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Another impatient trade buying SSLJ with the intention of holding o/n as it just kept spiking. My original plan was to buy right near the close and hold o/n. However I bought this far too early an hour before the close. Also wanted to give this more time but it just kept tanking so I had to sell and take this near 32% loss. Sticking to my plan I would have bought at around $1.35 and would have already made 10% a/h. Patience!!!
Took a small position as was on my watchlist to but at $2.05 and was an hour before the close and was thinking of holding overnight. However after an initial small spike it was approaching my risk level and also it was struggling with lower highs so wasn't going to chance an overnight play and I cut my losses quickly.
First Green Day OTC stock closing near its highs. Hold overnight and looking for spike tomorrow morning and 10%-15% profit with 5% risk. Volume a bit low but will cut losses quickly if trade not going well. A bit slow and boring this morning so got out for small profit. Am probably a little bit too careful after my last trade :)
Entry plan: p/m buy as it was spiking all morning. Plan enter at $12.50 with risk $11.88 (-5%) reward of $14 (10%-15%). Exit: Didn't stick to plan!!!!! Broke the number one rule and that is all that matters. Should have only lost about $37 on this trade. On market open it crashed and crashed but kept thinking it would spike back to its highs and go further. MUST CUT LOSSES QUICKLY ALWAYS. STUPID MISTAKE TO LEARN FROM. But I did not blow up so I live to fight another day, but more carefully.
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