Hello everyone, 

 

 

I decided to talk a little about my trade with them.  

I entered the trade @ $27.30  my exit plan was to get out around $1 or more a share.  The stock when down quickly and I decided to wait a bit to see if it would come back.  

This was my first mistake.  

The stock came back and came back to around $28.35 a share then sold off quickly.  My plan was to cut losses around $26.00 to $26.30.

Instead of just taking something, it went south quick. 

Due to my account being under $25k I decided to hold overnight with this over extended stock.  I didn't sleep well and it traded after hours to sell off and put me in a losing position. 

The next morning it traded pre-market and came back up a little bit then shot back down for a MORNING PANIC. 

It bounced around and I kept thinking it would react like it did the previous couple of trade days.

I sold at $17.00 for about $1300 LOSS..

Lesson:  When I make a plan to Enter and Exit, I NEED to stick to it.  A small loss of around $200 has now turned into $1300.  I really don't want this to happen to anyone else.  This is why I'm writing this blog.

I am in the process of opening an account with suretrader so I don't have to worry about only having 3 round trip day trades in a 5 day rolling period. 

 

I hope you can learn from my mistake so you don't make one like it.  Always monitor your emotions.  If you start hoping that the trade will turn around because it's getting close to your stop loss, you must be prepared to take that planned exit point or you can end up in a situation like I did.  I could have only lost $200 instead of $1300. 

 

Thank you

trade green, 

norcal09