Having lost about 7.5k, I only have about 3k left in my account.
I need to come up with a solid strategy, I know my mistakes in the hindsight. Somehow I feel I have tried my best and still lost money. I don't wanna think I am unlucky. I am not executing the strategies well I guess.
I am on disc 11 of How to make millions. I am still motivated to turn it around, I still believe in myself and surprisingly not sad cuz I know I have put in the hours and striving to become better everyday.
I am writing this post clear all the negative thoughts and start fresh next week and remember the most important rules (I think):
1. Cut losses quickly (I might have to use stop losses as I am too slow to react)
2. Don't chase the stocks
3. Sit on cash (it's okay if I miss the right time to play, don't force it)
4.Buy the breakouts, earnings winners, contracts winners, biotech positive news; don't enter the trade at random times.
5. Know when to call it a trade and exit ( I have been guilty of having no specific exit plan which is why I have I lost so much I think)
Hopefully I will come out this hole I have gotten myself into soon and will take it from there :)
@Mongrel_Money thanks, means a lot to me, wish you success too.
@juin LOL I agree I am just scared to short cuz of my losing streak. I need to learn shorting skills.
@ryuushin thanks for your detailed insight. I need a clear game plan as you mentioned and stick to it.
@BullRider007 You win a lot more but still need to know what you are doing because when you short one loss can wipe you out of the map quicker than going long..
Join now or log in to leave a comment