Never chase a running stock. #1 rule of trading the OTC. Because every time you buy late, odds are it will reverse right after. It only continues if you don't play. Just to upset you about missing all that gain. LOL
I just can't teach how to be lucky. I can't stress this point enough. Success does NOT come from being lucky. It comes from finding patterns about to breakout and watching for them to do so. It comes from planning what you will do if it continues positive and what you will do if it turns negative. It comes from repartition.
But as I posted about day trade timing. If turns don't happen when expected just hold, till they do. It's that simple. Unless your trading a low volume stock large. Then have a gain target you will be happy with and sell when reached! During the run, not after a turn.
I will add on more TIP about day trading though. Enter and exit fast running plays with determination. Buy order above ask, get in front of the order line. Sell below bid, get out quick in a turn. Be first! Take a smaller profit, before getting passed over in the order que forces you to keep changing orders and take larger losses in profit. BE FIRST. I know every pennylander here, has been passed by, on an order, and had to change orders several times to get in or out. STOP doing that !!!
This is for all readers.
Time to preach again;
It's mindset. I learned to be happy with what I get and ecstatic when I get what I plan for. I don't need every last penny out of a run. I NEVER care about what I miss in a run. I miss runs in stocks, every day, I don't know happened. They don't bother me, why should missing some small or event large extra gain in a stock I played be different. Learn to be happy with what you get !!!
Everyone, I mean everyone, has that "I need more, I can get more" Mindset. It's what make you hold after a reversal. It's what causes most losses. Wanting more, wanting to be in that big run start to very top! Wanting to eat the whole pie in one sitting.
Chould-a would-a should-a. Comes after you throw up.
My goal is get readers to change that mindset to, Mummm that piece of pie was good. Just as I expected. Because it looked good before I bought it. Ok They have 10 more pies in the window. Guess I try another one tomorrow.
This is experience speaking. I threw up alot of pie, before I learned to eat small portions and go home happy, not sick.
I can't teach luck or being at the right place at the right time. And I don't want to encourage others to make that their goal in trading. It's nice when it happens. Nice to eat the whole thing and not get sick. but, Pleasure is not the same as happiness.
Reminds me of a story I've told here before. About two bulls on top of a hill looking down at a herd of heifers. The young bull says I'm going to run down there and make love with one for those cows. The old one says walk down and make love to them all.
Pleasure is not happiness.
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