never settle in a trade thats not going your way. In doubt get out!
Cut losses quickly, rule no.1
Entry comments: Forced trade. Biggie #1 - I jumped the bid by .02, setting myself up for a -$40 loss immediately. Reason for buying - Teetering near 1.00 on the Nasdaq w/ 10x normal volume (pre-market vol) and a mediocre catalyst. This was my only reason for buying. My real issue was not sticking to my risk level. I didn't pay attention to my risk which was set at .98 (i bought at .96). So no established risk. I'm holding for the day, hoping (bad strategy) that this guy will close above 1.00 today.
Bought this when some volume started to come in. In at 1.10 looking for a retest of premarket highs at 1.34. Tight risk at 1.05. Out at 1.06. Failed to spike after volume came in. Now down to 1.00 as of writing this. -27 including commissions.
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