $TEUM, those have sapped my confidence, but I'll be back in the green soon enough.
I’m right with ya I bought the exact top of $BONT on the morning spike and got shaken out by the price action for a 250 loss. I’m a newbie too just 6 weeks or so in. At this point it’s just about learning. Make a mistake figure out why, LEARN
@D5Candyman its hard! but you will get there!! You can also scale down your buy so that you get the emotional side of the trade with a small pos =)
@Torkers Thank You! That bit of advice really helps. I know the keys to all Our Success are to continue to Study Lessons & DVD's, Study our trades, learn and most important....Don't Quit!
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