Hey there, it’s Tessa
Thank you for reading this weeks blog post. Today I am discussing a very important lesson that I had to face. I think this is one that a lot of us have to learn to master. What is it?…. Patience. How many of you were able to watch or heard about $RKDA (Arcadia Biosciences Inc.) Well, I was watching this stock ALLLLLL premarket on Friday, 8-09-19. Spiked beautifully in the morning, and if any of my experience is worth while, I knew this stock would be a dip buy (I have noticed that premarket spikes usually dip at market open). So, I attempted my dip buy.
I DID IT!! A bit of redemption.. I learned my lesson and stuck closely to my plan. When I woke up this morning this stock was at $6.20.. My eyes weren’t quite adjusted as I rolled over and turned on my laptop. I had to refer back to my notes to see if I lost any money yet. As I couldn’t remember what my entry price was, I saw $4.11. No way. The numbers from Sykes Sliding Scale worked. 85 was what I ended up rating it as and I couldn’t be happier. Had my account size been bigger… I was thinking an investment of 1500 shares, this would have been almost a $4,000 morning. I am proud.
The stock was up and by the time the bell rang to begin the morning, it was dropping. Down to $5.95 and I hesitated. Should I sell? Don’t be greedy. But history proved that it dips in the morning and then spikes. I set my new mental stop loss as I adjusted to this price. It went back to green as I was about to commit to my exit. I ended up remembering Tim Sykes tweeting me about Friday’s trade being a “Good Lesson”. I held my patience a bit longer. I took profits at $6.61. I wasn’t going to be anymore greedy than what I already allowed. Here were this mornings notes:
Now I have it on tonights watchlist but I have no positions over night. I want to watch. I need to let this great trade settle. This would have been a $4,000 trade almost if I had 1500 shares (I increase my share size and calculate potential profits as positive reinforcement and motivation for my success towards becoming self sufficient. It is how I boost my trading confidence).
Patience had paid. My lesson was acknowledged. I was rewarded for such efforts. By reviewing, studying, rereading The Complete Penny Stock Course, and blogging, I have been able to focus on better trading setups and apply what I need to focus on (having StocksToTrade has had just as much impact on me as I get hands on trading experience for my knowledge account).
As much as I am impatient and want to make profits within the first 30 minutes to an hour, patients pays. Always have a trading plan in case the trade doesn’t go in your favor and follow rule #1 Cut Losses Quickly. But when a trade is on your side, it can help to Take Profits Intelligently by Taking The Meat Of The Move and Not Getting Greedy!
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Hello there, My Name is Tessa Lamping and
thank you for reading my blog!
I want to provide a short 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.