No it fucking isn’t.
This trade is a clusterfuck of emotions and bad decisions. See that big assed red candle on the left? After a crazy day yesterday with Cassava Sciences Inc increasing 20$ over the day, this morning there was a crazy drop BEFORE the markets even opened from a high of $48 down to $39 over the course of a 5 minute period. Here’s where the fuckery comes in.
I quickly analyzed the situation and decided that when the market opened we’d get a bounce back up, probably half way around $45. So I bought shares in a market when it might have been smarter to sell into the weakness. No, not your superhero buddy Zaal! No he BUYS into a selling market on a hunch.
Well this idiot was right. When the market opens (that first big green candle) it did start crawling back towards my target. I actually had a limit order in at $44.37 so that was going to be our OUT! Other than the little red Doji candle at 0935, it continued up as expected with steady volume. As it neared the top of the 0950 candle, it seemed the momentum was slowing. I started to get a bit nervous and thought how stupid it would be if I didn’t even try to take some profit now that I was in the green. I took two partials and sold 50 shares @ $43.16 and $43.21 with my average cost of $41.31.
“What does that mean for you, idiot?”. It means that I made some money. How much? On the first 50 shares, I made $92.50. Second 50 shares, $95. But I held the last 50 in the hopes it might get higher and it did with me finally selling my last 50 shares @ $44.37 for a final profit of $153. All of these numbers are documented on the image above if you want to click on it.
So I got triple my daily target by:
- Using my limited trading knowledge
- Knowing what happened in the market on the previous day
- Willing to risk some money to get more money.
If I’d not known any of those three things checked off above, I wouldn’t have taken the trade.
Straight talk here: when the stock was at it’s lowest, if I’d decided to close my position at max loss, I would have been out $600 but I didn’t because of the three items listed above.
So… intraday trading. Yeah, super easy. 😒