Cutting losses quickly and Bag Holding

 

 

In October XXII was spiking in the morning. I decided to buy in. Of course I made the mistake of not paying enough attention to when I got in. Price action had turned on me for a fake out break out. A marijuana stock with a good product I had no reason to give this stock up because I knew it would come back. Yeah it came back recently January  17th it started to slowly climb from Marijuana news. The next few days it broke $4 a share level. Of course I wanted to get a good profit so I continued to hold, before it dropped again. Believe me  this is a slow moving stock and it wasn’t going anywhere no matter how long I waited. So Friday the 19th in the afternoon I decided I waited long enough I need to get a profit out of this and sold my shares at $3.87 and made $53. 

Lessons learned!!

CUT LOSSES QUICKLY. #1 Rule. 

I admit it is difficult because I may not be able to trade for another week the way my account is setup. No matter what, like Tim beats it into us this is a good example to listen to him. I wasn’t able to trade this money I had invested in this stock for three months, I could have done so much more than $53 in those 3 months.

 

BAG HOLDING

I was a bag holder for 3 months. Like I said above I could have turned that investment into so much more money than $59 in that 3 months.

 

I am finding in my journey that if I can’t recognize what to do. If it doesn’t come right out and hit me this is what I should do in a trade. Then I don’t understand what is happening no matter what I believe. I don’t react and I watch to see the results rather than waste a trade, money and frustration. I watch so I can solidify what I’ve learned from all of the media I have watched so I get it right.

 

 

Thanks

Growth4me

 

 

Appreciate any feedback