Just wanted to do a quick post

I blew up today, basically shorting 100 shares of SPU at $4.41 on a $455 account, it was the second short I did on that stock, in the first one I go out with $8 in profits. I had two opportunities to get out pretty much breakeven after commissions, but I wanted a bigger profit and was stubborn which lead me to decide to hold the stock for a little longer. In about 15 mins of waiting for a pullback I got squeezed on the first spike. At that moment I was down like $125 and kept thinking on my mind, is going to pullback again.. just be patient. The stock held support very well and in hindsight I could have taken my loss and go long at 5 and would have worked well, but instead I kept holding, and this is the importance of Tim's #1 rule CUT LOSSES QUICKLY. I just didn't do that and paid the price by blowing up my account. Long story short, I covered my position at $7.5 where I just couldn't hold it any longer on a $309 loss. That wasn't enough and I took 2 more positions to try scalp and recover a little but didn't work neither way. If you're starting and your broker is SureTrader you have to be very disciplined as the benefit of avoiding the PDT rule can play against you, if you get undisciplined.

This issue started by letting my losses get bigger as you can see on my previous trades, on CNR I did the same mistake and paid the price, but at least had a support level. But when you short, sometimes there's no resistance until is too late to get out. If I didn't have covered I might have the opportunity to stay in the game, but at this time is too late. There are many shoulda/coulda/wouldas after you analyze the situtation. 

In addition to that, I would like to say that I did study Tim's video lessons, like 250+ videos in the profit.ly library and DVDs as well taking notes and also tracking my trades on spreadsheets trying to identify my issues and solve them. But even if think you know a little about penny stocks, the lack of disciplined can lead you to disaster.

Now I don't know how much I'd stay out of the game, but the lesson I took today is very valuable. Sometimes you don't appreciate the little money in your account and you think is going to take you many years to make decent profits. After today I can see that having a small account is better than blow up and not having the opportunity to at least take small profit/losses at the time and learn from them. I believe this big loss for me is due to greed and anxiety to make things happen really quickly. It's difficult to see people's twits, people who Tim gives props when they make good trades and you're not being part of it. Anyway it's something to deal with.. 

For those of you who have small accounts, keep working on yourself and accept small losses because when there is an opportunity like with SPU and OPTT, your account can grow if you go long on them. Patience is needed, as you can make bad decisions by trying to make things happen faster. I don't want to quit trading, but the situation took me out, at least for now. 

Hope you're learning from this experience I had which is NO nice at all. 

Thank you for reading this, and God bless you.