Hey Guys,
The market is hovering near the highs it reached yesterday and so far it's remained in a relatively tight range this morning relative to what it's been doing the past couple weeks. This is one sign that the super volatile market conditions might be close to ending.
There are no new trades today so far. I've been through this before. During certain periods there just aren't a lot of trades that set up. This is just as much a part of the trading journey as any other step. If I can't exhibit patience during these times, and I go out and just start making trades willy nilly just to get some trading action, then it's the same as flipping a coin with a 50/50 chance of success. I'd rather wait for trades that might put the odds in my favor, which is the entire purpose of the back testing research I did. So I try to stay cool and accept the fact that some days there won't be trades.
My JCI stock trade reached its time limit today so I closed it for a solid profit. That one is worth celebrating. It came 9 cents away from hitting the stoploss last week during the turbulence, but held on long enough to take the ride back up when the market rebounded. That was a nice swing for us. There are plenty of times where the opposite thing happens and the price gets near the profit target only to reverse course and shoot downward. That can be a frustrating experience so it's healthy and helpful to remember that it goes the other way too. If we don't want to constantly be filled with anger and bitterness about trades that didn't go our way, then it might help to notice the trades where we got a good break and "let the good sink in".
From my low-priced account, I had a couple trades reach their time limits too. I closed ONON this morning for a small profit. I also closed FLO for just under breakeven. With FLO, there was a dividend recorded while I owned the stock, so that impacted my profitability on the position. Anyone who owned the stock as of the end of the trading day on Dec 1 and into the open of the next trading day will be receiving the dividend. No action is required to receive the dividend and most brokerages automatically credit it to your account within a handful of weeks.
If you have any questions or feedback, I'd love to hear from you.