Daily Recap: Mastering Patience and Profit
Today was a rewarding day, where patience and careful trade selection paid off. I’m pleased with my progress, especially in passing on trades that lacked ideal entry points. Ending the day with a $76.50 profit, my account balance now stands at $1337.27. Here’s a closer look at today’s trades:
Trade 1: MIRA
MIRA gapped up significantly in premarket due to a new catalyst, indicating strong potential volume. At market open, I patiently waited for a pullback, which occurred at 7:34. I entered at $1.515 with a mental stop at $1.415, as setting actual stop limits was not possible under $2.00. The price quickly ramped up and halted for a few minutes, a situation I’m still navigating. After the halt, the price surged before crashing, prompting me to exit at $1.725 for a $52.50 profit, achieving a 1:2 RR. While the price continued to climb, I opted for the safer 1:2 RR to avoid high slippage, especially given the unpredictable nature of halts.
Trade 2: SAVA
For my second trade, I targeted SAVA, entering at $12.33 on a pullback with a stop loss at $12.09. I secured a 1:2 RR by adjusting my stop loss upward. The price pulled back, and I was stopped out at $12.81, netting a $24.00 profit. Although my position size was smaller, my risk was limited to $12.00, maintaining a solid 1:2 RR.
Reflections on the Day
Today, I focused on waiting for optimal setups, adjusting position sizes to adhere to my 2% risk management rule, and ensuring profits were secured at a minimum 1:2 RR by trailing my stops. While I’m still learning about halts, which remain challenging to predict, I found that meeting my RR requirements and taking profits decisively worked well today.
Overall, it was a day of growth, maintaining discipline, and refining my approach. Onward to more lessons and profits!