This was a stressful week. I did a bit of overtrading to start the week off and took a big loss on $RCON trying out a different setup than my usual breakout plays. My plan has always been to stay focused on the multi day breakouts until I got back the money I originally lost. Now that I've made back my losses plus the money I invested in educational materials I've been itching to start branching out and taking advantage of other setups. I managed to make $630 profit this week after being down big over the first couple days, basically a scratch.
On the bright side, I'm still right near my all time highs for profits:
I think I did a good job recognizing my overtrading, and that helped me refocus and nail a couple really good plays in $NGTF and $VAPI. As far as branching out to other setups, I need to keep in mind that I'm not profitable overall with any other setups and until I am winning consistently I need to use very small size. I'm comfortable risking up to $1200 on a perfect OTC multi day breakout setup, but I'll need to keep my risk on other setups down around $50 - $100 for now.
I also need to find the right balance when taking my entries. I felt like I was getting worse prices than I could have on a lot of plays in recent weeks. So this week I was determined to be patient waiting for a good fill and that caused me to miss out on a couple plays, and get only a half size position in $VAPI. I need to pay more heed to daily volume as well, as I keep sizing up. I went too big in $MQPXF and the volume really dropped off the day after the breakout. This made it hard for me to get out where I wanted to.
All in all, I learned some good lessons this week that should help me keep moving forward, and I think that is one of the most important things in this game.
Cheers!

I think you are doing just fine...maybe a bit earlier to test other setups?...Your current monthly profits are very impressive. Even if you stay with this setup for few months, your account would be much bigger....Once you reach something like 70K or 100k, you will have much more room for trial & errors...Don't know how long the bull market will last...seems 2018 is still bullish...or hope so...keep it coming!!!!
Thanks. I will definitely keep doing what's been working, I just see a lot of other opportunities for big profits and would like to start taking advantage of some of those.
@papajohn can i ask what scanner you use or software to track otc multi day breakouts. i can seem to find anything to track otc
I use StocksToTrade
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