This weeks topic….. HOT SPOTS!!
Happy Monday! I hope everyone has had a great week and studied plenty over the weekend.
This week was a nightmare for me when it came to trading. Not only did I miss out on some AMAZING plays (will learn to keep better track as I progress as a trader and blogger) but my access to wifi was inconsistent. I played one position on Friday of last week and I decided to hold over the weekend for my first time. $APHA was what I decided to go in on.. Here were my notes (which I improve every month as needed for whatever reasons such as blogposts now):
Thoughts: could be a head and shoulders pattern as it spiked for a shoulder, dipped, rose for the head, dipped, now should it rise again at 10:21am EST for another shoulder as it is beginning to reach the support level of the neck?
$MCEP – NASDAQ -Energy – positive earnings and posted more details results of earnings. Huge Green Day N huge morning spike. 3rd Green Day. Resistance in the 80s. Could breakout. Support in the 40s
Wifi was my enemy for the week. And so are my notes come to find out. Having organized notes and sufficient wifi are key to better trading as I am learning. Trading stocks is about trial and error. Learning from mistakes are the ONLY way to improve your skills as a trader. By making mistakes in my notes shows me what I need to prepare for in the future. Taking the time to organize my thoughts and reflect about the set ups I have missed out on due to unorganized note taking or being unable to complete the proper due diligence necessary because of wifi issues.
I should have been better prepared and had a better plan established last week for my wifi. I was running between apartment, to house, to grandparents, all trying to spend time with everyone, study, enjoy the sun, have fun with my son, and find the best wifi possible. Usually my grandparents wifi is pretty high-speed and amazing. Unfortunately, last week was a bust! I ended up sitting outside trying to get the free guest wifi from the elementary school across the street. Thankfully it provided just enough that I could create my watch lists and plan a trade early enough before it shut me off.
There I had my weekend hold. As I returned to my apartment I popped open my laptop and realized I was super paranoid about my weekend play:
1. Did I have the right chart pattern? I think I mixed it with another chart.. no I looked at the right chart. Did I second guess it? Did I look at each year properly during my technical analysis? Am I seeing things?
2. What was the news again? Was it strong enough to push higher over the weekend? Would it be a dip buy instead? Did I choose the wrong stock? Oh No! it went from 7.35 down to 6.77…
3. How quick can I cut losses? Will this bounce higher? Do I wait a second incase it increases? Will it be a morning panic? Please raise higher.
4. What lessons am I learning from this experience? What is this stock teaching me? Which lessons of Tim Sykes am I not following? What should I do to better prepare for this situation?
5. I need to watch How To Make Millions again and Trader Checklist. What can I find on YouTube about dip buys or over night holds?
($APHA did end up panicking then rebounding around my buy area then dropping again. I will take the small loss and study the rest of the day instead of trying to make back the few dollars I lost. Time to study and try again another day. Would’ve been a better dip buy than over weekend hold. Lesson learned)
These were some of the thoughts racing through my mind ALL weekend as I quickly chose a stock because I had limited time. I definitely learned that it is better to sit and watch than to rush.
TIME IS MONEY
If you don’t have the time, you can’t make the money.
It is better not to trade when you can’t confirm a near perfect setup. As you can see from my watchlist above that I need to be better organized. Now that I am seeing how much a watchlist is needed for transparency, telling my story, telling the stocks story, and being able to properly execute a well-planned trade. If you don’t learn anything from this post, at least understand that having a sufficient wifi connection is necessary for not rushing a trade, but also, having a well-organized watch list is necessary for making a great trade. And please get StocksToTrade as I wouldn’t be able to make a trade or find anything without such amazing software!
HAVING YOUR DUCKS IN A ROW
If you can’t find them, you can’t have them.
It is very hard to plan a proper trade if you can’t keep track of the trades you are watching. I am finding myself out-of-order as I am thinking I am completely organized when creating my watch lists. It turns out, from writing this post, I couldn’t be any further from the truth. I need to sit down and write out every detail I need for my watchlist and how to properly follow stocks as they could be a potential future trade. How I solve that issue will be in a future post.
I want to reiterate how important organizations and planning ahead is when it comes to trading. I hope you plan your wifi connection as you plan your trades. And hopefully your entire counties power doesn’t go out like what happened to me a couple days ago. Luckily it was over the weekend and I couldn’t trade anyway.
Stay Prepared. Keep Studying. Keep refining. One day you will be on track to self greatness!
I hope you enjoyed this post and see how unprofessional I am and how I will grow over time. I hope you are learning and growing with me! Reading these beginning posts will only get better as I grow as a trader and a blogger. THANK YOU for bearing with me. I wish you the best of luck practicing, studying, testing, and refining this week!
(FYI… I have decided my blogs will be posted once a week for now. They will be a recap of the week. See you Next Sunday or Monday!)
P.S. Click the link https://bit.ly/3a8T4Ki to choose your level of dedication!!!!!
I want to provide a small disclaimer:
I am in NO way a professional nor do I claim to be. I do not manage anyones money nor do I want you to follow my trades. My posts are solely for entertainment purposes and for myself to become more transparent on my trading journey. I use these posts to track my own progress. I do NOT recommend you try my strategy or jump into trading without a verified guru/teacher. I am an untrained trader who has been practicing for 1 month and a few days with paper trading on StocksToTrade. I am up +$500 for the month of July and 1 day of June. By the time you read this I may or may not have traded the stocks I post about. I will not guarantee you will profit from trading as 90% of traders lose. To become consistently profitable is not a typical result. I am in NO way responsible or liable for your decisions or actions as a trader. I, again, am not professional so there will be grammar and spelling errors. Just because I suggest something does not mean your results will be the same as mine if you try. My suggestions are what I am doing, have tried, and what may have or may have not worked for me.
Hello there, My Name is Tessa Lamping and
thank you for reading my blog!