Why failed setups don’t mean failure

How your trading plan saves the day!

Good Morning! If you're not prepared to take losses while trading, you might as well give up now…   Because not every pattern or setup works 100% of the time.   But that doesn't mean your opportunities are over…   In fact, there could be another setup ready to trade today. (More on what I'm watching for shortly…)   If you let losses get out of control because a setup didn't work, you might not get  the chance to take that next trade.   So before you deviate from your plan and start bag holding, keep reading…    Failed setups aren't the end of the world. And if you keep your losses small, you'll still be there to catch the next opportunity.    Here's how you can have multiple chances to nail your best trade…   Get rapid-fire trade plan ideas every morning here! Why Failed Setups Don't Matter On Monday, Data Storage Corporation (NASDAQ: DTST) was my top watch. It checked a lot of boxes…   Low float 'Earnings winner' Volume  Gap up in premarket Former runner It was Money Monday   I loved it. And in premarket, I was excited for a post 9:45 a.m. Eastern dip and rip...   $DTST The recipe is there for a 'Money Monday low float runner' good volume to float ratio, nice hold in pre, 'earnings winner' keep in mind that's in quotes for a reason, this is just daytrade… don't fall for believing in this. Also getting ready to break out to 6 month high which also correlates to a whole dollar/half dollar area of $3.50   Target: $3.50 Stop: $3.20 fail (current VWAP) Goal: High $4's MAYBE $5.50 'Oracle level' if this gets 'insane volume'   It was a solid trade idea…    DTST broke above $3.50 in premarket and made a high of $3.80.    If you took the trade, you could've ended up with a small win if you sold before the goal. If you held and got stopped out, you took a small loss…    But if you didn't trade in premarket and wait for the post 9:45 a.m. dip and rip over the premarket high, the move never happened. The plan kept you safe.   Yesterday, I liked DTST again…   It was hanging around and I liked that it closed near its highs on Monday. So I told SteadyTrade Team members to watch it for a weak open red-to-green move.    Because DTST reminded me of another stock…   On the first day of Cyngn Inc.'s (NASDAQ: CYN) run on April 21, it was also a failed dip and rip...   But look at day two, day three, day four … you get the idea… CYN chart: April 21, 2022 - May 2, 2022, 2-minute candle — courtesy of StocksToTrade.com My point is that you can get as excited as you want about a setup…   But they don't work 100% of the time. That's why we set plans and stops.    And even though CYN didn't have a dip and rip on day one … the opportunities weren't over.    It's just one day and one setup...   You can keep recent runners on your watchlist and wait for your next shot.    That's why I'll keep watching DTST until it dies…   It held up yesterday with low volume, perking in the afternoon. Then, it broke through the high of the day and stayed above VWAP...    …and that can mean trapped short sellers.   DTST is worth watching for a potential day three surge today. (If you don't know about the day three surge, watch this…)   But remember, if the setup isn't there, having a plan can keep you safe.    And if you take your shot and a setup fails, taking a small loss is completely acceptable.    Have a great day and I'll see you back here tomorrow.   Tim Bohen Lead Trainer, StocksToTrade sponsored Watch this BEFORE 9:30am tomorrow! Have you seen what Tim Bohen has been up to EVERY morning between 9:29 and 9:30am?   If not, click here now because he's getting ready to do it again.   Do NOT wait until tomorrow to see this. sponsored What's the difference between you and millionaire trader, Matt Monaco? Every morning, Matt has access to a powerful suite of features to quickly find actionable trades- without spending hours researching. In fact, using these tools he is even able to find & make trades in under 1 minute!  >> CLICK HERE TO SEE HOW << Recommended Membership Gifts ACCESS NOW: Click to activate these complimentary membership gifts and receive daily market intel. To The Moon Report Weekly Stock & Crypto Watchlist Stock Market Safety Course By Millionaire Trader Tim Sykes   Click Here to Unsubscribe   (As an Amazon Associate, we earn from qualifying purchases.)   13809 Research Boulevard, Suite 500, Austin, TX 78750   *Please note that these kinds of trading results are not typical. Most traders lose money. 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