Daily Recap: A Day of Steady Gains and Valuable Lessons

Today went pretty well for the most part. I did a lot better at staying patient when the market opened, avoiding premature trades. I waited for setups I liked before making a move. I ended the day with one win and one loss, resulting in a profit of $27.30, which brought my account total to $1,106.13. This means I’m up over 10% in just six days of trading, so I’ll take that as a big win!

Trade 1: LGVN

I noticed LGVN ramping up on the scanner, so I waited for a good entry. At 7:37, a micro pullback opportunity appeared. I set a buy order at $2.52, the high of the previous candle, and a stop loss at $2.43, the low. The price continued its momentum, and my order was filled at $2.52. I watched the price rise until 7:38, when a doji candle formed, signaling indecision. I exited at $2.67 for a $30 profit just before the price started to drop. This was a great decision, as I effectively managed the indecision.

Trade 2: KOSS

My second trade was KOSS, and it didn’t go as planned. I saw a pullback with a resistance level at $11.92, presenting a great entry opportunity. I set a buy order at $11.93, and the price quickly rose, filling my order at $11.95. I set my stop loss at $11.52. The price climbed to $12.67, but I wasn’t ready to take profit as it hadn’t reached a 2:1 profit-loss ratio. I moved my stop loss to just below the $11.92 resistance level. Unfortunately, the price dropped quickly, hitting my stop loss and selling at $11.89, resulting in a $2.71 loss. While I could have had a small gain if I hadn’t moved my stop so soon, it could have also resulted in a $20 loss had the price plummeted to my original stop loss. I’m okay with this outcome as it could have been worse, and the momentum simply died out.

Conclusion

Overall, today was a good trading day, and I’m proud of my patience and waiting for the right setups. I’m fine with small base hits as they are good wins with the potential for a home run. I’ll continue this approach and hopefully find some really good and profitable trades.