My $740 loss, Laura and 13th_Floor from GOTS and what I learned today...

I had a realization over the weekend... I don't have any plays lined up for the this week! WTF?!

I kept telling myself that just because I had a solid first couple of weeks, that didn't give me an exemption from doing my DD (due diligence). If I'm seriously going to turn $5,000 into $1,000,000, I need to be able to create a watchlist, of some sort, so as to keep generating potential plays/opportunities each day, week-in and week-out.

I'm flipping through various sites, reading a lot, but not really understanding what I'm reading; I came across a site that several people have told me about, but have only visited once - stockfetcher.com. As I was on stockfetcher.com I begin to look blankly at the screen... I don't have a clue what I'm looking for when doing my DD! Break through! I think...

When I was younger "they" told me I was dyslexic... nah, I told'em where to stick that thought! Or maybe I'm in duh-nile about it! Maybe this is my problem though, because I've read a lot of the same information multiple times on various sites, however some of it just won't sink-in. One way that I learn really well though is to ask a lot of questions...

Fortunately there are people out there who do have answers, the RIGHT answers, and don't want anything in return for their time, accept to see you learn!!! Man... that makes me tear up...

Ok... so the first person I thought to contact was Laura (goddess of the GOTS chatroom). She's been invaluable since I started visiting the GOTS chatroom two weeks ago. Laura is very helpful and is always willing to answer my noob-type questions, regardless of how "noob-esq" they are. Thanks very much Laura for your time!

I've heard several people mention stockfetcher.com as being a great site to use for technical analysis, and generating potential plays! Great! EXACTLY what I'm looking for, but the first time I visited this site, I have to admit, I was intimidated. I'm looking at the code used for running scans... coupled with all this stock talk and terminology which I'm still learning... thinking to myself WTF!! Drink?! I wasn't ready for this yet!

Side Note: Laura took a good 45 minutes out of her night to explain why I need to get a stockfetcher account... and even more important how to set it up! Thanks again!

The GreenOnTheScreen blog if full of excellent links; two that I find especially helpful are HERE and HERE; 13th and Muddy have been kind enough to share... both links go into great detail about how they generate leads using scans on the stockfetcher website. They even give you the code for these scans!!! It's friggin' Christmas in August baby!

Side Note: I also had a chat with 13th tonight which was also very helpful. I had some questions and 13th took time out of his night to answer them. Thanks 13th for your time too!

I told 13th that once I started making money doing this... I was going to purchase a couple of Tim's Pennystocking DVD's and donate them to the GOTS website for 13th and Laura to do with as they wish! Possible give-aways... contests... whatever they want.

Let's just say I'm looking forward to 5 AM tomorrow!

So, what does any of the above have to do with my $740 loss? Everything and nothing...

I lost $740 on a TIMAlert... what I want to make crystal clear though, is that my loss is not Tim's fault... it's mine. Yes, I paid $300 ($350 CDN) for my TIMAlert subscription, and yes when alerts are sent out I expect to make money off them... but he still didn't make me push the button to trade that POS/scam/fraud FOUR.

I knew better... I went against my own judgment... (Lesson #8) the only difference is the next TIMAlert sent out, I'll make an educated decision, not an impulsive one; thinking money will just fall from the sky right into palm of my hand. I bought 1,500 shares @ $3.00, about 10 minutes after the TIMAlert went out...

At the very same time I was buying FOUR everyone in the GOTS chatroom was talking about where they shorted FOUR. HA! It's a cynical world and someone has a twisted sense of humor... makes me chuckle when this kind of stuff happens. While reading this, I'm also watching the chart... drop lower... and lower... and lower... I went against a cardinal rule of mine, cut my losses quickly (3% max!); re-read HERE.

I naively held for to long, somehow convincing myself that the stock would go up... finally I told myself, GET THE F*CK OUT! At this point the stock was at 2.62ish... but I couldn't give this mofo away... I eventually sold my 1,500 shares at $2.52! Ouch.

Right after this happened... I sent Tim a PM... and told him not worry about it... no one is perfect...

Tim gracefully apologized... this is what I dig about this dude... who I don't know, but will meet... he has compassion! And he owes me a sakebomb and some sushi too!

So, what valuable lesson did I learn from this insane loss?

Everything and nothing... let it go... live and learn... it's only 1 trade... move on... I've experienced this type of loss in other areas of my life... so call me cheeky, but I speak from experience... trust me.

The next TIMAlert will generate a profit for me. More importantly the scans I learned how to use today will generate 1000x my $740 loss. Tomorrow is a new day...

Welcome to the big leagues noob!