My second consecutive loss on TICKER: ANTP

I'm sorry I didn't write yesterday... in all honesty, I felt like I'd been severely beaten from the past couple trading days and my confidence level was way low. In two days I lost what it took me two weeks to gain. I'll say this though... for those who don't know me (which is most of you), I'm a survivor... I'm strong in mind and I will bounce back... always have, always will.

But first I need to go through my process... absorb my last two trades (FOUR and ANTP), learn from these two trading experiences, as well as suck up the losses ($1,202.30 including commissions). The good news is I'm still ahead (by $142)... so basically right back where I started... which is not a bad thing at all.

As a result of the aforesaid, I will not trade real $$$ for the rest of this week... not as a punishment, but again, to allow time for my process to work this out... what I'm going to do instead is trade with my account on paper for the rest of the week and see how I do. I trust some valuable lessons will come from this exercise too.

That said...

A quick recap of my second boneheaded trade this week, in as many days, ANTP. I'm up between 5 AM PST and 5:30 AM PST, Monday to Friday, doing my DD (or learning how to do my DD - two in same really) and following along with the GOTS chatroom. Tuesday morning, 13th_Floor mentioned a stock did well last year on an earnings report, around mid-October... here is a recap of how the conversation went...

(Aug 19-09:07) 13th_FLOOR: and ANTP e/r....on e/r 10/15/07 i want that action!
(Aug 19-09:07) 13th_FLOOR: and the short after it
(Aug 19-09:07) Ryan: 13th, are you still with CBOU?
(Aug 19-09:08) SlowPoke: i'll be weatching you on ANTP too
(Aug 19-09:09) 13th_FLOOR: no,took profit yest CBOU but still like it,wanted to double on a few
(Aug 19-09:09) GLOBALSS: FRE up a little this AM, wtaching for a move up from this bottom
(Aug 19-09:09) Ryan: thnx 13th!
(Aug 19-09:09) 13th_FLOOR: ok...ANTP may very well be nice long at first
(Aug 19-09:10) 13th_FLOOR: it has before on e/r
(Aug 19-09:10) smartcap: ANTP reported earnings this AM
(Aug 19-09:10) noobtrader.08: i'm in... ANTP
(Aug 19-09:10) TomT: XFML has some good move in the AH and PM
(Aug 19-09:10) 13th_FLOOR: noob see 10/15/07? ANTP
(Aug 19-09:11) GLOBALSS: KRY up this am at that $1 cross
(Aug 19-09:11) noobtrader.08: yes
(Aug 19-09:11) 13th_FLOOR: opened 9.4 hit 11.25
(Aug 19-09:11) noobtrader.08: nice spike!
(Aug 19-09:11) noobtrader.08:
(Aug 19-09:12) noobtrader.08: wow
(Aug 19-09:12) 13th_FLOOR: then it was great short day/s after
(Aug 19-09:12) noobtrader.08: noted

During this little chat, I looked up ANTP's chart and saw exactly what he was talking about, COOL! I ended up buying ANTP... and I bought during pre-market hours too (MAJOR mistake).

Side Note: Laura, GOTS chatroom goddess, gave me an earful for doing this; this is a MAJOR NO-NO! After hours trading IS FOR EXPERIENCED TRADERS ONLY! Point taken and again thank you Laura!)

In the end, not only did I embarrass myself, but I also lost $462.40 after commissions. I purchased only 750 shares @ $5.40 and ended up selling an hour later, those 750 shares @$4.76. Looking at the chart again, I could have rode out the loss... but the cardinal rule is CUT YOUR LOSSES QUICKLY!!! NO EXCEPTIONS!!! My rule is 3%... I've now broken this rule twice and lost twice... see a pattern here?

Looking into the future... I will re-enter this stock again (like I did with NOBL; read HERE and HERE)... I will make my money back (read HERE)...

The key is PATIENCE young grasshopper. We shall see...