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Josh Dunn

Daily Recap: Slow and Steady Progress in Trading

Today was a decent trading day, adding $70.26 to my account, bringing the total to $1,230.09. My primary goal was to slow down my trading and rely more on the 5-minute chart for confirmations. This strategy is still a work in progress for me, requiring more practice and patience.

First Trade: SCNI

I entered SCNI at 7:51 AM at a price of $8.45, having missed my initial target entry at 7:48. My stop loss was set at $7.98, based on an unclear resistance point at $8.00. Unfortunately, the price wicked down on the next candle, hitting my stop loss and resulting in an exit at $7.98 for a loss of $23.50. Despite the price later climbing to $8.84, the trade lacked a solid setup and confirmation on the 5-minute chart. I need to work on being more patient and waiting for better entries.

Second Trade: AMIX

My second trade was on AMIX, where I used the 5-minute chart for a better entry at $1.015 with a strict stop at $0.99. The price moved up through a pullback and halted around 8:00. After the halt, I decided to exit at $1.26501 for a profit of $93.76 due to high volatility and heavy selling pressure. While I could have held for potentially higher gains, I chose to secure my profit. In future trades, I plan to move my stop loss up and let the winner run longer, but I was satisfied with this win.

Key Takeaways

  • Patience in Entries: I need to improve my patience, waiting for solid setups with clear 5-minute chart confirmations.
  • Managing Exits: I should let my winners run by moving up my stop loss, especially after volatile halts. This will help maximize gains without risking too much.
  • Learning from Volatility: Post-halt scenarios are challenging due to high buying and selling pressure. I’m learning how to navigate these situations better.

Overall, today was a step forward. While there are areas to improve, especially in patience and managing trades, I’m making progress. Trading with a 5-minute chart is a new approach for me, and with continued practice, I hope to refine this strategy further.

Thanks for following along on Trading Tiny. Stay tuned for more updates as I continue to learn and grow on this trading journey!