Small account challenge, day 22
THE FOMO CONTINUES
The good trades
The first trade of the day is an overnight hold on $ANTH which worked well. I sold it early morning for an easy 2.25% gain, making my total gain on this stock over 5%. Worked beautifully.
The next trade was $CVGI and I did not quite catch the full rise in price but I caught a little and made just a few dollars.
Then things got stupid
$PTI was a fast moving stock in the morning and I, FOR SOME REASON, decided I should play it. Maybe it was because I had good luck with a couple last week, I decided FOMO was a good thing and I should jump in more. Honestly, I did at least get out once it broke support but my buy-in to the stock was not sound. Nor did I watch the 5-minute chart for a proper re-entry. I just got back in. Lost $28 on it in two trades and decided I should get up and make some coffee.
Then I traded $CVGI again. You can see from the chart below that I was watching it close all day and got back in once I saw some potential movement. There was a MACD pinch on the 5-minute chart and I played into that, but it didn’t pinch as much as I thought it would and I only made a couple dollars. Then, it consolidated pretty hard and I I did not wait for confirmation of the move and the stock went in the opposite direction, breaking below the wedge. I lost $47 and a lot of that was from holding on longer than I should have. I actually should still be holding it, because I didn’t make any more trades the rest of the day (even though I had FOMO bad) and it ended the day close to what I was in at. I had good mind to do it, but I got so annoyed with the losses I sold and cemented my losses.
I think my FOMO was worse today because I had more time than usual to watch the stocks.
Lessons of the day:
- No mo FOMO
- only safe trades with a concrete game plan
- Just play the bottom bouncers I have a solid game plan for
Small account balance now sits at $1,066.39 which puts me $86 behind my 53 by 33 goal.
I was getting pretty excited today, too, because I saw at one point I only needed about $8 to make my goal. I could have easily done that, before things got stupid…