I haven't been blogging lately as I've been trading sort of late into the day which is a very bad decision for me. I do much better when I trade early and get done. If I pick a stinker and have to follow it all day to see when to get out, it makes me very frustrated--even if I end up with a gain.
I'll give a summary of Days 40-43 and then share my excitement of a big win on day 44.
Day 40:
Traded: OCGN, 5.2% gain and BNGO, a 9.9% gain
Notes: OCGN went sideways on me--I have traded it a few times, it's a covid vaccine play. I was finally able to get out at a decent gain, but it skyrocketed right after I sold. I don't even remember trading BNGO at all...ha!
Day 41:
Traded: ALDX, 5.6% gain
Notes: Easy momentum trade from premarket
Day 42:
Traded: METX, 5.8% gain
Notes: A Good trade all around. Found momentum and took it for a swing up in about 15 minutes.
Day 43:
Traded: VXRT, 5.8% gain and BTX, 8.8% loss
Notes: VXRT was a great premarket trade. It and out before 8:30am. Got cocky and decided to do BTX which had a huge run the day before. It went sideways and I had to watch it all day. I finally decided to take the loss because I had to take H to voice lessons. The very moment I sold it, it went way up and I could have sold for a huge gain. Lesson learned? Get one good trade for the day and stop. Don't get greedy
Day 44:
My best trading day yet!! I started premarket and picked the one stock that had volume, was above VWAP, and had good news. It took a hot minute for that choice to become obvious. I have learned that the sure things are most likely to be trading above VWAP. Every now and again, you can find a stock on its way back to VWAP but waiting until it is above is more of a sure thing. By waiting, I did leave some gains on the table, but I have been burned by not making sure that the VWAP will be honored on the 5 minute candles. I have also noticed that when there is going to be a red market day the herd will really latch on to the best premarket mover because they want their gains one way or another.
I made 2 different trades because of the issue with cash settlement. I had to buy some on etrade and some on Ameritrade. Because of the timing, I got to average down my cost per shares. I felt very good that I would be able to get out at least a 5% gain based on the sentiment on my stocktwits app. People are hot and heavy on this stock, so I knew the volume would continue when the market opened. The company is a healthcare company that has a covid self test going live on Amazon.
Because I had 2 different trades, I set my limit at different. With my bigger lot, I decided to get out at a lower price. I took more of a risk with the smaller lot. The market opened, and it was hot, hot, hot. It halted twice! That hasn't happened with one of my picks before. Halts can be dangerous so I got out after the 2nd halt. The stock is now going sideways, but I think it is still a viable trade and will rally back in the afternoon. But, I'm glad to be out and not having to watch it all day long!
I am happy to report that I do feel like I am learning viable stock trading skills. I'm glad to be learning in a really choppy market instead of the bull market of the past year. I'm still learning how to exit a bad position which I believe is the most critical part of success. Minimizing losses is key. I get into the most trouble when I get greedy--that has been true since day one.
Summary of Day 44:
Ticker: PRPO
Price bought: $6.80 and $6.35
Price sold: $7.95 and $8.95
Gains: 16.9% and 40.9%
Total of my $100: $448.16, a 7.9% daily average gain
