As my notes said, it's a former runner with a news catalyst. It has a low float of roughly 6 million shares. It spiked in premarket with high volume and rotated the float 35 minutes after the PR.
That made it very interesting. And we got the dip and rip shortly after the open…
But even if a stock checks all the boxes for a perfect trade — the market's always right. Price action is king.
So while checking the boxes can help you spot an ideal trade, always keep risk management in mind. Have a risk level where you'll cut losses.
If you want help getting your ideas and mental checklists down on paper, consider reading, "The Checklist Manifesto: How to Get Things Right" by Atul Gawande. (As an Amazon Associate, we earn from qualifying purchases.)
It's not a trading book per se, but it shows you how using checklists can reduce mistakes in any profession or procedure.
Reading it was a catalyst that helped me finalize my own mental checklists and write them down.
Now I share my checklists and resources with SteadyTrade Team members...
(As an Amazon Associate, we earn from qualifying purchases.)
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*Please note that these kinds of trading results are not typical. Most traders lose money. It takes years of dedication, hard work, and discipline to learn how to trade, and individual results will vary. Trading is inherently risky. Before making any trades, remember to do your due diligence and never risk more than you can afford to lose.
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