SOOOOOOOOOOOOOOOOOO
I went with my gut yesterday and quit my little janitor job so that I could trade instead. I'm really glad that I did it. I guess that working all day then transitioning into trading halfway into the week is not the smartest thing to do. Even so, it went well... until I screwed it up.
So I watched some video lessons last night and this morning to get back into the groove. Then I found that $RHE had been downtrending on good news and closed low. I knew that it would spike in the morning. They are like my favorite patterns. In fact, if I would have seen it last night, that would be one that I would buy overnight. What happened was I got in chasing the spike, was up about $200 (would be my biggest gain ever), then hit some sideways price action at $.60. I just watched it, hoping it would go up more. I was being greedy, waiting for a homerun. Then, I started panicking as it tanked. That price action was my sign to get out. I had a full like 3 minutes to do it. I was up money, the signs were there, and I held (like a moron). So it went down from my biggest gain yet, to my biggest loss yet of $84. Lucky for me, I rebought lower to average down which helped.
I can't believe that I was up that much and I didn't take it. I mean, that is more in 10 minutes than I would make in 2 days of work. Just ridiculous that I was being a moron. I know my mistake now, I'm going to watch some lessons to help with it, and I'm going to learn from it and not do it again.
Currently, I'm watching $MRDN for a cup and handle breakout. It's a huge gap up, so I doubt it will actually happen, but if it does, I'll be getting in it for some gains. I will trade smart to erase my losses. ***TAKE THE PROFITS***
Rough man! I made a similar mistake on RHE this morning... Turned a potential $600 profit into a $160 profit. Could be a lot worse, but still kicking myself for getting greedy and not selling at least half at $0.60 or upper fifty's. It sure was moving fast! Oh well... learn every day!
@TimO Dang man. I'm just glad I'm not the only one! Good luck to you in the future. Good learning opportunity for both of us!
Yeah same thing happened to me on $NIHD yesterday and $ENRJ on Tues. On $NIHD, I was up almost $80 which is huge to my small trading account. But I held too long and finally got out at my buy in price so I only lost commissions. For ENRJ I bought in on the run up and held until the bottom of the pullback. The good thing is that I'm slowly learning to have some patience and take profits when you have them.
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