Small account challenge, day 17
I’m -$21 on the trade I was holding from Tuesday afternoon in $GLYC. I was making money at several points in the hold until it broke its upward channel. My thinking is that some of these bounce plays bounce fast and if so you can play them fast. If not they are going to take a little while to bounce and though it’s fairly reliable that they will bounce, there’s an opportunity to make money along the way. The other thing is, I don’t have to make my 3% daily gain goal all in one trade. I had it in mind to sell my shares before the close of the day on the 6th because it was in a very reliable channel and I knew I could have made money then and I should have. The channel pattern held through close, but I wasn’t paying attention to the channel patterns it had been forming all day up and down moving up and breaking down and if I had been paying attention to those I would have known I was in a smaller channel instead of a longer one. I would have taken profits sooner. Basically, I lost control of my trade by holding it too long.
And I got in Ustocktrade for a reason, the reason was so I could day trade all I wanted to. And here I am hanging on to an obvious day trade for two days. Go me.
But I did learn a lot about these bottom bounce plays, and here it is:
- The first fifteen minutes of market open, from the drop, is a great opportunity to pick up some bounce
- If it bounces quickly on the same day take it
- If not, wait until you see some obvious upward movement and take that usually small movement.
There were lots of opportunity in $GLYC to take profits and get back in, take more profits, but I didn’t do that. Instead, I held on.
Anyways, here’s the video and the chart hope you learn something like I did so you don’t make my same mistake. Lesson of the day, TAKE PROFITS QUICK.
Small account balance now after a 2% loss stretched out over two days, $1,061.85.