Sticking to a trading plan

This morning I was watching $ONKD and $BLOX, two earnings winners that I found with the help of Tim sykes.




I will analyze these two plays so you can see what I did wrong and what I did good:

so, when I watched ONDK, I didn't want to enter right at the open, I need to see a base, some sort of confirmation to enter the trade.

the stock started falling so I opened the daily chart and saw it had a big resistance around 11.50, this was my PERFECT dip buying point, I waited patiently for it to drop to my price, it got a little choppy for a minute and I thought that Ive missed the move when it started spiking, but minutes later it dropped more to 11.6, this is how it looked:




the 11.6 drop was a 10 second drop, I was watching BLOX for my entry and right as I was watching it it touched 11.6 and SPIKED HARD 1 dollar a share from my buying price, I saw that I missed the trade when it was at 11.8, 11.9 I did not chase it because I stick to my rules, would have been good to chase buy you might get lucky once or twice but when wrong you will lose allot more than you should. and this is how it ended






On to my next trade I was looking at is BLOX,

BLOX was also an earnings winner, I watched it right at the open and set my stop loss as yesterdays close at 18.35, I got executed at 18.48 a little bit late because it jump quick but still a good risk to reward plan.

It spiked for 1 minute and it looked slow to me, I took profits of only 0.9 cents, I think of this as a bad trade because I took profits that are less than my stop.

I took the profits because I didn't trade for a while and was only watching stocks sitting on the side lines, after my exit the stock continued to spike for another 0.40 cents of upside.







Lessons that I learned:


1.Stick to your plan,

dint be emotional and take profits just because you are scared, move stops, stick the your plan.


2.Don't be afraid to stick to your plan!

because this strategy is so simple I sometimes think its really too good to be true, but at most cases I am right.


3.Be confident at what you do.


4.Be aware more, don't forget to look at the other stocks you follow, because sometimes they can move to fast for you to notice.