Short blog post going over my failed trade this morning. I wanted to take a trade to try and slowly get back into things after taking a break to clear my mind and watch the markets as the past few months has seemed really bad as a whole for pennystocks.

One of the things I've been thinking about is how I need to change my approach to timing and how to have winning trades on things I see. The problem I can't seem to solve is how if I wait for what I think is the perfect time to get in a trade, I've already missed out on a sizable move, and am usually too late or take no trade because I waited too long for the setup I want.

One thing I realized I can do better now than in the past, is knowing when to get out, as I gave it 2 tries to crack vwap/trend, but it bounced, so I knew I could not linger around anymore. It was a wise decision, because I missed out on the squeeze that turned out to be a fakeout, which followed up with a really large dump that was what I was aiming for in the first place, but the timing just didn't work out.

I'm happy with the results of this trade, because looking at how I played it, what my trendlines were, the only other alternative was to not take a trade, which isn't going to help me, so I'm fine with a small loss because it didn't work out the way I wanted it to, and the move I was looking for it to make, was made later, but under circumstances where I would not have had a position anyways.

I was thinking about a long buy at $2 and risk off $1.90 with slippage towards $1.80 worse case, but I felt like lately things have been such that it was better to wait for the short setup since it sold off during premarket, and it didn't re-test PM highs before the somewhat sharp uptrend started to break, so I felt like it was worth a trade.

Anyways, that's it for now, just wanted to share since I want to slowly start getting back into things in preparation of the markets possibly picking backup this month.