this morning i was planning on shorting XNET because it was looking wayy overextended on the daily. it was gapping up this morning and had formed a nice support in the 7.05 area, right before the mkt open the stock broke below 7.00 on pretty nice volume and as the bell rang the stock fell like 70 cents, so it looked like there was major weakness. i didnt want to chase so i waited for a bounce entry, i got in as it quickly bounced up to vwap. i took 1000 shares about 10 cents below vwap fearing that it wouldnt get there, and as it was perking up to vwap i added another 1000 shares, i was playing my risk just above red to green. the stock ripped past vwap and the r/g move and thats when i should have covered, but i moved my risk to premkt high, i moved my risk because i wanted to give myself more time for the stock to reverse... not a good idea. it did end up getting stuffed at pre-mkt high and started the downtrend.. when all the sudden the god damn risk management at suretrader decided to buy in half my shares for a 450$ loss... SHIT i was pissed. i ended up selling the rest of my shares for a small profit but at that point i didnt care cuz suretrader already ruined my day... lesson here is not to move your stop losses and just get out of the trade so u dont get taken for a ride and risk FORCED BUY-INS
LOL stick to your plan man!
thats why you should use mental stops instead - alot harder to act on but when you get good you will do it based on the mental stop loss instead - gL!
thank you for your post, so noted...
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