Distractions can kill your plan! I came in stalking 2 potential--FUSZ dip buy and VTVT breakout. I was watching the dip buy for entry and ready then boom timalert on POTN so switched gears and entered potn and then timalert on entry into fusz and exit on potn. So got in late on FUSZ and potn dud, meanwhile missed VTVT nice breakout. Lesson: Focused trading wins! Undiscipline whipsaws even on good tips and intentions can be a win or disaster. I like the focused high % but can get caught up in the action. I closed Potn for loss and still in fusz as a bag holder on the day...both unnecessary. I AM NOT BLAMING TIM, or anyone...we all are trading OUR accounts and must do what we must. Just hoping to help a newbie or old timer (like myself), understand the "too many moving parts" dynamic that creates unnecessary losses. How to handle mentally these bonehead momemts?-- Cut losses and move on to next winner!!!!
Tims advice on cutting losses quick and small is GREAT advice, and it keeps you focued on finding the NEXT play to win vs holding a dog and hoping. This is a very mental game...put the emotions on your side and keep losses small so you can continue to play and win big. Study the patterns as they have worked MY WHOLE TRADING life and are pretty reliable but can be wrong, so that is why cut losses
On the flip side, FUSZ can gap and run and be testing $2 in no time, so that re-inforces the "urge" to hold and see, but a huge trap and if it fails and runs down further you will beat yourself up. Hope makes sense...ask anytime, and you can always count on honestly from me...good luck.
Thank you for your response.... the possible further dip prospects for tomorrow morning was too scary to consider. Bought more when it went real low this morning and was able to cash out on this small afternoon spike to take a much smaller loss than what I was looking at earlier, so am glad to cut & run.... whew!
Great.
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