I've spend the last 3 months studying all the DVDs (HTMM, trading tickers, pennystocking, shortstocking and others..) that I bought with my brother.
Today was a nightmare for me. I've roughtly did 6 trades in the last two weeks. I alsways played very conservatively, doing a watchlist everyday and sticking to my plan during the trading sessions. Cut losses quickly and let the profit run. I didn't win big money but I didn't lose also, until now.. I'm writing this post because I'm really really angry at myself right now, and maybe writing what happened to me will allow me to calm down
Today I decided to jump in $FHCO, which wasn't on my watchlist. At the last minute I saw several posts talking about the merger between FHCO and another company. I didn't even take the time to check if the news was true or not.. if the merging company was a solid one or not... Like a crazy gamble, I jumped in pre-market, not even waited for the market to open.. 3 minutes before the door bell, I jumped for 500 share at 2,03$. You will tell me, it's ok that's not a lot of money, but for me it unfortunately is. I'm a student and I roughtly have 2,000$ on my account.
At the market open, the stock begins to drop. Well I think I didn't even have a solid mental stop because I didn't even have time to think about it. I really was sure the stock would go up..
I hold until the 1,70 really hoping for a rebound, maybe people were going to buy this damn stock
But even after the 1,70 crack, I only cover all my position at 1,63.. A 40cents loss, even worst : a fucking 20% loss, $200 loss
Before that I really think I was under control and that I was never going to lose big money on my trades. I really think I was good at it and that I would stay in the green for weeks, years.. I just wanted to show to all new traders that a big loss can happen quicker than you think.
I'm really ashamed at myself and hope this will serve me as a lesson. I won't trade for the coming 2 weeks because I want that anger to go away first. Or maybe I shouldn't risk money anymore and concentrate on my studies. Because I spend so much time on trading, it has affected my studies.
Thank you for your reading and if you have any advices I would be very happy to hear them