Entry: I was watching CMAT since yesterday when Tim mentioned in the watchlist. CMAT is a recent earnings winner which had its first green day after a couple days of downtrend yesterday. It finished green on the day and closed strongly too. Furthermore, the stock was up premarket, so all the indicators were here for it to have a decent, if not good, morning spike.
· Got in 100 shares @5.74 at 948 AM
Exit: Same as Tim, except I’m a rookie! Anyway, I saw it dipping all the way to what I thought would hold support, at 5.65. As soon as it broke support, I started freaking out a bit but was willing to wait for another 5cents/share (for no reason, never does Tim talk about a flexible risk, but I was in denial that my trade was wrong). Eventually I cut losses.
· Got out 100 shares @5.52 at 956 AM for a 22$ loss.
Comment: To stick to a plan, I must have a plan first. Even a line drawn in red on STT. I usually do but for some reason I did not.
· The indicators were good. But it not an exact science, and being wrong on the trade is totally acceptable.
· Not having a plan is not. Even just a risk line on STT to know when to sell.