So, yesterday (8/22/17) RTNB had a crazy run in the morning all the way up to 3 and then got halted and started the day back down to around 1.80 this morning. I thought, "wow, if this runs again like yesterday, it could be a great opportunity", as I figured lots of people were probably thinking the same thing or got stuck in the halt.
So I got in at market open as soon as I could at 2.00/share. I set my risk in the 1.80s and then I watched it start climbing. That's when greed got the best of me. Now, I know I made $1700 on this trade, which is GREAT, however, I could have done better (or maybe not) if I hadn't gotten greedy. On analysis of the trade afterward, here is what I suggest:
I know Tim Grittani mentioned in the Trading Tickers DVD to turn off the unrealized P&L setting in your trading software to help you so you don't get spooked out of fakeouts. I think it can also work to help you fight greed, so I reemphasize Tim G's suggestion.
When RTNB was climbing, I was locked on that unrealized gains setting. As I saw it go up past 3K, I thought "man! this went up to $3 yesterday. This could go up a dollar/share today and I'd make $5000!" If I hadn't been so fixated on those unrealized gains, I think (hopefully, but maybe not) that I would have got out before the halt and had a better win. I considered exits in the 2.50s, 2.60s, and 2.70s. It was climbing SO FAST and I knew it was gonna halt, but I just kept staring at those unrealized gains and it fed my greed.
Now I KNOW there are a lot of other things I could pick apart about this trade. A lot of my thinking was flawed, and in a lot of ways I simply got lucky, but my MAIN POINT is that choosing to not focus on those unrealized gains during your trade can help you fight greed and have better exits (unless you are super good at on-the-fly mental math and know right where you are at all times anyway...then...just good luck I guess).