I have made a big improvement in my trading in recent weeks but despite making my best trade of the year this week, i made a few mistakes with other trades and all the mistakes were interlinked.
$DSS - got greedy having got used to taking some nice winners in recent trades. I could clearly see the price action was looking weak but held a winner too long looking for a bigger move and watched it turn into a loser.
$BPTH - the trade above had a knock on affect in mindset as I was conscious I didn't want to let another winner turn into a loser so closed out profits too quickly on two positions for small profits. The rest is history as this stock went to +$70
$SEEL - another profitable trade which I held on to for too long despite clear signs the price action was looking weak and volume had dropped off. This time because the early sale of $BPTH was fresh in my mind I ignored the signs looking for 'the next $BPTH' and turned another winning trade into a loser
these 3 trades stress to me how important it is to keep the right mindset and stay focused. Such a big mover ($BPTH) is a huge distraction for a new trader to deal with emotionally and this emphasizes the need to stay lazer focused on the plan and strategy at all times. Got to stay self aware and focus on what the stock is doing rather than what you want it to do.
so ironic that i post this then go on a massive losing streak.
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