One of the biggest problems newbie traders face is FOMO - the fear of missing out.
Case in point is $REKR.
Now, we get in at $1.20 and rode it all the way to $5.50 a share. We saw the resistance at $5.50 and new that was where to exit.
On Stocktwits, a lot of traders are chasing $REKR looking for the next move. In all honesty, the move has already happened.
We got a 358% run in 2 months. For traders to look for more is just pure greed.
What $REKR does here at $4.20 is anyone's guess. We will say the $5.50 resistance is very strong and in going long, where does one put a stop? Below the 20, 50 or 200 day moving averages?
This is too much risk in our opinion and not enough reward.
Traders need to avoid FOMO and look for better trade setups.
That's what we do.
Good luck to all!
Case in point is $REKR.
Now, we get in at $1.20 and rode it all the way to $5.50 a share. We saw the resistance at $5.50 and new that was where to exit.
On Stocktwits, a lot of traders are chasing $REKR looking for the next move. In all honesty, the move has already happened.
We got a 358% run in 2 months. For traders to look for more is just pure greed.
What $REKR does here at $4.20 is anyone's guess. We will say the $5.50 resistance is very strong and in going long, where does one put a stop? Below the 20, 50 or 200 day moving averages?
This is too much risk in our opinion and not enough reward.
Traders need to avoid FOMO and look for better trade setups.
That's what we do.
Good luck to all!
Comment:
Longs that kept chasing $REKR are in a world of hurt.
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We are not financial advisors. Always conduct your own research and read our full disclaimer at insiderfinancial.com/disclaimer/