Until this day, my biggest losses have been ranging from $40 to 50$. Today I lost $73, this has been the worst trade I had not only in terms of profits but also execution-wise.
What I only did good was my position size as If i had put more size in to my position I would probably would have burned my account.
I now know that feeling of seeing your money free falling with no sight of bounce, I watched how $MRDN taked every of its bottom and still did not want to exit. I was to in love with current low float madness that I had my soul in that I wanted to have a part of the move.
Forgot my most important rule: Cut losses quickly. And also did not respect my concioussness when the stock did a .10 cent plummet in only one second.
I had many opportunities to sell and I did not take any of them, those $75 served me good as I now know the stock market is not kind to anyone.
I was not the only one that felt the downside of this stock, nikved123 another young trader as me told me he burned his account in this play. I assume he felt the same sensation when the stock started to fall. Nikved if you see this I really encourage you keep going forward and learn from your mistakes, I think this losses and their will help us in the long even if we end doing something else than trading. It is hard, but I do find good things in these losses on what I do myself wrong and what mentalities are not good for profiting in the stock market.
Also shout out to the trader that send this link to the cherokee story, it really gives an important moral in the context of this situation. story
This trade really stings me , but I thank this for the lessons it reminded me.
In my technical lessons, I now understand that when a stock breaksout and seems to have a weak consolidation trend it is not a safe trade. Why? Because you have a giant slope of downside bellow you. Also dont trade blindly , even if you are following the current market trends you have to maintain a basic research inf the stock fundamentals so you have more room in your mind to play with the variables.
Again, thanks for reading. I really hope we all eventually get good at our own pace.