I'm new :3
Rules I broke:(There are probably more)
1. The story that I bought wasn't super exciting
2. I was late to the party, the ticker had been up trending two days prior
3. I bought on a Monday (with no day trades available)
4. My entry point was not at a support level(1.05 support) (entry 1.20)
5. On my exit I got greedy, pre-market was already down trending I could have walked away with about $100 gain today. I 100% should have! but I was expecting the market to dip and maybe spike after. Bottom line the market didn't go according to my plan so I should have just took what the market gave me.
6. I should have just taken profits and not tried to force a play
7. I didn't upgrade my position progressively
Yesterday, I was doing my typical research in pre-market I look at all the % gainers. I found the sec filing about the refinancing of a loan. The company, Like I said before ,was up-trending but I didn't really take into account the range that the company was already over extended. up from .50 in the 1.10 from pre-market! If I was going to buy I should have got in on Friday I fell into what is referred to as a noob trap. SO, out of all of this the only rule I almost followed was cutting losses quickly. I intended to sell at 1.10. My risk was 4:1 from previous days rise my execution was outside of my margin of risk. I wanted out but the down trend moved too fast. I need to work on my margining into a larger size so I don't get burned so bad. I will not be afraid of commissions anymore! I could have saved $60 or more. I'll stick to my plan and exit quicker if the market goes against me.
Total loss: $220 with commissions
I'll be more careful next time. Hope this helps someone. :3
It helps you. That's all that matters you learn more from failing than succeding.
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