DANG! I took a trade on Tuesday with AMR that I should not have! It was a big percent gainer with good volume but no news, I decided to jump in head first without doing my DD and regret it big time now. I have three accounts I work with in Etrade Pro one is my margin account that I screwed up and made 4 day trades in a 5 day rolling period so it is now restricted for 90 days. The other 2 is my 401k and my wifes 401k. I have to be real careful and make sure when I place a trade that it is out of the RIGHT account. Well sadly when I placed the AMR trade I did not select my wife's account and it placed it in my margin account that is restricted so I can not sell it in the same day. So I got stuck in this damn stock and when it turned I could not get out! Super sad and frustrating lesson to learn! I am going to close the position today and looks like it will be around an $800 loss!
I have to be more patient and aware of the details of every trade! Take the time to make my trade plan, WHY am I getting in this trade? Is there news? Volume? history of spiking? Do not chase!
So today I have to sit and hope for a bounce to get out of AMR and also OTLK and FNMA that I am bag holding. FNMA is trying to break through 3.20 but having a hard time! I bought that one at 3.19 it is a break even at this point, I will get out before the close today. I am down $120 on OTLK. I will cut it before close.
I need to do some more studying and be more organized with my trading!
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