To those of you who have been reading my blog, you know that I have no prior trading experience. I've taken on a journey that far exceeds my current trading skill, yet my goal, to turn $5,000 into $1,000,000, is realistic and 100% achievable. All it takes is time and a little skill...
That said, today I can say that I literally tested fate (still am until I cover my position too)... Right now I'm $900 in the red. What this means is I've got about $1,400 left before my broker gives me a phone call and forces me to cover my short. What that means is by being forced to cover my short, it would basically swallow my small account... and leave me for broke (my trading account that is). This of course is worst-case scenario.
On the flip side, if COIN shits the bed tomorrow and the next couple of days, I could make out with a small profit. My current position, as I mentioned yesterday, is @ $6.35... which is why I'm still confident. There is only one lesson to learn from this trade... I shorted to early into the fluff news... clearly a testament to my lack of trading experience.
Sitting here, right now, typing... I remain confident and calm. I strongly suggest to any new trader... NEVER, NEVER, NEVER do what I've done here... read and re-read this post over and over and over until you get it. This is a test... which I may lose. But win or lose I'll be a wiser trader in the end and that to me is the most important part.
Time for a Glenfiddich 15 yr. on the rocks, with a splash of water and 3 ice cubes.
Cheers.
BottomFeederMillionaire (can someone tell me how to center this??? THANKS!)
5 comments:
Dude, I hope yuo were able to get out this morning for a small loss. If not, I think you have a good shot at this tanking tomorrow. I wish you the best.
Why don't you just cut your losses? You can't just ignore your own rules
You have fallen in love with COIN....thats a big no rule...
Hey man,
I hope you got out, too. I feel the same way tacguy and wnkender does, I know COIN's had some good action last few weeks, but there're tons of other stocks out there doing equally cool stuff.
I disagree with the first guy, just cause, of course it could tank, but what if it doesn't? If it goes red to green in the first 10 minutes it could squeeze to 9, and it's 52 high is 16.30, it's shown it can fly...I just don't want you bankrupt cause I need fellow newbies learning this stuff with me!! Hope all's well.
Gents...
Thanks for the advice.
I'll rebound... losses are part of the learning process.
Talk soon.
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