Day traders' hoorah-for-the-weekend after-market lounge Sep 3 - 5, 55825439, page-19 - HotCopper | ASX Share Prices, Stock Market & Share Trading Forum

Originally posted by Elite_Trader ↑

Hey @buddi

Not at all, feel free to ask away & I’ll do my best to answer when I’m free.
I also had a similar thought yesterday after close but I decided to play it safe today & I sold my overnight parcel at 9cents soon after open more of a calculated guess. EUR has been a great trader past couple of weeks & has risen around 30% in the past 14days. The recent cap raise might have something to do with it not flying to 10cents to quickly as it’s clear some are taking profit but in saying that there seams to be a big whale accumulating plenty.
Next week I’m very confident 10cents will come as long as there’s no major corrections in global markets, pending news could drop any day & compared to peers it seems undervalued. Today’s close was very strong for a Friday & i’m expecting 10cents will come Monday or Tuesday & then I’d love to see positive news drop soon after & send this into the teens.
EUR has brought my confidence back in my day trading as I hit a bit of a rough patch a few weeks back & couldn’t pick a winner to save myself but I’ve also gone back to basics taking profit early & trading a lot less which is both working wonders recently with 10 income days out of the past 11 trading days.
sometimes I still have to remind myself that $250-$500 profit doesn’t seem much on the day but if you can do it consistently it adds up to some nice $$$ each week, this way of thinking is what first transformed my day trading around 13months ago as before that I’d never put together 2 consecutive profitable months.

Good to have you around & hopefully you don’t take this the wrong way but I’ve noticed a couple of you post’s in the aftermarket threads the past couple of weeks your being a bit hard on yourself regarding some of your trades, for someone who is still in the early days of learning to day trade & who would normally trade longer term holds you are doing a great job.
I find it’s important to hold yourself accountable on mistakes made trading but also not to beat yourself up to much as it will likely affect your trading mentality in future trades & potentially mean you’ll second guess yourself regularly.
I was meant to post this a couple of weeks back when I saw one of your posts but unfortunately I’ve been a bit time poor or the weekends because of house stuff anyways keep up the good work & don’t be a stranger on the thread.

Have a great weekend

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Hello @Elite_Trader

Thank you very much for getting back to me and for your encouragement, much appreciated. Of course, there is nothing in what you said to take the wrong way mate, quite the opposite, you've hit the nail on the head.

I learnt that psychology plays the most important role in this type of quick trading (important in LT trades too, but much more critical here) , and a few days that I took off at the start of Aug to re-assess turned into pretty much only a handful of trades in Aug because I was second guessing every entry and keep watching the trades that left the station, even when I know I won't be entering them anymore, what a waste of time and energy.

New month and I promised myself to keep it simple, follow only a handful of stocks at a time, and regularly cleanup my watchlists and best to focus on the next train rather than kicking myself on why I left the last one. You are dead right in saying that small and frequent wins are important, because if I can't win small there is no way larger capital is going to be any better. In a way the hold up of my capital is helping in this aspect, because I am forced to handle the rest of my cash in a careful way, kind of like your new challenge.

Hope all is well at personal front and you are close to selling your home this spring then find a new one. I look forward to follow your new challenge all the way to a mil dollars.

Reg. EUR, what you said makes absolute sense...I see it's bouncing well on the 8EMA, so I'll be watching for an entry if it gets there and all other things being equal, otherwise possibly shoot to mid 9s, small pull back to low 9s or high 8s and then hit 10c. Let's see!

Have a nice weekend mate, and thank you again!