So this was an interesting week of trades. The week prior I had made a few rules to minimize my losses. Don’t day trade, sell my overnight picks in the first five minutes of market open, and focus on 3% daily profit. As you can read from the title I missed the 3% daily profit gain although by focusing on that I did minimize my losses. I broke another rule about day trading when I traded $TENX, but I actually missed a lot of profit by not trading it when I was alerted to it. So I’m tweaking that rule and saying when the day trade is glaringly obvious that you should trade it, do it and get in fast and get out fast, but take it.
My losses this week were due to a few overnight holds that did not pan out. If I were watching the market all day, there were opportunities to buy back after the dip and play the recovery as the picks weren’t necessarily bad just the timing was. Some were also due to me holding longer than my five-minute limit. But I have at least eliminated my huge losses due to bad day trades.
I also lost some because I didn’t trust my gut on some stocks like $ABIO. Which is kind of a relief, because that means I’ve developed enough of an instinct that I can trust it more.
So for the week in both accounts, I’m -$10 for the week, but in my small $1,000 account I’m up $33 for the week.
I divested my Robinhood account so that I could transfer that money out so for the rest of the month I’ll only be trading in Ustocktrade. I have a crazy travel schedule next week, and I didn’t pick an overnight play Friday to hold so my account is all cash and next week might be a slow trading week. Let’s hope I make up for my missed profits as I’m behind now after this week!
In the disappointment in how my overnight picks performed this week, I’ve been studying some alternate patterns and so far found one or two patterns that were very reliable. So I might try day trading one of them on Monday after some more studying this weekend.