This is definitely a post I do not want to write! Today I lost all my gains X2 and then some! 

Before I continue, I want to say up front, it may sound as if I am pointing fingers. I AM NOT!! I take full responsibility for all my actions over the last 24 hours. 

To be honest, I'm not completely comfortable speaking about myself. However, I do believe that if I want my education to be complete, then a large part of that is complete transparency. 

I hate swing trading! I think that no matter how much you plan or study it is all just a complete gamble. And yesterday I took a huge gamble. I didn't even realize just how big a bet I got myself in until I was already in it. 

I have never even traded an OTC before last night. But I decided to attempt an overnight gap up plan that is all the rave in this community. (Again, I'm only pointing fingers at myself!) I, at 3:55pm yesterday, had the bright idea of trying something new. I quickly pulled up my computer started looking for a strong OTC play. about that time STT Breaking News came across saying that $UCPA was finishing strong. So, I, without doing any more research other than just looking at the intraday chart, put in an order for 5,000 shares. After it got filled at .0246, I thought to myself, That’s a tiny position. So, I decided to up it to 50K. I quickly put in a follow up order for an additional 45,000 shares. They got filled at .0253. What could go wrong right? The market closed just 30 seconds later with the closing price at .0271. I was already up! It was then that I decided to do my research. I quickly realized that it was the second green day and not the first. And I couldn’t find a very good catalyst. I realized the daily chart sucked too.  I started to get a little nervous. My only hope was it being picked up by some pumpers and them performing a miracle. 

I didn’t get to sleep until 3am. I got up around 7 and immediately logged into STT. Around 9am I could see the sell orders stacking up and at the open I sold for a $190 loss. I’ve lost more than that last summer when I was on my own, but this was different. It hit me hard! I knew then that I needed to walk away and not come back for the rest of the day. I’m not that strong. I instantly started to look for another trade to make it all back!

I found that a stock I had on my watchlist from the night before was doing exactly what I expected it to do.  $SRTS was breaking out to new all-time highs. I took a bad entry at the morning spike peak of $9.79. 250 shares, pretty much my entire account. I watched it fall and I sank in my chair, put my head in my arms and just sat there. I watched it come back up and actually pass my entry point. I took a small profit of just $35. I should have stayed there all day, as I would now be up more than $150, but I didn’t.

At that point I had only one day trade left in my E*TRADE account and one in my Interactive Brokers account. No way was I going to use both of them! I was going to make up the rest with one trade.

About that time Sykes alerted his trade with $CETI.

No way am I getting into another OTC! I watched it, and when I thought it was going to bounce, I placed an order. Didn’t get executed, so I increased the price. Once again it was spiking, and I didn’t get executed. I sat back and watched it hit its day high of $2.05. When it started to come down, I put in my third order and got filled at $1.90.  All 1000 shares. Now all I needed was for it to get back to its day highs and I was set! That never happened. I gave up. I was on my last day trade on that account until next week. I decided to hold and hope. For the next two hours it was like I had swallowed a 20lb lava rock. I made the dumbass decision to use my IB account to get my money back. So, while I was still in $CEMI, I took a 500-share position in $KAVL.

$KAVL was never a stock I would even consider trading since it is up so far off its lows that it is bound to crash at any minute. And even if you can find shares to short, it's still going up so that’s not a viable trade either. But being a newbie, I took advise from another trader who told me that, “I should be WATCHING IT since it was the hottest pennystock on the market.” So, I started watching it. I jumped in midday and within 30 minutes I had lost $100.

I couldn’t take the pain anymore and so I closed both positions and walked away with a daily loss of just over $800.

So, here I am, back to being completely depressed and feeling like I need to throw up. I have no day trades remaining until Thursday. I think I’m going to take the rest of the week off and get my head straight.