1ST of March trade recap. The day i did it again. The day i blowed up my small account.
I was feeling my trading is going wrong direction. But as usual i’m waking up when its already too late. But no worries i gonna come back more stronger and more disciplined than ever before.
But first i want to go over trades i did on 1st of March.
First trade i did was $MNGA over 1.50 just at the market open. Target was about 10 cents. It didn’t worked out so cut loses as quick as possible. I’m putting it in to good trades basket, because cutting loses early or cutting as planed is better than hold on to trade and hope it gonna reverse. Loses are part of the trade, we just have to make them small to be able to trade successfully.
Next trade i made was on $PDCO. This goes to my usual shorting strategy. Short it after pullback.
Next trade i did was on $PTIE. It looked like it gonna get halted so jumped in with 200sh over 7.90, then quickly LV2 changed and it started to drop. To my stupidity i was holding on to it, and then hoping it gonna reverse. Two big mistakes – CHASING and holding on to loosing trade. This is one of my loosing patters. If i fight over this one, i would be a much more better trader. This pattern is repeating itself again and again.
Next one $TENX after loosing on $PTIE, i already traded with emotions, had fear of missing out. Good entry on this one would been over 5.50 highs. This one had news too [Tenax Therapeutics, Inc. (TENX) today announced the publication of a positive preclinical study of levosimendan conducted by Hansen et al in the March 1, 2018, issue of Pulmonary Circulation.] Full article
After first trade i was back in green, but i didn’t stop, i placed 2nd trade – short, very stupid. It wasn’t pump n dump because it had news. So it had potential to fly higher, especially after reverse stock split and low float catalysts. I quickly got burned. But i feel now, while reviewing, i’m getting stronger already.
There was a lot of good long opportunities on this stock. And see how it was riding 9 Moving Average. Very strong support. It’s not always like this, but its worth to put in mind.
What is my plan now?
Do a review of my trading. Go through my biggest mistakes and set up a plan how to avoid them in future. I will do a post of my bad trades and what i’m going to do about it.