Today I woke up and looked at charts on my watchlist like I always do. I pulled up ATOS and thought, "Hmm, this one is at breakout levels premarket. I should buy it."
So, I placed my order at $.64. I sat there for about 15 minutes and watched it go up to $.70 and turn around a little and I thought, "hmm...what if I'm wrong...maybe I should just wait to see what it does at market open." I canceled my order.
After market open I placed an order at $.75 and it filled at $.7499. Now I could see it was clearly going to continue the trend. I had my stop loss set at $.50 and I was in 2000 shares.
I sat there watching it and I was overtaken with a sense of panic as it churned around my entry level. I became more fearful that I would lose the chance to break even than I was concerned with letting my plan play out.
Everything was in perfect order. It was holding. Everything was PERFECTLY FINE. But, my ego was just not seeing it. The fear had me fixated on my entry price. So I bailed. I didn't even bother to check on it after the fact. I just walked away frustrated.
Fear is a powerful blinder. I am reading "Trading in the Zone" with my husband. It echoed this lesson after this trade today as we were reading. It is clear this is the one thing I must focus on most.
I will work harder on mastering my fear so my fear will not be my master.
@SFKrystal I feel your pain. haha!
@Kody I'm really liking it. I feel like it is what I need to hear at this stage in my path.
Honestly the trick is to sticking to your plan. Is to calculate your min and max potential loss and be ok with it. Before placing the trade. If your not ok, just size down before entering
@0SethMcClain89 That is the area I have a hard time with...when I see something moving I'm just not quick enough to do that. But, I'm trying to work on that.
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