Day 1 : Building a Watchlist and explaining the strategy
Day 2 : $PLTR Trade Idea
Day 3: Buying $HOOD
Day 4: Up 5% on $HOOD
Day 5: Entered $UA Trade
Day 6: Trading In Puerto Rico
Day 7: Introducing Beacon
Day 8: S&P 500 Record Highs
Day 9: Robinhood Makes Moves Into Crypto
Day 10: Roaring Kitty Meows
Day 11: $GME Trade Idea
Day 12: $NIO Trade Entry
Day 13: Taking Profits In $HOOD
Day 14: Stopping Out Of $UA
Day 15: Stopping Out Of Everything
Day 16: No FOMO
Day 17: 6 New Trade Ideas
Day 18: Entering $ACB Trade
Learning And Growing
We entered a swing trade yesterday on $ACB Aurora Cannabis based on our strategy, but unfortunately, we had to stop out today for a loss of around $3.86.
While we did enter the $ACB trade according to the plan, our conviction level wasn't as high as usual. This was because the stock price had already dipped significantly due to yesterday's earnings report. Ideally, we were looking for a more gradual price movement, not one driven solely by earnings.
The good news? Our stop-loss order limited the damage to a manageable $3.86. This highlights the importance of position sizing. By risking only 1% per trade, we protected our capital and allowed ourselves to learn from this experience.
Here are some of the emotional pitfalls we avoided by sticking to the plan:
- Over-analysis: We didn't get caught up in second-guessing our entry or questioning the strategy. This could have affected our next trade, as emotional trading is a slippery slope.
- FOMO (Fear of Missing Out): We didn't panic and hold onto a losing position hoping it would miraculously turn around. Also, had the play worked out, the FOMO from not following the plan and entering could have affected our future trades and trading habits.
- Regret: We accepted the stop-loss as part of the learning process and moved on. These emotions can cloud judgment and lead to costly mistakes. By following the plan and focusing on risk management, we were able to keep our heads cool and learn from this trade.
Learning is a key part of growth. Thanks to TraderSync, I can track our setups, mistakes, and lessons learned. This allows me to refine my trading plan and adapt Jay's strategy to my individual strengths and weaknesses. Here's how TraderSync works.
Remember, the goal isn't to copy every trade we make. It's about understanding how this strategy can be applied to fit your specific goals, schedule, mindset, and risk tolerance.
Looking Ahead
The DXY (US Dollar Index) is currently trending upwards. Until this trend reverses, we'll be cautious about going long on many stocks. We anticipate a pullback in the market and are waiting for our trade ideas to reach more attractive entry points. This is why we weren't expecting such an early entry on $ACB and envisioned a more gradual price decline, not one triggered solely by earnings. We will keep you updated every step of the way!!!
Right now our account is still up, and we have no open plays! It's Friday afternoon, so nothing wrong with enjoying the rest of the day while there are no plays to be made from our watchlist!! Remember, this strategy is about letting trades come to you, not chasing trades in less than ideal markets!!
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