One of the hottest topics is weed stocks and everyone wants to know how the cannabis industry will react. The hype behind the weed industry at an all-time high. This isn't an excuse to throw out all of your due diligence out of the window. My greatest advice as we navigate the evaluation weed stocks would be to STICK TO THE PLAN. Don't allow your emotions to cloud your judgement and cut corners with your due diligence.
It's so easy to fall into the trap of following the crowd and taking the hype and making a reactionary decision. So, here's what I want you to do, take a step back. Create a plan, look and do your own due diligence and have your fundamentals in place. Make sure you have a solid entry. Once you a identify a solid entry, before you buy into the stock, remember to have your exit in place.
Above all I want you to remember to treat these stocks like you would treat any other stocks when doing your due diligence. Look at the indicators, identify catalysts and determine your play. Although weed stocks are seemingly sexy, you must not fall victim to the reactionary tendencies many people may have that clouds judgement and may lead to heartache and pain.
If you aren't part of the community, feel free to visit WeTradeHQ.com and check out our community.
Admittedly, I may be biased, but I truly believe that WeTradeHQ is the best place to trade. Our community is something I truly believe in. It is a community where you can learn how to trade not only over-the-counter stocks like I do, but everything under the sun. In addition to our rapidly growing community, we offer tools, courses and mentorships to provide a comprehensive resource center for all your needs as you become a better trader no matter where you trade. WeTradeHQ is going to be that central hub for you where you can communicate with folks. The community is more than ticker symbols and dollar signs; the people in our community actually care.
In addition to our community of members who offer support and feedback, WeTradeHQ offers mentorships with mentors who have had success in the markets and who can offer insight into their strategies, which will allow you to develop your own. Different mentors may have different perspectives or strategies and this will allow you to assess what resonates with you.
The community we are creating is to support each and help us all make money in this industry. We all have different styles and strategies that work for us. Our community allows like minded people to come together and learn from each other as we grow removing ego from the equation. We celebrate our wins and learn from our losses together. This isn't a zero sum game; we can all benefit from each other and have success.
Look around WeTradeHQ.com to learn more about the community and the learning platform.
There is one mistake that every beginner trader makes, which is they force trades when there is no trade to make. As a trader of OTC stocks, we crave action. Even the most seasoned traders fall victim to this common mistake. So how do we fall susceptible to this mistake?
Sometimes the best trade is no trade at all. Easy for me to say, but follow along. When there are no plays to be made, we end up lowering our standards. We start manipulating data and news to convince ourselves to make a buy to satisfy our need for action. But we MUST resist! The worst thing we can do is lower our standards when doing our due diligence or try and play on a catalyst that isn't really isn't a catalyst.
Now, yes, you may get lucky and catch a break when you deviate from strategy and force trades, but over the long haul, when you lower your standards and force the issue, YOU WILL LOSE!
While, yes it is true that you can make money on the stock market on any given day, it's important to remember that sometimes the best play is no play at all.
Trust what you've learned and the strategy you have in place and plead to you to not fall in the trap of lowering your standards because tomorrow will be a new day with new opportunities.
In our blog we will posting a massive variety of content ranging from current market news, tips and tricks, trading recaps, interviews and some WeTradeHQ history as well. We feel this blog will help connect with our traders so much better and want to provide as much free value as possible to help you become the best investor possible. We are aiming for 1 blog post a week, i think we should be able to manage that. See you at the market bell :)