Premarket scalp. Large cap, biotech, 20% gap down, holding above support, so covered.
Ridiculous shit gets more ridiculous. I've seen this hundreds of times but still couldn't long it. Like Eric Wood says "mental deficiency". It's hard to buy it when it was up $10 yesterday. Today it gapped up 15% and pushing!!! aka BEAST Mode!!!! jumping $10 in 1 candle!!!!!truely parabolic!!!!History repeats itself!!!! gap and go then peak out and all day fade.
Memory was still influencing my decision. I just couldn't ss into morning pop!!!!! I told myself to wait for the next candle but boom it retraced!!!!! then I ss into the bounce. Yes it was safe way to make money BUT the reward wasn't that great.
Minimized the gain and eventually breakeven. sharp rebound and relatively strong when others SAEX, HMNY died down. so I covered.
Good long!!! very rarely I made money from long side. Yes I minimized the gain but it was $1k profit and am grateful for it! Once again it proves to me the type of buyers chasing it are inferior aka crowd/ sheeps. This is the sentiment that can consistently make you money. No different than AQXP bring back biotech, OPTT and SPU bring back small cap low float. Recent memory play crucial role in people's mentality and decision making!!!!! This is the part that trading is 70% psychology!!! That's why I reminded myself to be an "observer" rather than "trader". You want to think outside of the box!
Never be part of the crowd!!!
LNTH good stop out.
SHIP was another amazement of the day. Impressive momo and staying power. I didn't buy it b/c SAEX and HMNY both pulled today so I thought it was over. Originally I was thinking to long small at $5.20ish. Once again I was wrong. every and each dip got soaked!!!!!! I had chance to buy it but didn't then I didn't want to chase it then ended up I missed the move.
Friday Recap:
Green three days in the row. Market has become similar to be like in JUNE. People less likely chased and held. It used to take 3hrs-2days before profit taking but now people seemed chased and sold. This is the market I used to do very well. I have to work on my patience!!! That is my No.1 weakness!!!!!Patience can be good or bad thing. Last month market has changed and I failed to adapt got me paid big price!!!!! This month so far so good. Stress-free every day, Yes I didn't make as much as I did in June but I like the way I traded! It really does lots of damage to my brain and psychology when I was experiencing huge swing. Like RGSE yesterday. I have to calculate the risk and make a full plan before the entry. the plan includes, "what's your stop out lvl, what is your price target, how the price action should be like after your entry, are you going to add to loser," Always have an escape plan when things go wrong!!! You gotta be okay with it!!!!! It didn't occur to me that KOOL, DGLY would pullback and hold and ramp, the fact was I wasn't prepared for it and I was in toooooooo bigggggg so I was frozen when HOD breaks through. You gotta be okay with the risk!!!!!!!! always know how much loss you will take before the entry!!!!!!!!!!!!!! that's going to save your life countless of times and preserve your capital and account and longevity!!!!
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