Trading with Ricky Day 31-35

Ticker: SPRC

Position: LONG

Outcome: LOSS

News: Yes; SciSparc and MitoCareX Bio Discover Potential Anti-Cancer Molecules Through Advanced Drug Screening

Stuck to Rules: No; held for too long.

Review: Positive news initially boosted the stock, but significant selling pressure emerged during the second candlestick, as indicated by both its wick and body. This should have been a clear warning sign. Second warning sign was the third candle opened beneath the top of the body of the previous candle. None the less, I entered after the first pull-back, but as the price dropped, instead of cutting my losses early, I held onto the position in anticipation of a reversal, buoyed by the positive news.

Lesson Learned: It's crucial to recognize that positive news doesn't always translate into a successful trade. A healthy climb in price is when the bottom of the next candle is higher or equal to the body of the previous candle.

Symbol: GXAI

Position: LONG

Outcome: WIN

News: Yes; Gaxos.ai bought rights to Develop Gaxos Health

Market Hours: Regular Market Hours

Review: The stars seemed to align for GXAI as it trended upward throughout pre-market trading on the back of positive news. Volume was strong, with a surge of buyers entering the market. Despite a challenging week, I managed to hit my daily profit target of 6% and decided to exit the trade to avoid further uncertainty, given the series of fake outs I had encountered earlier. However, GXAI's ascent persisted after I exited.

Lesson learned: There's wisdom in taking profits early instead of holding out for greater gains. More often than not, chasing additional profits leads to losses rather than gains. We are still in the "anything AI touches it turns to gold" phase

DAY 31-35 Trading with Ricky

What a sluggish week it's been for trading, particularly in the premarket. The release of the CPI report revealed a 3.2% increase in February inflation compared to the previous year. Moreover, with elections looming, and both the crypto market and the S&P 500 retracing from their recent all-time highs, it felt like a convergence of significant events. This combination likely overwhelmed many traders, leading them to stay on the sidelines, resulting in a slow and sideways market.

It's disheartening, especially since March is typically touted as a favorable month for trading, as Ricky mentioned. Despite the challenging conditions, I decided to transparently share my biggest loss and biggest win by journaling them and posting this week's profit and loss statement upfront for everyone to see. Although it was a tough week, I'm relieved to say we still managed to come out on top with a green outcome. I hope fellow traders were able to navigate the market successfully as well.