What’s up everyone, it’s Ross Cameron, and I’m back with another recap. Today was one of those days that perfectly illustrates the volatile yet exhilarating world of day trading. It started off with some promising trades on CPOP, then took an unexpected turn with a stock that squeezed up 300%, and ended with a reminder of why it’s essential to manage risk and know when to walk away. Let’s dive into the details of my rollercoaster day in the day trading market.
The Early Bird Catches the Worm
My trading day kicked off with CPOP, a stock that had shown some interesting movement. It squeezed from $6.50 to $7.50, up to $8, and for a moment, it looked like it might even break over $9. If that happened, a retest of yesterday’s high at $9.67 seemed likely. Riding on this optimism, I started slow, taking a few trades here and there. Before I knew it, I was up about $1,800. However, as the stock began to pull back, I sensed an opportunity to buy the dip. Unfortunately, this wasn’t the dip that kept on giving. After a series of attempts to catch it at the bottom, I was now red $10 on the stock after being up $1800 earlier. It was a stark reminder that the market is full of surprises, and not all of them are pleasant.
An Unexpected Turn with LRHC
Just when I thought today might not be my day, LRHC popped up on our scans. This stock, not particularly notable at first glance with a 5 million share float and a recent IPO status, suddenly surged. It was up 300% in less than 30 minutes and, in about 25 minutes, I found myself $7,500 richer. Well, technically, it was more than $10,000 before I gave back 25% off the top. This trade was easily the highlight of my day, showcasing the unpredictable nature of day trading. It’s moments like these that remind me why I love this job.
The Importance of Timing and Strategy
Day trading isn’t just about making quick decisions; it’s also about timing and strategy. For instance, take a fellow Warrior Trading member who traded OCUL today. He said he got in at $8.35 and out at $8.50, missing out on a subsequent rise to over $10. This example brought an important aspect of day trading to light: knowing when to sell. It’s crucial to have a clear strategy, including setting stop-loss and profit targets. Sometimes, selling half of your position can be a smart way to manage that urge to exit too early while still locking in some profit.
Learning to Walk Away
Perhaps the most critical lesson of the day was knowing when to stop. After the LRHC trade, I ventured into another trade which turned out to be a mistake, reminding me of the importance of managing risk and recognizing when the market isn’t in your favor. This is a skill that every day trader needs to develop. Even though it’s tempting to keep trading, especially after a big win, knowing when to walk away can be the difference between a good day and a disastrous one.
Reflections and Moving Forward
Today’s trading session ended on a reflective note. Despite the ups and downs, I managed to come out ahead, but not without some valuable lessons. Day trading is as much about managing emotions and expectations as it is about strategy and timing. It’s about balancing the thrill of victory with the humility of defeat. Looking ahead, I’m reminded of the importance of staying disciplined, managing risk, and always being prepared for the next trading opportunity.
Remember, day trading is risky, and results can vary widely. It’s essential to approach each day with caution, manage your risk, and accept that what comes easy can go just as quickly. Here’s to learning from today and looking forward to more opportunities and growth in our day trading journey.
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Warrior Trading was founded by Ross Cameron in 2012. Today Warrior Trading is a thriving community of thousands of day traders learning to trade under the curriculum designed by Ross.
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