Lesson that is reinforced today from FOXO: When you have done your HW and have a clear stop limit (ok with your loss), do not let other factors, in my case focusing on my long term core portfolio and other work, make you question the entry and profit exit you clearly set.
I am from California, so it was pre-market 6:13 A.M and I noticed FOXO was hovering around .27 but holding. I was wondering if I should enter or not, as it was holding but volume was not pumping and it was actually dipping a little. I was concerned it was dipping into what I saw was its support, which would of been a clear no enter signal. I left monitoring it to check on my long term core portfolio pre-market, because... duh it's November 6th. Came back and it was popping. Immediately put in my entry at .31 and exit at .37. Luckily entered in at .3027, perfect right?
Wrong. My risk aversiveness, thinking about the day's work commitments, thinking about just exiting out early so I can not care about FOXO and go about my day. Wrong mindset for day trading.
I did my HW. I had a clear stop loss which I was ok with. I should of held on to my trade. Instead I cut out early 6 minutes after market opened at .32.
That is is a .05 from a Penny Stock of trim (loss) I could of gained if I had just left my trade with a profit exit of .37 for the day. FYI, this went to .3821 at its max for a split seconds, so my .37 was set perfectly outside of entering in lower at that moment when I first opened my monitor (around .27).
If you did with your HW, go with your gut. I keep my trades no more than 300 dollars at max, knowing I am ok with my exits at my stop loss if I did my HW. Stick with it next time Tony. Reinforce that learning.
Lesson reinforced. Thank you
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