Thread by @billsstocks1

#NavigateTheOTCJanuary

Trade #OTC #Stocks smart

1/24/21 EDITION - BETTERING YOURSELF BY SELF-RETROSPECTIVES

In industry, many teams use "retrospective meetings" to understand what went well and what can be done better. Smart OTC traders use that philosophy to make better

entries and exits in the future. I do that when I trade, and you should, too.

Part 1 - Analyzing what didn't go well

We've all had bad trades and they'll occasionally happen. It's how you handle them and how you learn from them. @NickPeist recently put out a video about how he

learned from his mistakes in the past, and I look back to not repeat them. Looking back, my worst losses happened due to chasing momentum, believing price targets, and being afraid to take a small loss. Also, "cult plays" have been failures for me. So when I'm about to buy a

stock, I look at the downside potential before entering. I also think if an entry is due to emotion. Why should I buy a stock where my maximum realistic profit is 20 percent but a loss of 50 percent is likely? Instead, I could find a gem with potential for multiple bags with a

small chance of a loss (a small loss to boot). Also if a ton of people are talking up a play like it's too good to be true and there isn't much research to back it up, I look at my past plays and know not to make the same mistake. If I stick an Energizer 9 volt battery on my

tongue, is a Duracell going to feel different? So I use past experiences to avoid repeating the same mistake. Something I should do is JOURNAL my picks and make notes on what went well and what could have been done better. A journal is a useful tool for retrospective thinking.

Part 2 - Repeating what went well

More importantly, look back at your biggest WINS. What went well during those wins? For me, patience and knowing what I owned, taking profits and not worrying about calling the tops, and using my own gut have been common themes in my most

successful plays. The patience plays where I've waited weeks/months have earned me big dollars and if I know that catalysts and SS are good, I hold and accumulate and sell the big rip. Also, I've found that my best plays are usually from my own gut, not someone else's post/tweet.

I've been doing that since I started with $1500 and am approaching 6 figures. If I maintain the habit of using my gut, smashing through the 6 figure wall is a matter of when, not if. I also need to remind myself to take profits responsibly and not feel bad about exiting. Yes, the

stock can keep going up but if you took a profit, you won and you have cash freed up. Another thing I am still working on is embracing having free cash. If killer DD is found or if you're holding something with strong DD and it falls due to impatience, you have the cash to steal

shares!

So use the retrospective philosophy to change the future. Don't dwell on the past, but use it as a tool to take your trading to the next level! Tomorrow, I'll talk about planning ahead and being flexible to help realize future gains. #stocks #pennystocks