I think the reason I’ve lost money on every one of my trades is because I’m not waiting for a play to happen. Buying into $IMUC for example. I heard the company was releasing some type of positive news. On this trade, I didn’t wait for the price to reach a level of resistance or break through any milestones. I bought into a news release.
Buying on contract news and chat rumors is a losing strategy.
I was watching a FOUS 4 video today for the 3rd or 4th time when it hit me. As he was going over exponential moving averages and resistance support, it became perfectly clear that I haven’t been acting on the lessons I’ve learned.
This is some pretty basic stuff, yet I’ve been ignoring it. Emotion plays a big role in my trading right now. As time goes on, I hope to remove the emotion and focus solely on the numbers. From now on, any trade that I enter will have volume, news/hype and a current price that has broken through some type of resistance.
I’ll still be watching the chat rooms for leads, but anything that I trade will have all of the factors listed above. No more losing money, it’s time to win one for a change!