Just a reminder to respect position sizing and the importance of not being in a hurry to size up once profits start rolling in.
For me when the chart pattern, price action, and catalyst line up to my predetermined specifications, I will not hesitate to be a big fat pig. But it took me hundreds of trades to get to this point.
It’s easy to get impatient and overly confident -- believe me. Especially after making a few winning trades and seeing some of the impressive profits charts on this site.
$PTIE, $INSY, and $PTI are a few stocks in which I've had $1k+ losses. I can pull them from memory easily because of the psychological strain I went through from holding and managing such big losing positions. I had no business sizing up as I did in these less than perfect set ups.
My (unsolicited) advice? Don’t be in a hurry to size up once you start making money. That’s how you blow up an account and become a statistic. Instead trade small and comfortably until you’ve proven yourself to yourself with performance consistency and by account growth.
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