So far I've done a terrible job trading this month. I ended up breaking just about all the rules between the three trades. I was scared to miss out on profits thus throwing my money away. I've lost more this month than all of last year trading. Mind you I am trading with a small account. I followed an alert. I ended up buying two tops and purely emotionally seeking profits like it was guaranteed or something....stupid. I ended up having a good trade with good plan and sort of a good entry although the whole thing was during pre-market so it's still not good I guess and you never know with pre-market. Regardless I gained .25 per share from my entry but was greedy and kinda forgot that I only had 100 shares of it so profits if any were gonna be minimal but this blinded me. I waited for it to spike higher but it kept going lower....I kept hoping.....moron. Finally came to my senses and cut it off for a small loss of $7 the other $20 is commission. Other two trades went past my mental stop loss of $50 and one almost doubled that before I cut them off. There is a great deal that's lacking from knowledge, studying, strategy etc... I will have to revisit my trades one by one to make sure I don't repeat the same mistakes. Whoever reads this, if anyone, more than welcome to comment and don't make same mistakes I've made.
- DON'T BUY JUST TO BUY, DON'T BUY EMOTIONALLY
- DON'T FOLLOW ALERT(S) FROM ANYONE
- DON'T HOPE
- IT'S BETTER TO MISS OUT ON PROFIT THAN HAVE A LOSS
I have been making all of the same mistake. BIG time w MACK. Learn
And now there are 3 of us.I make profit when I plan my trade, and trade my plan. When Iwrite it down, and stay out of the chat room, I make money, but when I hear all that chatter, I go full on emotional.t
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