Monday, May 22, 2017

Largest losing day and my plan going forward...

So today was almost an absolute nightmare. 

After spending the weekend in deep thought and deciding that I'll just wait for the stocks on my watch list to set-up and trade them...I threw that plan completely out of the window!

Although I told my self I'll not try to trade any gap-and-go's and wait for setups after the markets have already opened...I attempted a gap-an-go play in $BIOC which invariably turned out to be a loser...$75 after commission.

I actually shut my laptop down and decided that I'd call it quits for the day as I went against my plan that I made over the weekend and lost more than my planned daily max of $50. For some reason or the other, I ended up logging back in!

No sooner than I'd logged in....I saw $SORL down ticking after its massive morning run and decided to randomly short it...within minutes I was stopped out for a $45 lose after commissions. 

Then the stubborn part of me decided I had to short this stock again although the stock was clearly in a firm uptrend and there was absolutely no reason to short!! 

Nevertheless, I started... 100 @ $8.75 ish....then another 100 @ $9.00ish....then another 100 @ $9.25 ish...determined that I'm not going to let this stock kick my ass...lol. With just 1/4 of my intra-day buying power remaining; I decided that I would wait for the stock to actually break its uptrend before adding any more shares. Then as soon as it did...I added a last batch of 100 @ $9.00 and then was ready for the stock to tank. 

It started dropping and so I put a bid in for my position @ $8.75 which did not get filled. Then the bastard started bouncing. No sooner than the stock started bouncing I was required to leave my desk for work related reasons...so I decided to put in hard stop in case this stock decided it wanted to rip higher.

Now the proper stop loss placement was above high of day @ $9.50...but because I was sized in so big; a stop there with my average entry of $9.00 would have meant risk $150 which  I was not prepared to accept even though at one point I was down by that much...lol. Silly me right. 

Never the less, I proceeded to place my stop at the random price of $9.15 and of course I was nicked out before the stock turned lower. 

I also made one other trade in $IMMU for the $7.50 break attempt but after it started stalling I decided to take a $5 loss ($15 after commissions) and call it quits for the day. 

At this point I'm honestly not sure how to proceed. I know I'm definitely not going to quit trading but I'm undecided between 2 paths. Both involve putting a halt to my trading for a while. However, I am trying to decide between paper trading for a while then re-funding my account and starting again on my own or using part of the funds I have availabe to join a group (Investor's Underground is top of my list) before refunding with a slightly smaller amount and trading again with the support of a group. 

I'm strongly considering going with the later option. Will ponder some more about this and give an update in the near future!





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