Hey everyone, Ross here! Today was a significant shift in my trading week, marking a welcome Green Day, my first for the week, and what a relief it was! Unlike the challenging trading sessions of Monday and Tuesday, Wednesday brought a refreshing change, allowing me to not only meet but exceed my daily goal by approximately $300. However, it wasn’t all smooth sailing as I did end up giving back about $800 from my peak. Ending the day, my profits stood at $4,502. Let’s dive into the recap and talk about my trades!
Today’s Trading Overview
The star of today’s trading was REBN, which soared by 102% due to some impactful news regarding Reborn Coffee. This stock alone contributed a whopping $2,700 to my profits. But REBN wasn’t the only stock on my radar; I traded five different stocks today. In stark contrast to Monday, where I was red across all my trades, today I turned a profit on four out of the five stocks.
Reflecting on the past couple of days, the atmosphere in the pre-market sessions of Monday and Tuesday was noticeably stale, with no significant news driving the market. This lack of momentum made it a struggle to find good trades, resulting in red days. Today was different. The market provided distinct opportunities with clear setups which helped in making disciplined trading decisions.
The Importance of Trading Obvious Setups
One of my key strategies is to look for the most obvious stock to trade — the one that every trader is likely eyeing, one that brokers are actively promoting due to significant news or price changes. These stocks generally have enough trading volume, making entries and exits smoother and less risky. Today, REBN was that stock. It met all the right criteria: a leading percentage gainer with ample volume, making it the focal point for many traders.
This week’s trading underscored the importance of discipline, especially on slower days. Monday, for example, lacked the necessary momentum for any significant trades and yet, I ventured in, which was not the wisest decision looking back. It’s crucial to avoid trading for the sake of trading and instead wait for clear, actionable setups.
Diving into Trades
Breaking news at 8:30 AM set the tone for REBN. My initial entry was at $1.90, right as the news hit the scanners. The stock surged to $2.30-$2.40, where I took my profits before it pulled back. The trading was intense, with quick, sharp movements making risk management challenging. The stock experienced several spikes and rapid declines (“jackknife” candles), which required a cautious approach to re-entering.
SLNH had breaking news at 8:00 AM, which prompted my initial trade. I bought in at $3.14, riding the wave up to $3.80. The price action was comparatively cleaner, though it lacked a second pullback which could have offered another good entry point. Nonetheless, my exits at $3.40 and $3.50 were well-timed, securing a solid profit.
Learning from Today
Today was not just about the profits but also about regaining mental focus and discipline. After a rough start to the week, it was vital to steer back to a disciplined trading mindset. I’ve been integrating meditation into my daily routine, which I believe greatly aids in maintaining focus and discipline, especially on challenging days.
Reviewing the last 60 days, despite a few setbacks, my strategy has remained profitable overall. It’s essential to keep the bigger picture in view and not get swayed by short-term losses. Keeping a disciplined approach, especially after a loss, is crucial for long-term success in day trading.
Stay Disciplined and Keep Learning
Every trading day provides new lessons and opportunities for growth. Whether it’s a green day or a red one, there’s always something to learn. For those new to day trading, remember, managing your risk is paramount, and there’s no substitute for experience and continuous learning. Stay focused, keep a disciplined approach, and use every day as an opportunity to improve your trading skills. Thanks for reading, and happy trading!
Stay Connected
Warrior Trading was founded by Ross Cameron in 2012, and is now a thriving community of thousands of traders. You can learn more about joining the Warrior Trading community here.
Check out my new book How To Day Trade: The Plain Truth.
This one thing will determine your success as a day trader
Make sure to follow my YouTube Channel
Check me out of Facebook
Watch behind the scenes on Instagram
Stay connected with me on X