Trading is not something that comes easy, not many things in life do…
It requires hard work and dedication, but no matter if you are a new or an experienced trader, we all have experienced some type of losing trade throughout our trading journey.
Some losses may be bigger than others, but at any moment when you lose money, it’s never enjoyable.
When you have a losing trade you may start to feel frustrated, or start second-guessing yourself…
Then maybe the first loss is followed by another, and another…
Next thing you know you are trying to make back your losses and then you are stuck in this downward spiral.
To be honest, I made two bad trades the other day and I put myself in a trading timeout where I could take the time to review my trades and not let my emotions get the best of me.
This year the average retail account is down 40%, but I am up over $130,000 this year by sticking to my trading strategy.
So if you are currently experiencing losing trade after losing trade, and not understanding why your trades aren’t working…
You’ll want to keep reading to see what you can do to turn your trading game around!
Table of Contents
Putting Yourself In Timeout
Some of you may say if you put yourself into time out, how are you going to make sure you capitalize on any big opportunity?
That is FOMO you are feeling…
There have been times when I do miss big trades, I don’t like to, but it’s part of reality and you won’t be able to catch every big opportunity out there.
I don’t like to trade more than one to three stocks a day because I like to focus on the best setups…
But as long as you study and focus on big percent gainers, you will be able to find some solid opportunities that can be profitable.
Now, not every big percent gainer is going to be worthy to trade, but as long as you understand the process it can help you pick out the stocks you should focus on.
Being prepared is everything, if you go into a trade guessing you’re just asking for a random result.
You need to practice and study so you are able to recognize these opportunities.
If any of you are watching the World Cup right now, those athletes didn’t get to where they are right now just by luck…
When they aren’t playing a game, they are practicing every day and night…
Taking practice shots, doing different drills, and if they happen to make a mistake in a game, you can be sure that they aren’t taking it lightly.
But it’s not just practicing that helps with their game, it’s their mentality and discipline to move beyond any barriers to make themselves better.
This is what happened to me, I was trading and I made multiple mistakes, so I decided to put myself in “trading timeout” to prevent myself from making any more undisciplined trades.
After being in time out, I went back to review my trades and other stocks on my watchlist…
And this is what I found…
Timeouts Over, Now What?
Putting yourself in time out allows you to dissect your mistakes to see what you could’ve done differently.
It doesn’t mean you should just take a few minutes and just jump back in…
It means you need to learn from your mistakes and make sure you don’t make the same mistakes again.
When I was reviewing my trades, I noticed that there were several multiday runners worth watching, but instead, I was focusing on speculative plays.
Just because you find a trading opportunity, you need to make sure you find the right entry point…
Remember, a bad entry and a bad plan will result in a bad trade causing you to lose money.
So instead of focusing on speculative plays, this is what I am going to start focusing on…
Focus On This
Right now you want to be focusing on multiday runners that have a solid uptrend.
Over the last few weeks, we have seen several multiday runners, such as Meta Materials Inc. (OTC: MMTLP) and Cloudweb, Inc. (OTC: CLOW).
We have seen MMTLP breakout and CLOW had a dipbuying opportunity…
So other than MMTLP and CLOW, here are 3 of the hottest stocks I am watching…
Western Sierra Resource Corporation (OTC: WSRC)
WSRC recently broke out to a multimonth high, breaking through a key resistance level.
I will be looking to see how it plays out, but this could be setting up for a nice dip buying opportunity.
Remember, I like for a stock to have a 30%, 40%, or 50% drop in the morning.
Cosmos Holdings Inc. (NASDAQ: COSM)
COSM has had a solid uptrend over the last several days, but I am not looking to go long based on its recent run.
I will be looking for this stock to have a big panic, but right now it still has a lot of juice in its tank.
More Breaking News
- Viasat Shares Climb After Amazon-Globalstar Acquisition Buzz
- Altimmune’s Stock Target Raised as MASH Program Gains Momentum
- Applied Optoelectronics Secures Major Orders, Stock Soars
- Citic Securities Boosts Ciena Shares with Buy Rating
Helbiz, Inc. (NASDAQ: HLBZ)
HLBZ has had an increase in volume over the last few days so I will be waiting to see how this plays out.
This recent run is setting itself up for a morning panic, but there is a little bit of resistance ahead so I will be looking to see if this stock can pick up any more steam to help it move higher.
Final Thoughts
As you continue your trading journey, it’s important for you to focus on your education and what is happening in the current market.
This isn’t a race to see who can make a million dollars the fastest, it’s all about understanding the steps necessary to be successful.
Recognizing these patterns and waiting for the best possible setups is going to help limit your risk as some of these patterns can become so predictable…
Now it doesn’t guarantee that you will profit as you need to know when the right opportunity to buy is.
Over the next several days, I want you to continue to focus on these 3 hottest stocks that I am closely watching…
But there is another opportunity that is lurking on the horizon that I don’t want you to miss…
So be sure to stay prepared, practice spotting these opportunities, and study up!
Until next time,
Tim
P.S. – There is always that one opportunity that can change your life, but it’s crucial that you stay prepared. Be sure to see what is brewing in the market and what we may expect to see in the coming weeks!
Leave a reply