A Lesson Learned’s Worth A Dollar Earned
Life is all about learning lessons.
And the lessons that always stuck hardest with me were the ones I learned from losing money.
See, I HATE losing money. Especially losing money trading.
But as much as I hate losing my own money trading, that’s nothing compared to when my subscribers lose money following my ideas.
Of course, it happens. We make money overall, but that doesn’t mean we’ll never see losers.
Regardless, I try to minimize losses as much as possible.
That’s why I said in this morning’s Trade Room that I won’t take trades on stocks we’ve lost money on recently.
I’ve learned my lesson trading signals on bad stocks like SOFI, HOOD, and AAL.
Instead, I want to focus on signals we’ve had repeated success with — SHOP, DKNG, and LCID.
Here’s another lesson: I’ve noticed we have a lot of traders making money in the Trade Room lately, but more from scalping than holding longer positions. They get in, and get out quickly.
That might mean winning just 20% in 30 minutes or so, but a win is a win.
Triple-digit winners are still out there, too, as we saw last week in our LVS trade.
But in volatile market conditions like these, the lesson is to take profits where you can.
Get in, get out, and move to the next trade.
Well done to many of you in the Trade Room doing that exact thing.
Here’s another lesson: Be smart with the watchlist and free trade idea I’m going to share with you.
Trade these more conservatively if you choose to, and take profits quickly when you get them.
The Kings Corner Weekly Watchlist
We’re seeing some buyers start to pour money into the market, with stocks up big today.
I think it’s simply to take advantage of lower pricing and set up long-term gains.
But if the market does start to rally, here’s what I like this week:
- Advanced Micro Devices, Inc (AMD)
- ARK Innovation ETF (ARKK)
- Halliburton Company (HAL)
- Schlumberger NV (SLB)
My free trade idea is to:
Buy AMD October 14, 2022 $70 calls (for $1.09 at the time of writing).
Remember, we won’t be tracking this free trade idea on any online portfolio. So, if you take it, you’re on your own.
And in general, if this idea makes profits of 50% or more, you should consider getting out of it for a decent gain.
For those of you having success, go ahead and email me at TradeKings@banyanhill.com and tell me about it.
Let’s have a great week!
Andrew Keene Editor, Kings Corner