With early success came early failure. Learning some hard lesson over the past month. Soaking up some massive losses due to :
1) Not cutting losses fast
2) Being Greedy (Was up around 230k In unrealized gains and lost nearly all of it)
3) Stubborn ( Kept thinking there's no way its gonna drop any lower even though I knew it was very possible.(Foolish)
4) Hoping ( I hoped that there would be a rebound and when I got even a small rebound I felt like it wasn't enough and hoped there would be a bigger one even though I knew deep down it wasn't looking good.
5) Gambling ( Gambling as I kept averaging down on little dips and would get a small bounce and wouldn't take profit as I figured there's got to be more) Entering positions that weren't near major support or resistance zones.
6) Hype ( Fell into a twitter trap of people hyping certain stocks & I started to believe the b.s that I have trained myself not to believe over the past year.
7) Emotions (I got to emotionally attached to certain stocks and would mentally want to believe all the good news and ignore all the bad news surrounding it. For example; Overall Markets Tanking, Stock collapsing on the big Catalyst Day, Bad Earnings. Yet I wanted to believe something different when the picture was clearly in front of me to get the F*CK OUT NOW !
8) Overtrading (Just making to many trades in to many Stocks at one time)
9) Game Plan (***Stick to your game plan***I had a game plan to sell all of my MJ positions a few days before legalization. I know I stated it in my trades that was my game plan as it was gonna most likely be a sell the news type event and yet something inside me didn't let me, I believe his name is GREED ! I even had it written down in my journal what to do and even look to short on a first red day collapse as everything was moving up so rapidly. Overall market Collapsing simultaneously was also a huge factor that I wasn't paying a lot of attention to. ( Series of mistakes that just spiralled )
Currently Still in positions that there's actually no point in selling now as they have tanked so much so am now a bag holder in a few as well. So all my unrealized losses will be posted eventually.
All my major losses started happening when I ignored my game plan and fell into my old habits. I stopped keeping up with video lessons and Webinars / studying which actually made things worse for me because I didn't here the voices of people telling me to cut losses fast and or take profits when they were on the table. Stopped reviewing my notes and basically started a free for all. Once I reviewed all my notes I started realizing how ignorant I was being. It all escalated so fast I still cant believe it. This goes to show me how important it is to review all notes weekly and some times twice a week to keep myself inline.
I could literally keep going off about the amount of mistakes made here but these are some of the major ones that led me into this mess. I'm embarrassed about my ignorance and am hoping I take this as a very hard lesson and can re-build from here.
I now just became a Prime Example of a newbie that Tim always talks about that I told myself I wouldn't become. Guess what I did it ! It doesn't feel good but just so you know I'm not throwing in the towel ! Only human..
Sorry to Disappoint !