Please read the comments in my posted closed trades today.  Today was a $432.49 loss for me, with only a $4000 trading account.  Tim always preaches transparency, and I wholeheartedly agree with him, so I've written the comments in my trades and this blog so that other beginning traders don't make the same stupid mistakes I did today. (My first trade was 10 Jan, so definitely still new at this).  I went from $270 in the green to $214 in the red overall in the last hour of trading with trading ARGS twice, both times for big losses, and EYES for small losses.  

Lessons:

1.  Don't hit buy when you really want to sell to cut losses.  Crushed me for the $244 loss.

2.  If you are trying to cut losses and sell from a long, or cover from a short, put your price a few cents below or above the current price in order to get your order filled, or you will end up chasing stocks like I did.

3.  Enter automatic stop limits.  They worked for me today when I had them.  The times I didn't have them I got crushed.

4.  Because I'm with SureTrader, I'm not limited by the PDT rule, so I've ben making more than 3 day trades in a week, often more than 3 trades in a day.  Until today, that had not burned me.  Today it did.  If I had stopped at my third trade of the day on $SGOC when I made $112 profit and was up $30 on the day, I would have been good.  In some ways it was only my second trade of the day because I was o/n long on NXTD and only sold it today.  Overtrading today killed me.

5.  Last lesson, but the most important, at least to me and I hope to all of you reading this blog ... tomorrow is another day, and even though today was a big financial loss to me with the size of my account, it was because I was stupid and not because Tim's teachings don't work.  

a.  His lessons do work.  

b.  If I hadn't followed lesson 1 to cut losses quickly on $NXTD (although not quick enough admittedly), $ENOC, or $EYES, I would have been down even more.  

c.  If I followed what he said about not overtrading and had not acted like an addict trying to get a fix in power hour with the trades on $ARGS, I would still be nearly $300 in the green.

d.  If I had taken profits on the last $ARGS trade when I was up $75, I would still be negative, but not by as much.

e.  Tim, Tim Grittani, Michael Goode, and others have all made mistakes, and lost much more money than the measly $432 I lost today (although that's definitely not measly to me!).  However, they learned from their mistakes and are multi-millionaires because of it.  I won't become a millionaire tomorrow.  I won't try to earn back everything I lost today with multiple trades tomorrow.  I will listen to the chat room, do research myself, trade with an appropriate sized position, set stop limits to cut losses, and take gains when they are there, all on the best possible trade setups.  The setups today were not bad, even the ones that went opposite the direction I thought they would go. My execution was bad in exiting the positions to cut losses quickly.  I won't quit the Millionaire Challenge just because of one day of bad setbacks.  Last point ... Tim is a great teacher; I just need to be a better student ... and that starts with posting these lessons for all of you (and myself) tonight, and better, more disciplined trading tomorrow.