I do appreciate the fact that I have some seriously dedicated secret admirers on this forum, as weird and creepy as some of them are. I am sure some are lost as to how I can maintain my own sanity with all the ups and downs in this sector.
Well, here's the secret -->> I am not a DayTrader, simple as that. IMHO most of those who post to Forums are simply DayTraders and SwingTraders, not all, but most.
I actually go into my investments with a timeframe in mind for how long I have to hold in order to record a decent profit and then add extra time in the event things stall out for awhile. Beyond that I am using a Dollar Cost Averaging Strategy which helps me maintain the lowest possible average cost per share possible which I always maintain WELL BELOW my target prices. This does not mean the actual trading price of shares cannot be below my running average but it does mean, no matter what, my averages is far "enough" below my targets that once my 1st target hits I can sell off a small sliver of shares in order to remove cash from the market and further reduce my running overall average cost per share.
I go in with Partial Buys (so I can add again later) and come out using Partial Sell orders (so I can sell again later, usually at a higher price). I run all my trades through an Excel Spreadsheet first so that I can track my averages and what a new Buy or a new Sell will do to my overall average etc.
As for my Cannabis Track-record over the past 7 ror 8 years. I recall taking a 20% hit on one trade back in 2016 (?) where I bought a stock as I believed it was a strategic acquistion of a larger player. I gave that trade apx 4 weeks (+/-) to live or play out. The deal I expected did not appear so I exited at the end of my timeline and took a hit on that. All other sales were at profits, most done through partials, some done in one single one time sell order.
My most signifcant recorded loss through Cannabis Investing and Trading was through buying options which failed to materialize, total loss on my options experience was 100%. That loss is something I have absorbed and on track to recover from through current holdings of Shares in Tilray Brands.
Needless to say, I am not impressed with options trading and will likely be dealing directly on the shares from here on out (at least for the Cannabis Sector).
Never expect to be winner the first time out, pick a budget you can play with that does not bring you stress and that you can live without for a long period of time. Be patient, research ALOT and think longer term. Daytraders have to be right EVERY DAY to win their few pennies, a Long Term investor just needs to be right once on one big mover that moves at some point down the road, even if that play flops around for days or weeks on end.
It's how you exit that counts.
Hope this post finds everyone doing well this evening.
Best Regards,
Q
- Long on Tilray Brands
PS: I will not be sharing targetting information, neither for a low buy nor a high sell. These are best estimates by whoever you ask and they will vary greatly. Set your own. Build your own strategy, be proud when it works, improve and refine it when it does not. Over time you build the experience and confidence held by the old-timers who carry the scars of learning and the rewards of making the effort.