What’s up everyone, it’s Ross Cameron here, and I’m back with another trading recap. Let’s talk about the reality of day trading: it’s not for the faint-hearted. Picture this: the clock ticks to the end of the week, and there I am reflecting on what turned out to be my worst trading day of the week. You’d think Friday would be kind to you, help you sail into the weekend on a high note. But no, the market had other plans for me, plans that included handing me my biggest loss of the week. So much for that feel-good Friday vibe. Let’s dive into the recap!
The Unpredictable Start with GCTS
My day kicked off with trading GCTS, a stock I spotted shining on the top gainers scanner. It was doing alright, nothing spectacular, until 8:00 a.m. hit, and bam! News came out, sending GCTS on a strong move higher. It was a classic scenario – breaking news pushes stock, traders jump in, volume surges, and before you know it, we’re riding the spike.
I didn’t dive in headfirst. Instead, I opted for a cautious start, snagging my first shares at $6.90. The plan? Stick to a 5,000 share cap, test the waters, and if things looked good, scale up. By the time profits rolled in at $7.19 and $7.26, I was feeling confident. That is until a dip stopped me in my tracks and forced a sell. The market’s a beast that loves to toy with you. Just as I was out, GCTS decided to climb once again, tempting me back in at $7.75, aiming for that $8 break.
Surprise, surprise, the stock felt heavy near $8, and my luck seemed to be running out. A lurking seller at $8 spooked me, and a quick check revealed potential trouble with the daily chart and the looming 200 moving average. Should’ve seen it coming, perhaps?
A Rollercoaster of Emotions and Trades
My heart was racing. There I was, adding to my position, imagining a big win as GCTS blasted past $8, climbing to $9, and then… a sudden hard flush that took me back to breakeven. Pride and hope had me holding onto the stock, making minor trades as it soared past $10, even reaching $11. But those pesky topping tail candles and a loss of momentum meant my gains were modest. Frustration set in as I realized my good entries had been squandered. Fortunately, I still managed to finish trading the stock with a gain of $2600.
As the day progressed, my focus shifted to other trades, including MDIA, which showed promise pre-market but faltered as the day went on. I ended up losing $1800 on that stock. It’s these moments that test a trader’s mettle. The losses, especially the unexpected ones, hit hard. They can leave you questioning your strategies, your decisions, and even your ability to cut your losses and walk away. All said and done, I finished the day with a net gain of $850, well below my daily goal.
Reflections on Strategy and Discipline
Trading requires not just skill but an proven strategy and, more importantly, the discipline to stick to it. I entered the day with a strategy designed to minimize risk: cap my shares, secure a cushion of profits, then scale up cautiously. It’s a sound strategy, one that served me well in earlier trades. But as the day unfolded and I began to take a few losses, it was clear that no strategy is foolproof.
This challenging day brought a crucial reminder to the forefront: the importance of discipline. In the heat of trading, when emotions run high, and the market’s volatility tests your resolve, discipline is your lifeline. It’s what prompts you to stick to your trading plan, to cut losses before they spiral, and to recognize when it’s time to step back.
The Harsh Lessons of a Tough Day
Today was a stark reminder that in day trading, the scales can tip in a blink. One minute you’re up, the next, you’re clawing your way out of a hole. It’s a humbling experience, one that teaches hard but valuable lessons. Accepting losses, understanding the role of emotions, and learning to manage both are part and parcel of this game. It’s these moments, these tough days that mold you into a better, more resilient trader.
As I look back on the week, it’s clear that today’s setbacks, while disappointing, are not defining. They’re simply part of the journey. A journey that has its share of thrilling wins and gut-wrenching losses. But more than that, it’s a journey of growth. Each trade, each day offers lessons that build your skills, hone your strategies, and, most importantly, strengthen your discipline.
Staying the Course
Despite the setbacks, the week ends on a positive note. Not just in terms of profitability (thankfully, still in the green) but in valuable lessons learned. The journey of a day trader is never smooth, never predictable. But it’s a journey worth every twist and turn for those of us who love the the challenge of the market. I hope you found this recap to be helpful. Stay disciplined, manage your risks, and embrace the lessons each trading day brings. As we head into the weekend, let’s recharge, reflect, and get ready to tackle another week of trading. Happy trading, everyone!
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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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Disclaimer: The results shared are based on my personal trading experiences and are not typical. Trading involves significant risk, and past performance is not indicative of future results. Always practice in a simulator before trading with real money.