Hello All,
*My first published idea! A little background first (feel free to skip): I have been using tradingview for a few years now. I ignored stocks all through college but Robinhood got me hooked and I dove deep and tried to learn everything about the stock market eventually making my way into options, then trying my hand at day trading a couple different times. Now I'm sitting back a little bit and taking my time but I check the main tickers every day.
So I've been reluctant to buy any pot stocks but I finally bought my first one, HEXO. HEXO was getting beat up but it was approaching support at the monthly 20 SMA. I bought 100 shares in my rollover IRA around $5.00. Then it tanked the last couple weeks but I'm not worried, because I plan to hold this one for at least a few years, dare I say until USA legalizes? I'm not going there, but I know I'm going to hold for at least one year. So when HEXO dipped below the 20 SMA on the monthly, I knew I should grab some more. I got 100 more shares at $4.02 because I had a feeling this bad boy was going to close above the 20 SMA on the monthly and guess what happened today? Huge green reversal on loads of volume. I want to publish this because the idea is sound and I can look back in three days and hit the little "play" button and see it close where I think it will (or not).
I guess the point is my mentality has changed, my risk management is better, and my goals are clear. The rest of my rollover IRA is cash at the moment. I'm not in anything. I waited literally years before I purchased a pot stock and when I looked at the chart I wasn't worried or disappointed about the recent downward trend, I was stoked to get in cheap! And when it continued downward I just knew to wait awhile and get some more when it's cheaper. I didn't dump my whole account in there, I didn't sell when it kept going down. And now I can hold and watch it do whatever it's going to do.
Thanks for reading,
-Franknewman
*My first published idea! A little background first (feel free to skip): I have been using tradingview for a few years now. I ignored stocks all through college but Robinhood got me hooked and I dove deep and tried to learn everything about the stock market eventually making my way into options, then trying my hand at day trading a couple different times. Now I'm sitting back a little bit and taking my time but I check the main tickers every day.
So I've been reluctant to buy any pot stocks but I finally bought my first one, HEXO. HEXO was getting beat up but it was approaching support at the monthly 20 SMA. I bought 100 shares in my rollover IRA around $5.00. Then it tanked the last couple weeks but I'm not worried, because I plan to hold this one for at least a few years, dare I say until USA legalizes? I'm not going there, but I know I'm going to hold for at least one year. So when HEXO dipped below the 20 SMA on the monthly, I knew I should grab some more. I got 100 more shares at $4.02 because I had a feeling this bad boy was going to close above the 20 SMA on the monthly and guess what happened today? Huge green reversal on loads of volume. I want to publish this because the idea is sound and I can look back in three days and hit the little "play" button and see it close where I think it will (or not).
I guess the point is my mentality has changed, my risk management is better, and my goals are clear. The rest of my rollover IRA is cash at the moment. I'm not in anything. I waited literally years before I purchased a pot stock and when I looked at the chart I wasn't worried or disappointed about the recent downward trend, I was stoked to get in cheap! And when it continued downward I just knew to wait awhile and get some more when it's cheaper. I didn't dump my whole account in there, I didn't sell when it kept going down. And now I can hold and watch it do whatever it's going to do.
Thanks for reading,
-Franknewman