Daily Recap: Staying Patient and Steady Progress

Today was a solid day of trading, where I maintained my focus on patience and discipline to find quality trade setups. Even though I won only one of my two trades, I believe both entries were well-timed and aligned with my strategy. I ended the day with a profit of $49.30, bringing my account balance up to $1,058.19. Let’s review the trades.

First Trade: GOVX

GOVX was ramping up today as Mpox-related stocks gained momentum again. I was carefully watching for a good entry and saw an opportunity after a strong ramp up. The trade met all my rules, with the MACD showing a positive signal on the 5-minute chart. I entered at $6.62, setting a 25-cent stop loss at $6.37. The price began to move up slightly, so I moved my stop loss up to $6.47, which was the low of the 15-minute candle where I entered. Unfortunately, I got stopped out at $6.47 for a loss of $11.52. Despite this, I’m pleased that I minimized my loss by adjusting my stop. The trade had the right signals, but it just didn’t go my way this time. Ironically, the price did rise as I initially anticipated after I was stopped out, but overall, I’m satisfied with my entry and risk management on this trade.

Second Trade: VRAX

VRAX, another Mpox-related stock, was also gaining traction today. I found a strong entry at $5.24 with a 25-cent stop loss at $4.99. This time, the momentum worked in my favor, and I rode the wave up, hitting my 3:1 risk-reward target. I exited the trade at $6.00 for a profit of $60.78. I also adjusted my stop loss higher as the price climbed to secure profits, but fortunately, the trade hit my take profit level, so I didn’t need to rely on the stop.

Reflection

Today was a decent trading day where I continued to practice patience and followed my strategy closely. It’s crucial to recognize that even when you trade correctly, the market doesn’t always move in your favor, as was the case with GOVX. However, I’m feeling increasingly confident in my strategy and my ability to wait for setups that meet my rules. This consistency is key to long-term success.

Overall, today’s performance reinforces the importance of sticking to my plan and being patient in the market. I’m looking forward to continuing this momentum in the coming days.