Welcome back to another day of live trading! Today, I dived into four different positions across two stock symbols: AGFY and NVIV. It was a mix for me today—three losses and a minor win.

This session was another valuable lesson in the importance of managing stoplosses. It reinforced my goal of cutting losses quickly, rather than hoping against hope for the market to swing my way.

Live trading session video:

Entry Criteria

My day started with the usual drill—analysing the daily charts to identify key support and resistance levels. These levels often help me gauge where the price might bounce back or face a pullback. Despite not turning a profit today, I feel more confident in trusting these support and resistance lines I am beginning to identify recently.

NVIV Trades

NVIV caught my eye after it surged about 150% right after the market opened. I spotted a resistance line at $.60, previously identified on the daily chart, and decided to ride the momentum past this mark. 

Unfortunately, my optimism didn’t pay off. After a brief rise to $.61, the stock pulled back. I quickly exited at $.58, limiting my loss to three cents per share. Though I attempted a second go at $.64, the fluctuating price action led me to exit at $.57, marking a 7 cent loss per share. Despite these setbacks, I managed my risk well and avoided getting too attached to the trade.

AGFY Trades

While juggling NVIV trades, AGFY also piqued my interest. I had marked $.95 as a significant support/resistance level from a previous high-volume day. 

When AGFY crossed this threshold, reaching $1.10, it was time to act. I took a position as it dipped back to $1, hoping for a rise. 

Unfortunately, the price didn’t climb as anticipated, and I exited at $.99, a minor two-cent loss per share. A subsequent entry at $.95 saw a brief spike to $1.03 before facing rejection. Deciding against risking a deeper drop, I exited at $.99, securing a modest four-cent profit per share.

Today’s Learnings

Today was a humbling reminder of the volatile nature of day trading. Here are my takeaways:

• This is the second day of managing small losses well, reinforcing the need to cut losses swiftly without getting emotionally invested in trades.
• Despite numerous trades, only one yielded a slight profit. It’s clear I need to refine my approach to assessing momentum on one-minute charts.
• Keeping losses in check remains my priority. With persistence, I aim to better time momentum and breakthrough key levels.

I hope sharing my thought process and decisions from today’s trading session offers some insight into the world of day trading. I need to continue to remember, every session is a learning opportunity. Happy trading, and I’ll see you in the next session!