Today was a big hit on the paper account. Partially due to FOMO (Fear of Missing Out), over trading, and failing to CUT LOSSES QUICKLY.
I had entered two trades yesterday $MGT & $CBYL at the EOD with the plan of selling into the AM runs. A decent plan right out of Tim's How To Make Millions dvd, but I failed to be awake for the market open and that stripped away my chances of exiting with some very nice profits.
Luckily I was able to cut losses quickly with $CBYL and did manage to take some profits on $MGT...
But then I made a big mistake. I forced a trade due to FOMO and jumped into $HERO with nearly a $8k position with the plan of riding momentum for 4% to 10% gains. It had other plans and faded on me to the $2.14 range and then went sideways. I failed to cut losses at this point and thought aka "HOPED" that the sideways action was just consolidation that would then push up into the EOD. It cracked instead and by the time I caught it and exited I was 12% under and paying a stupid tax of $1k.
Dumb thing is that I had an exit order entered four or five times in the $2.14 range but would cancel them when the stock would bump to $2.15 or $2.16. Ugh.
$CBYL
$MGT
$HERO
But don't you worry, $HERO isn't all bad. TOS had shares to short even on paper and I got in a limit order to short 1k shares. I'm holding over night with the plan of covering in the AM. This has a lot of room to run down since the multi-day run started back at the $1.20 range.
I'm also holding a long position in $GBSN to sell into the AM. This had over 100% gains on the day and high volume. I think it can run more.
$PRGN touched the $1.10 level today and is still grinding down to the $1 mark. I think if it can crack that whole number the psychological effect and stop loss triggering will dump the stock back to the $0.25 starting point or lower if this holds the spike and drop patterns on the long term charts.
Happy Trading
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