I Only Took 2 Trades Today...

Here's a summary of the trading day:

• Market Recap:

  • The trader had two trades: one winner and one loser, resulting in a net loss of approximately $96 after fees and commissions.
  • UGRO (Loser): Lost $4,400 today, adding to a $2,200 loss yesterday. This stock was a continuation setup from a previous winning trade on Monday ($7,600 profit). The trader attempted to buy a breakout over the 200 moving average and resistance at $8.50, but the stock rejected and flushed down after hitting $8.55.
  • QNRX (Winner): Gained $4,500. This biotech stock had breaking news and the trader was familiar with it. The trader bought into a squeeze, adding positions from $10.62 up to $11. The stock hit a high of $11.42, pulled back significantly, but then bounced back to $11.50 where the trader exited with a profit. The stock later rolled over significantly, ending the day down.
  • Fees and commissions were approximately $170 for 22 tickets and 80,000 shares traded, offsetting the gross profit and leading to a net loss.

• Trading Environment:

  • The market is described as "cold" with fewer good quality setups.
  • The trader expresses frustration with the lack of opportunities and the tendency of stocks like UGRO not to follow through on continuation setups.
  • The speaker advises patience and avoiding "fighting" a cold market, as it often leads to bigger losses.
  • Markets are cyclical, with hot and cold stretches. Surviving a cold market builds resilience and confirms a trader's strategy.
  • For beginner traders, cold markets can be particularly challenging, as they might question their ability to make money. It's important to focus on the right stocks and potentially have multiple income streams to reduce pressure.

• Watchlist/Other Opportunities:

  • Other stocks like BIAF (continuation setup, puts below 200 moving average) and VCX (light volume, high price) appeared on scanners but were deemed unsuitable for trading due to low quality or high risk.
  • The trader emphasizes focusing on "the right stocks" with breaking news, especially in a cold market, as these offer the best opportunities. Trading lower-quality setups can lead to losses and pressure to recoup.