This was from a BAD trade I made... How to blow up an account. Step 1. Buy way too many shares. Step 2. Get those shares at the top. Step 3. Hold on to those shares and tell yourself it will come back up. Drink all the coolaid and tell yourself that you are not drinking it. Oh and do not cut losses because you do not believe they are losses... Tell yourself that you expected a little dip.... {{FACEPALM}}

This was my first red day in a while. So… What did I learn today? I know it is hard to believe but I am very excited about the outcome of today’s trading; it was one of my better trading days. I made several trades with most of them causing a loss and yet, I am happy. I ended the day down about $700 counting trading commissions and fees. Trade of the day: Summarize the trade: I was short a stock that was up big on no news and charts showed it was very over extended. However, at the open it did not do what I expected. Tim always says, “Know why you are in a trade and what you expect; if it doesn’t do what you expect then get out!” Well I expected it to gap down (didn’t do that) or drop with a morning selloff (it didn’t do that). As much as I wanted to hold the shorts I had to let them go. I lost $200 by covering. Within a minute after I covered, the stock took off. At one point it was up 30 cents from where I covered. At 10K shares that would be an additional 3K loss (which was avoided). Was the plan sound and would you do it again? It was a great setup, not the best in the world but a great one. I would play it the same way every time! There were more great trades some lost and some made bank but all were good trades!

I thank God that I made $3,338.53 today and that I was lead to Timothy Sykes!! So... What did I learn today? I need to make it against the law to use cost average. If I am going to do that, why not sell out and sit back and wait for the stock to bottom and then buy the stock again? I am going to work on that. I would make more money admitting that my timing was wrong but my plan was sound. If it was not sound then I would be out of the stock at a smaller loss. Yet, if I was right I would be in the stock at a better price and I would not have to regain losses -- I would have way more PROFIT!

I am excited to see how 2014 goes for me. Thank you Mr. Sykes!!!

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