Daily Recap: A Rough Start with Real Money
Today marked my first day trading real money with my $1000.39 account, and it did not go as planned. I overtraded, made poor entries, and chose low-quality stocks, which led to a significant loss. I let my emotions take over, disregarding all the lessons I’ve learned so far. By the end of the day, I faced a loss of $118.86, reducing my account balance to $881.19. I have a lot of work ahead to regain my starting balance. Let’s review the two stocks I traded today.
First Trade: NUZE
NUZE was a premarket gapper, but it lacked a recent catalyst, making it a questionable choice. I attempted to buy at a low point for a potential bounce but didn’t select valid support levels. I made arbitrary entries, thinking I was catching the low, but most trades were poorly timed. I overtraded NUZE and should have cut my losses after the first two trades. My third trade recouped most of my losses, but I foolishly continued trading, which only made things worse.
Second Trade: NUWE
There was no compelling reason to trade NUWE. I noticed some momentum and impulsively jumped in, entering at poor times. I need to be more patient, allowing the price to settle on pullbacks rather than jumping in blindly, hoping for a rebound.
Reflection on the Day
Today was a disastrous start with real money. I ignored the knowledge gained from the simulator and let my emotions dictate my actions. I need to adhere strictly to my 2-trade limit for the day and be selective about the trades I take. Patience is crucial; I must look for solid opportunities and ensure support levels are strong before buying. Tomorrow marks a new day and a new month. I’m determined to return with a fresh mindset and a better plan.