9/16/2021 RECAP: After some of my best trading on 9/14 and trying my first short position, I was feeling very confident coming into today. I quickly spotted $JZZI as a potential runner with news and former spikeability and bought around the market open. Buying and selling twice on the run up from 0.01 to 0.025. A nice little set of trades until JZZI started to cool off and I thought about short selling it. Before really analyzing the position I tried a short sell and it went against me so I covered, eating into my gains. Then I bought a long position and it went down so I cut losses, again eating into my gains. Then for the last few weeks I've been noticing how much the IB commissions have been eating into my actual profits and between these three things, I was pretty much back to even on the day, which really frustrated me. So, I started looking aggressively for another position, KNOWING that it was coming up on 10:30am/11:00am when everything starts to cool-off, and I found GSFI running with former spikeability. So I bought at 0.063, and almost IMMEDIATELY it stated to TANK. It tanked SOOOO FAST. I missed the bounce at 0.05 up to 0.057 because it happened literally within 1 minute of itself and then I held as it quickly dropped into the mid 0.04s... mindset was off, I should have NEVER entered this trade the way I did, with the mentality I had, at the time I did, and I suffered a damn big loss because of it. THIS IS MY WORST TRADING DAY EVER SO FAR, and I am now putting myself in trading time out until Monday, September 27. The only thing I can do now study, learn, examine my last 190 trades, get to the bottom of how my fees are affecting my profits and consider additional brokers, regroup, and come back stronger. I am so disappointed and disgusted with myself for once again thinking that somehow the market was going to be special to me because I was getting emotional. If you're losing, it's not the market - it's YOU. This is a no-mercy game and it will teach you more about yourself than anything else. You have to love it for that, embrace, and learn to have thick skin. Until next time.
Thanks
Thanks Tim
Rule #1: Get better quickly!
Thanks Tim, that's very interesting.
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