This was the worst trade I've ever made. Pure FOMO. Used market orders, which is a rule I should never have broken, and will never break again. Forced this trade. Didn't pay attention to the spread being ridiculously high, which at some point during the morning hit .30 cents!
Missed the initial run-up because I was watching another stock that, even though had the most volume traded pre-market, didn’t do anything once the market opened. I had my initial entry for this stock set at 4.39, and I was right about this, as the stock blew passed it. Once it hit $5, it ran into a wall of sellers, and I was able to recognize this and get out with a small loss. Chased my entry, as I wanted to get in at 4.82 where I saw strength on the bid, but didn't pull the trigger.
Noticed it was spiking pre-market, but this one wasn't on my watchlist so I had no plan going in. I did get in on an area that held some support as per the level 2, but I got scared out when it declined to 1.06. Still working on trying to be more patient and let the chart work.
This was forced, plain and simple. However, I did try to cancel my order when I saw the spread was like .05 cents, but was too slow. It was on my watchlist but I rushed into it. When you rush or force into a trade, nine times out of ten you'll lose, and I lost on this one.
I botched this one, and I'm still mad over it. My pick was on point, and my plan was perfect, however I got in on that first dip too early, and got scared out of my position. Stock would eventually recover and soar passed my entry. Good lesson learned about keeping emotions in check, and maintaining good risk/reward.