I'll start by saying - It's OK to lose in this game. Just make sure you are smart about it and manage it effectively (cut the loss). I have a good success rate, so I was probably due for a hard hit.
Here's where I went wrong on my pick: $GOGO
- I got too intrigued by the high hour/day RSI. Remember, that doesn't mean shit if other contributing factors outweigh the price action meaning - I was already foolish for shorting it as it was running on news and continued to hit multiple breakout points this morning. WOW
- Went in too hard, too early. That's the easiest mistake a PDT trader can make - or any trader. ALWAYS START SMALL(er) - especially if you have only 1 round trip for the day LOL. The good thing is, I know how to control and manage my emotion(s). I don't care that I can't trade for the rest of the day or tomorrow. I'll jump back in Friday. It's FINE. I'll just study. That's HALF the work.
- Watch the clock!! Again, I used up a substantial amount of my capital and we were only an hour in. That's not smart. Of course I had to cut my losses. I didn't even wait until EOD to see what truly happened. Especially considering I was only watching the hour/daily RSI.
Not a total loss. I acted when I had to. I didn't wait. I didn't "HOLD AND HOPE" which is the worst thing you can do in the stock market.
Back at it on Friday. LFG
-Ragin' Cajun
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