MSOS - Trade Review

9 Okt 2022

How's it going everyone. Doing a short trade review here on this play I made this past Friday. I entered this position with the same attitude and strategy I always have in mind, which is essentially shorting stocks that are overextended on news or momentum caused by overall market performance. As many of you know, there were some news regarding marijuana charges. Personally, I didn't think it would cause such a spike on most of these weed stocks; however, it did. I entered this position during pre market. I had seen that relative to all the other marijuana stocks, this particular ETF had outperformed most of them on Thursday and was still up a considerable amount on Friday during pre market hours. I had noticed that the other marijuana stocks had gone up from 10%+ during pre market to being red. From this, I concluded that the play was safe enough to scale in, which I did end up doing, bringing my average from around 13.3 to 12.81. This was a considerable jump; however, I was pretty confident with this play. This essentially paid off as the stock dumped after market had opened and I was able to secure a 4.4% play. My exit could've been way better, but I wasn't home so I decided to take my profits. I jumped in once again at 12.32 right before market close and I'm currently up around 5%. Still holding over the weekend and will probably close the position on Monday. It could gap down even more but I'm satisfied already. Hope everyone did great on Friday.