Trade #5 - short XTXI - 500 shares @ $4.67; holding overnight.
What I did right - nothing. I did everything wrong on this trade that one can do wrong and my position speaks volumes to that point.
What I did wrong - everything. I shorted within the first five minutes of opening bell (which I know and have written several times NOT to do already); my short position was the intraday low and now I'm not going to cover because I "think" it will come back down over the next week... I hope I'm right.
Area of improvement - If this trade doesn't sink my feeble ship, I vow to myself NEVER to trade in the first five minutes after the opening bell! (For the 1000th time NOOB!!!) DUH DUDE!!
Trade #6 - long LIZ - 500 @ $3.18; holding overnight.
What I did right - so far, I don't think I've done anything right. This is a "bluechip" stock (over $23 a year ago), so if I wanted to play as a fundamentalist trader I think it will go up over time... I just have to bite my lip and hope it doens't go lower before it goes higher.
What I did wrong - didn't cut my losses quickly. Again... 1000 times I've written about this... I even have it laminated on my monitor... stubborn Noob! Dumb noob!
Area of improvement - Say it 1000 times out loud... CUT YOUR LOSSES QUICKLY!!!
These kinds of posts truly are humbling and are a reminder that as a human I am really am my own worst enemy... because the ONLY reason I'm in this mess... down $500 intraday, which my small account can not afford, is becaues I broke two cardinal rules that I set for myself!!!
I wrote on the Darkside blog to Muddy, a battle cry for help, however really there is nothing he can do for me... especially if I'm trading against myself. I love trading, but when you trade like a drunk driver... you're commiting trading suicide. Nuff said.
Good luck tomorrow!
1 comment:
Yeah, I haven't been able to figure LIZ out either. The P/R earlier this week was good, but I guess the general crappy retail situation overrides it all.
I did buy into it long @ $2.45 today though--figured the good news should have *some* positive effect on the stock this week. We'll see...
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