As with any new trader I was excited to get in the action.. I was scanning news feeds, looking at previous runners and then, I found it... $IDXG was on the run, so I jumped in! No planning, I didn't bother looking into why it was going up.. I was NEW and wanted the action! BOOM up $250ish just like that so i was out, I sold!
Man, I should have turned of my computer right then and there, but I didn't. I saw the stock continue to climb and climb and climb.. I though to myself, "The first time wasn't so bad so let's go all in...." BIG Mistake!! I bought in at the the peak of the price and volume action, and it TANKED!
Being a new trader, I thought, surely it would rebound and I can get some back. I let it fall to the point i lost over $700!!
I look at this 2 ways.
1. I lost a good deal of money (to me), but it's not the end of the world. Yeah, I still am fighting with making good trades, but i cut loses quickly now.
and
2. Never base your actions on message boards or hype. Do your research and if you're not prepared to trade, DON'T!
@knox This was real money I put in an account to test the waters.
Practicing is greatly going to increase your odds. Keep it up. Ya will blow up a few practice accounts, which is fine don't just act like it's nothing, learn from it. Be greatful it's not real money. Reduce the number of plays and focus in on the good ones! When your trading real it does get a little bit expensive it is a learning tution. There has been on few occasions where I was profitable on a trade closed it, made a nice chunk of money then renter trying to double dip. Then lose all the
@Jason_Raposo it was real money and it hurt the feels..... but I learned from those trades and understand I have a lot more to learn.... So I will continue to improve and trade wisely
Ouch.... sorry to hear that
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