It’s almost unnecessary to say this, but these are unprecedented times we’re living in, on all fronts. Socially, environmentally and economically, things are moving at a rapid clip, and despite many decrying how the stock market has become completely unhinged from the economy or even reality, in its own way it is simply reflecting tumult, emotion and uncertainty of the world in which we live.
All of which is to say I’ve had another completely bonkers week of trading that has included two consecutive days in which I broke my single-day trading record and surpassed $100,000 in daily profit. In fact, I’ve had my fist-, second- and third-best trading days this week, one after the other (although my third-best day came after the two +$100k days).
I’m not going to break down the trades from those days, mostly because I’ve made the live recording available on the Warrior Trading Youtube channel. You can check out the live recording of my trades on June 9, the first of my +$100k days, at this link.
But the main reason not delving into the trades is because, after so many weeks of records like this, it’s become a little trivial to analyze the reasons behind it. The market is just in a state of heavy fluctuation right now, in part because of the dramatic sell-off that happened in March. Simply put, with still very little indication of how the pandemic continues to affect the global economy, traders are largely speculating on prices at this point.
This is great for day traders. My biggest wins this week were in highly speculative areas right now, like China stocks and biotech firms like Jiayin Group Inc. JFIN and Immuron Limited IMRN.
At the same time, speculation is always a fragile thing to build a rally on. And while I’m in a great position to remain aggressive while stocks continue to make massive moves, newer traders or those who have not been as fortunate in their recent trades might be less willing to attack this market after seeing headlines about huge price swings across major indexes.
One great way of mitigating some of the risks in a volatile market is to try options trading, and there are some great options trading platforms that make buying and selling contracts really straightforward. Right now might be an especially good timer for options, as volatility has crept up in recent days.
Overall, I’m going to try and enjoy the position I find myself in right now. I’m well over my best weekly, monthly and even yearly record, so I can afford to see how far this market will take me. Hopefully, momentum holds out, but I’m prepared to shift gears if fortune reverses.
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