COIN

No trades yesterday...

I know there were some great opportunities, but I decided to watch and learn. There are ALWAYS great opportunities, which I'm learning daily... I want quality over quantity at this stage. Once I'm able to make quality trades, I'll start looking at playing multiple stocks at the same time... again, still maintaining the quality over quantity, thing...

Crawl before you walk, is my philosophy here.

For today...

I shorted COIN this morning, right at the bell basically. I made a major mistake during my trade execution... and it could be a potentially disastrous mistake too (due to my lack of knowing how to use my platform correctly!) Yes, I know... I know...

My strategy... watch for green to red price action before I took a short position... pretty simple stuff. I already had 1,000 shares reserved and my entry point was set at @ $5.91... I was soo ready to make a solid trade. Foolishly though, I executed my short on a "limit order" thinking I would catch the breakdown, but what I should have done was execute my short on a "stop" or "stoplimit" order.

By using a "limit order" I basically told the software to give me the best price at that time... the stock was hovering around $5.95, so my limit order was executed and I currently hold 1,000 shares with an average price of $5.94.

With my 1,000 shares of COIN and my weak average price (relative to where the stock price is currently)... even when the stock cracks the $6 mark I have to wait for it drop an additional $.30 before I make a decent profit. And with COIN sitting at $6.52 that puts me at ~ $600 in the hole... so I'm holding overnight, or basically until COIN cracks... and it will because I will not take a loss!

SIDE NOTE: the $1,000 profit mark seems to be a huge resistance point for me... can't wait to break it!

The other stock I had 1,000 shares reserved for today was MITI, which dropped $.90 cents mid-day... my money was tied into COIN... nuff said about that.

Moral of this post... I've gone against my 3% loss rule... I'm currently $600 in the hole... but I'm confident COIN will crack... very soon.

Live and learn...