Since I started trading, this has been my best play that I ever made. Since the breakout of $IDC last October, I have been watching this stock if another breakout will occur. However, I've been trying to get a good position with this stock but I wasn't able to timely enter a position.
Last November 7, 2017, bought 100 shares of $IDC at Php 9.6 and another 100 shares at 9.58, also, I placed my cutloss point at 9.4. I was hoping for a breakout but it did not happen, to my dismay it even went down to my cutloss point. In order to protect my port, I cut my losses at 9.41 with a loss of -4.95%.
The next day, there was still no significant price movement but it has the same volume as the other day. I was thinking that $IDC was going through a consolidation and will later on have a price break out. Luckily the next day (November 9, 2017), the breakout happened and I entered the trade in several tranches with an average of 12.36 up to the present. I could have entered the trade at around the opening but I was hesitant since all of my major losses happened when I bought during the first 30 minutes from the opening. I decided to let the market cool a little down first and decide the average price. In that way I will be able to calmly decide if the momentum is really upwards or not. My trade last November 9, 2017 ended with a gain of 6.89%.
The next day, I sold my $SMC and decided on balancing my port for $IDC and $BLOOM. I will be updating this post with whatever will happen to this trade. I know other traders did better than me, but I'm still happy that I'm doing baby steps in learning stock trading.
November 10, 2017 Close: After rebalancing, IDC continued to soar higher reaching up to the Php 19.00 mark, but closed at 16.82. I will stick to my trade plan and exit should the opening next monday be unfavorable. $BLOOM managed to go up even after I rebalanced by port.
Update: 11/23/2017
I was very heartbroken with this trade. I got very greedy and waited for the price to again hit the 18 peso mark but it never happened. Several days passed and the price went down and down. I started thinking to get out of my position at Php 15.00 but got greedy again and set my sell point at Php 16.00 which never also happened. Fast forward I exited my trade with a 3.15% loss at Php 12.12.
30% was already a win, 20% was already enough, even 10% was enough but my emotions got me and I anticipated another breakout. Thus, I lost everything.
Note to future self:
Never get greedy, don't catch higher highs, once the target price is reached and the momentum is still going, set a trail stop and abide by the trading rule no matter what. When I planned writing this blog post, I was ready to record my 1st big win, but now I am writing my first big lesson, and another reminder that no matter what your position is, no matter what the color of your portfolio is, trade according to your rules, and not according to your feelings.
