I just started looking at it this morning. I see where it broke out on the 28th, I think yesterday is a more decisive breakout, or I should say a good follow thru. Yes I was chasing, I said that when I posted the trade. As far as r/r, I called my target an initial target. I’d sell a portion at that level to lower my risk. I don’t see any resistance above. So I know my r/r is higher than 1/1, but don’t know what it is. I’m not looking to trade this for a day or a week. Position trade
It's the process I'm asking about. Why did PSA show up this morning? What led you to look at it? Are scanning or getting suggestions online or listening to some talking head on TV?
Quite a few meet that criteria, what made you choose PSA? If I'm getting on your nerves let me know and I'll back off.
Lol getting on my nerves a little but that’s OK I’m here to learn which means I need to be challenged the answer to your question is simply that that’s the one that came popped out at me when I looked at all the charts from the IBD 50 list. I would also probably say that I might be being a little cavalier knowing that it simulator training. That’s a psychological thing that stuff to get around if it was real money I might’ve waited for the stock to pull back which it did
OK I'll back off a bit. The questons are for you to ask yourself. I know that when asked a question I'll try and rationalize what I've done so that it makes sense to others and might not be the real reason I made a decision. Just by your posts I can imagine that you are going thru the same thing I did when I started. I can kind of imagine the emotions you are experiencing because I still experience them. I just found away around them. The main thing is to be honest with yourself. Today you chased a stock, be honest with yourself and try and figure out why. ( I don't want to know why but you should figure it out) You will make a lot of mistakes, learn from them. It's OK to make mistakes, that's how you learn; just don't make them twice. I don't know why but writing stuff down helps. Someone suggested a mistake journal. Write down every mistake you make, then review them at the end of the week/month/quarter and see if there is a pattern. Develop a process that you could give to a new trader so that they could trade your account when you become demented. (71 is getting close, I know I'm older )
Thanks DD, no worries. You make very good points. I’m sort of glad the stock (PSA) dropped 10points after I bought/chased it, the drop drove home the point that I chased and it hurt me. I don’t think I chased for FOMO. I think I just felt the need to do something. Which isn’t so good either. I’d be annoyed at myself if it was real money, paper trading is a good idea, glad I’m doing it. your points are well taken, and I take no offense whatsoever at you challenging me. Feelfree to keep it up.
Keep asking yourself why. Why did I feel the need to do something? Be like an annoying little kid and reply to any answer; Why? When you get to the point where you answer, "because it's part of a well thought out plan." you can answer the next "Why?" with "Because that's how I make money." I could do it for you but it gets really annoying and you start giving answers that you think I want to hear. If you do it you'll know when you're bullshitting yourself.