Today started like any other day for me where I set up shop to trade and put a various plethora of tickers pulled from my watchlist up onto my platform with multiple charts. Unfortunately, instead of trading my bread and butter patterns I decided to veer off the righteous path and thought that trading a big runner like $NCTY was a good idea. At first,I kept my size small going long thinking the stock would hold its support at $19.50ish P/M. I ended up paying a bit too much over that level and took a quick -$70ish loss. Then thinking that Given that the stock already had a significant run and it was looking weak that maybe I was wrong and it wouldn't hold that support level so I decided to short 1k shares at $21 thinking it would flush back down. Within minutes it started to work its way back up and I ended up covering at $22.37 or minus 1500 after HTB fees. Then for the biggest whopper of them all I bought right at the high point of the candle at 9:32am at $23.46 3k shares thinking this may have one more day. I quickly realized how stupid this trade was given the stock had 2 prior double tops at $23.60ish P/M and I tried to cancel the trade due to the fact that it had a decent run into this resistance but it was too late. Almost immediately I was down around $1 a share but I didn't cut losses quickly due to the fact that I thought it could work its way back up due to the strong open and produce a decent short squeeze. Unfortunately I sized foolishly up way too big on this position and I ended up selling at $21.6208 because I didn't want to risk blowing up my account from being wrong. Boom, i'm down over $7k for the day. 

 

I ended up trading some of the bitcoin plays and $MVIS for scalps gaining back over 1k of my loses and by this point while I was left dumbfounded by my horrendous reckless trading I thought I could cut my loses quite a bit like I previously had done on other days.

 

 

Enter $TAUG. By this point I was down around 6k for the day and got caught up too much in how I could make a big chunk of my loss back. With stars in my eyes seeing $TAUG run over .18 B/O level I decided that this was the stock I planned on buying. I initially entered 20k shares at .186ish and realized that I had paid too much but calmly held anyways as I wanted way more shares. I kept buying more shares as it went to .18 and then bought another bigger 100k share lot at .178  trying to get my cost average down thinking this would have a really nice day run over .20. it didn't. The stock started to trade very thin and given I had sized up to 243k shares I began to look at it and started to doubt that it was a B/O. Then a big seller stepped in and caused to stock to drop .01 per share and I knew at this point the gig was up and this completely failed to B/O. I held and hoped that there would be a decent bounce to cut my loses on it but it never really did with any big buyers for me to sell into. Realizing my fate was sealed I accepted my loses and decided to move on selling down at the .16 area causing another near .01 leg down which brought my loss up to 11k. By this point I decided that I've had enough punishment for the day and instead of trying to gain back my insurmountable losses and risk further capitulation to walk away while I still held most of my gains intact.

 

Looking back hopefully i've learned my lesson, which is that I have a lot of learning and work to do before being able to trade some of these high flying choppy nasdaq plays to which I am clearly not ready for and the other fact is that at this point in time my strategy isn't designed to make back such loses so maybe from now on when I eventually take a loss of this size in the future I will have some type of rule to walk away for a day or so so that I'm not staring at a big loss in the profit/Loss section of my account trying to size up too much to make back those gains.