Before I started trading I had the ignorant mindset that my emotions would not hinder me.
HA! Was I completely wrong.
I cannot get myself to click that "submit order" button. Perhaps that's a good thing? Every morning I come prepared with my watchlist, my entry points, profit goals, and 1 type of pattern I want to play consistently. I'm a naturally frugal person so I think that plays a part.
And almost everyday I watch a certain stock reach that price point with a good risk/reward but I cannot get myself to enter and sure enough the price moves in the direction of my favor - but I do not chase.
Or if the price moves slightly against me I immediately get out, Rule #1. But today for example I bought into a stock, it went down 2 cents I freaked out and sold, 10 minutes later it was up 20 cents. I guess that's just the game we play, don't let a small mistake turn into a big disaster. I'm trying to not hold & hope as that is not a strategy so I guess finding the fine line between the 2 is tough for me.
On the subject of chasing, what do you view as chasing? If you miss your ideal entry by a few cents do you go in on it or just skip the play entirely? I have a mental rule that if I miss my ideal entry by 3-5 cents that to not get in.
Definitely could use some advice on confidence boosters/emotions aspect.
Lastly, in no way do I think I have mastered a strategy but I see I fight myself mioe than I do the market and I need to overcome that.
Thank you to everyone who read this and I look forward to some feedback
-Kody
@kdizzle hey man we all gotta start somewhere and you're in the green =]
I have the opposite problem of getting in when the stock turns around. I also buy before I should. Keep your plan about missing your entry that is good. I found lately to watch longer especially in the morning because of what happened to you. You should watch the "Spikeability" dvd that opened my eyes.
Where you got out of the stock at a 2 cent drop. This is where you need to wait longer before you buy. This is one of the things you have to experience to find the right time
@Growth4me thanks for that! Yeah if I waited for volume to come in would have been a more convincing entry. The ticker was NETE, got in at .76 and bailed at .74 then look where it went. I probably could have set my risk a little lower to LOD.
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