Started the week off continuing to sell the OTC’s that I have been “holding and hoping” since I jumped into penny stock trading in Feb.
BONZ: I entered this stock on 2/17 in the hopes that it would get sympathy gains from the other gold mineral stocks in the market. However, that was my only plan and that’s a huge mistake. So without an exit plan, I watched the stock go down for 2 days then have a nice bounce that I watched happen and did nothing because I was greedy and nieve thinking it would climb much higher. After a few weeks of it dropping further, I finally cut my losses and sold my shares. Took a loss of -54.26%. That is unacceptable moving forward. Verified trade here: https://profit.ly/1N4AnW
ALYI: When I looked at this stock on the morning of 3/10 it was starting to climb and I got in at a great entry point of .0810 as it was spiking. In less than 5 mins the spike was over and it sunk below my entry point. When it was up 5% and starting to turn, I should have followed the rules and cut losses quickly. It was a quick buy and sell but not nearly quick enough if I actually want to make it in penny stocks. Took a loss of -22.22%. Looking back at the chart, it actually sank more over the next few hours while I was at work so had I decided not to cut that loss and just ride it, I would have been kicking myself even more. Verified trade here: https://profit.ly/1N4AnN
MAXD: It was getting close to the end of the week and I was bummed by the “hold and hopes” sold the week before (because I was wrong, not because they started doing well cough ALPP cough), not a good excuse but I think that’s why I jumped into the trade despite not having any time to sit in front of the computer. Entered if I can recall correctly (my notes moving forward will be better so these posts get more specific), I was the first 30 minutes of the market open when I made my entry at .0107. The stock started to dip shortly after so I told myself to make sure to CUT LOSSES QUICKLY so I told myself no more than -10% since my position size was so small. I got out at a loss of -9.35%. It did end up doing really well later that day so that kinda bums me out but hey that’s what I get for trading when I only have a really short time to do it. Verified trade here: https://profit.ly/1N4AnM
MDMP: Truly learned a lot from this trade that helped me be better prepared mentally for the last trade of the week. On 3/11 I started watching this OTC start to take off within the first hour of the market. I missed a decent entry at .4200 because I got too nervous and thought that it was starting to go down which it did but it was just a bounce. So I started to chase it (super bad idea, will never chase again, if I missed the dip then I missed the dip no mo FOMO) at .65 and kept missing it. I finally got it filled at .899 which was at the top for the day. Not 2 minutes later, it started to fall hard. I decided to hold overnight despite being taught that it’s not a good idea right now due to due all the OTC stops lately. The next day, the momentum did not pick so I decided to get out as quick as I could for a loss of -41.58%. Not that it matters but my loss would have been less if I had got out later that day. Verified trade here: https://profit.ly/1N4Aon
LRDC: My last trade of the week and it was an adrenaline rush. Got to watch this stock start to skyrocket in the last 10 minutes of the first hour of the market open on 3/12. I tried to gain an entry twice but my order was not filled. Instead of continuing the chase like I did with MDMP, I decided to sit back and wait for a dip. I missed the first bounce so I sat back and waited again. It started to drop to the .30’s and hovered around .34. I thought maybe it would start to bounce back so I put it in my limit order and it was filled at .34. Over the next several minutes, it kept going up and down 2% from my entry point. For a minute, I thought I was going to have to cut my losses at around 3%, and then Tim made a large purchase of the stock. I decided to place a sell limit order at .3445 and waited. I am just speculating here, but I think Tim’s purchase pushed the stock enough for me to reach my sell order but not enough from his purchase and others buying the dip to push it higher as it then dropped back down and stayed around the high .20’s before I had to log off. Came out with a gain of 1.68% WOOHOO! I don’t care how low it is, it’s the start of new habits. Verified trade here: https://profit.ly/1N4Ao1
Takeaways from the week: I need to be more patient and study harder and longer. Hope is not a strategy. If a setup looks good, I need to pull the trigger. If I pull the trigger and the purchase doesn’t go how I thought, cut that loss quickly (3%-5% if possible). I need to give more wiggle room with my purchase limit order so I don’t miss the ride-up.
Thank you for reading! Can not wait to tell you the week of 3/15 goes.