I'm excited that my new social media account at Instagram reached 50 subs and my Twitter account bumped up to 150 subs... Yes, I realize that its small compared to others and while I could sign up for some service that inflates your account subs I'm not doing that. Each of my subs are real and I hope to grow that base more and more.
My trading day started out decent but I ended up doing a couple of dumb things that cost me roughly $1k to my paper account.
My first trade was long with $FMSA in the morning to catch the breakout above $1.79. I set a hard stop at $1.64 risking $0.11 a share. My entry was good and the setup was solid, but it faded on me and I was stopped out. It did test a new HOD of $1.88 a short time later so I missed the breakout by just a little bit of time. I'm happy that the stock did what I thought it was going to do though.
My next trade started out well too, and if I had been smart about taking profits I would have been done for the day with $400 to $500 in gains.
I really need to work on being okay with taking profits when I hit 4% to 5% and should be happy that I'd be making more with a few clicks of a button than I do working a full day at the school district.
$CJES was looking like a breakout at the $0.65 level was about to take place and I got in right at $0.65. It reached 4% and 5%, even 6% briefly, but I failed to take the profits because I kept hoping that it would hit 8% or 10% gains as we went into the afternoon. That was a big mistake because it dipped on me and I was stopped out at $0.62 which took my $500 gain and flipped it into a $300 loss.
Then I was REALLY STUPID and gave in to FOMO and Revenge with another entry at $0.64 and saw it fade to my stop at $0.60 for a $600 loss.
So here are Pros and Cons of today:
Good: My entries and seeing breakouts were good.
Good: Setting stop losses and sticking to them.
Bad: Failed to take profits when I hit 4% and 5% gains.
Bad: FOMO / Revenge traded
Side Note: A fellow trader on Twitter https://twitter.com/TraedingBad made some going points and suggestions on my trading, such as needing to take my profits, trading the Awesome Oscillator.
For those who don't know what the Awesome Oscillator (AO) is take a look at the first indicator just below the candles sticks on the charts I've posted here. Like the MAC-D it tracks the momentum of a stock.
I've always liked how simple of an indicator it is but I don't think I've been taking full advantage of it. I think tomorrow I'll try using it more to gauge my entry and exits.
Here's a useful link on the AO in case you're interested to learn more about it.