Live Trading: $169.60 Profit In 2 HRS: How To Trade: $TOPS, $MJNA | Episode 52 | Summary and Q&A

TL;DR

In this live trading recap, the trader discusses his experience trading marijuana stocks and Tops, shares tips on identifying upward momentum, and emphasizes the importance of setting a game plan and minimizing losses.

Key Insights

• 🎚️ Identifying support and resistance levels, as well as previous trends, can help traders identify potential trading opportunities.
• 😫 Setting a game plan and being patient are crucial in trading, especially when waiting for upward momentum indicators.
• 🌸 Minimizing losses and promoting growth can be achieved through setting stop losses and learning from past mistakes.
• 🫥 Technical analysis and watching for indicators like the EMA line can help traders make informed decisions.

Transcript

[Applause] what's going on Traders it's Ricky with techit Solutions so I am trying to trade live um and I was going to be showing you guys my screen um when I was buying and selling tops um so I shouted this one out during premarket I shuted out the the three stocks that I was going to be trading today let me go ahead and see if I can find out that... Read More

Questions & Answers

Q: How did the trader identify Tops as a potential trading stock?

The trader added Tops to his watchlist based on a recommendation from someone in Tech Solutions and performed technical analysis, identifying previous support and resistance levels. He looked for the stock to repeat its previous trend.

Q: Why did the trader set his stop loss close to his buy point?

The trader wanted to minimize losses and ensure that if the stock dropped significantly, it would count as a day trade. By keeping the stop loss close, he could exit quickly and potentially avoid using a day trade.

Q: Why did the trader sell Tops at $2 even though it had the potential to go higher?

The trader used a trailing stop loss, which automatically adjusts the sell price as the stock price increases. He could have sold at a higher price if he had set his initial sell point further from the market price.

Q: How did the trader identify upward momentum?

The trader waited for the stock to bounce and cross above the EMA line, indicating a sign of momentum. He also looked for the stock to establish solid support above certain price levels, such as $1.90.

Summary & Key Takeaways

• The trader discussed his premarket analysis and identified CLS, DRYS, and Tops as potential trading stocks, but ended up trading MJNA and Tops.

• He explained his strategy of waiting for upward momentum indicators such as the EMA line and previous support levels, and mentioned the importance of setting a game plan and being patient.

• The trader mentioned that he sold Tops at $1.99 using a trailing stop loss and shared his thoughts on minimizing losses and promoting growth.